The RNC notices that another one of Obama’s favorite companies, solar-panel manufacturer Amonix, is hitting hard times. The company only officially “opened” its plant in North Las Vegas in May of 2011. The company got a $6 million tax credit to build the facility in 2009, and Obama touted the company in 2010. This week, 200 of the plant’s 300 employees got pink slips.
An Indiana-based energy-storage company that received a $118.5 million stimulus grant from the Energy Department filed for bankruptcy Thursday…
President Obama touted the program in his State of the Union address this year.
“In three years, our partnership with the private sector has already positioned America to be the world’s leading manufacturer of high-tech batteries,” he said.
At the time, EnerDel said the grant would help the company double its production capacity and create 1,700 jobs. But the company has faced major financial problems in recent months.
Think trying to pick winners in the solar energy field is crazy, Wait till Newt is throwing away billions resettling illegal immigrants on the moon. Cordially, Bill
In the government's defense there is a reason so many government backed companies fail. The companies with good business prospects can easily attract private money with better terms. Companies with only mediocre prospects can get private money on somewhat harsher terms but without the fear of running afoul of politics. This limits the pool of companies the government invests in to the losers which cannot attract private investment on reasonable terms.
Think trying to pick winners in the solar energy field is crazy, Wait till Newt is throwing away billions resettling illegal immigrants on the moon. Cordially, Bill
Reply to this commentLinkReport AbuseCrony Capitalism ain't just Democrats, though Republican cronies seem to do better at actually turning a profit.
Newt throwing money around to get his name on the front page... I'm with Mr. Wilde here. Insanity, we never newt ye.
Reply to this commentLinkReport AbuseIn the government's defense there is a reason so many government backed companies fail. The companies with good business prospects can easily attract private money with better terms. Companies with only mediocre prospects can get private money on somewhat harsher terms but without the fear of running afoul of politics. This limits the pool of companies the government invests in to the losers which cannot attract private investment on reasonable terms.
Reply to this commentLinkReport Abuse