“Green” Energy Firm Given $118.5 Million Taxpayer Loan From Obama Administration, Gives Executives $725K Bonuses, Promptly Goes Bankrupt…

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From Weasel Zippers:

Paging Darrell Issa.

(ABC News) — President Obama’s Department of Energy helped finance several green energy companies that later fell into bankruptcy — but not before the firms doled out six-figure bonuses and payouts to top executives, a Center for Public Integrity and ABC News investigation found.

Take, for instance, Beacon Power Corp., the second recipient of an Energy Department loan guarantee in 2009. In March 2010, the Massachusetts energy storage company paid cash bonuses of $259,285 to three executives in part due to progress made on the $43 million energy loan, Securities and Exchange Commission records show. Last October, Beacon Power filed for Chapter 11 bankruptcy.

EnerDel, maker of lithium-ion battery systems, landed a $118.5 million energy grant in August 2009. About one-and-a-half years later, Vice President Joe Biden toured a company plant in Indiana and heralded its taxpayer-supported expansion as one of the “100 Recovery Act Projects That Are Changing America.”

Two months after Biden’s visit, EnerDel corporate parent Ener1 paid $725,000 in bonuses to three executives — including $450,000 to then-CEO Charles Gassenheimer, who led Biden on the tour. This January, Ener1 filed for Chapter 11 bankruptcy protection.

At least two other firms that benefited from Energy Department funding — one a $500,000 grant, the other a $535 million loan guarantee — handed out hefty payouts to executives and later went bankrupt.

Keep reading…

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RELATED LINKS:

Ripping the lid off of Colorado’s Solyndra

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Another Stimulus-Backed Solar Panel Maker (Abound Solar), one Obama Touted in a weekly Radio Address, Lays off Most of its Workers.

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Another Failed “Green” Company (A123 Systems) gets $390 MILLION in subsidies; Lays off 125 workers

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$737 Million Green Loan to Nancy Pelosi Kin Fuels Outrage

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US Navy Paying $15/gallon for green fuel (Obama Crony Involved)

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Obama Vetos Keystone Pipeline; What Does He Have Against Jobs and Freedom to Have our Own Oil Production? Crony Capitalism, Donor Repayment, and Political Idealism……

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WHY aren’t the “Occupiers”, supposedly the 99% out of work, government supporters against Capitalism and Corporate greed protesting at 1600 Pennsylvania Ave. Washington,D.C.?

Crony Capitalism a la Obama exposed bare naked style, yet not a peep from the Marxists/Socialists……

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#IAmAndrewBreitbart

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  1. Reblogged this on News You May Have Missed.

  2. […] “Green” Energy Firm Given $118.5 Million Taxpayer Loan From Obama Administration, Gives Executiv… […]

  3. […] “Green” Energy Firm Given $118.5 Million Taxpayer Loan From Obama Administration, Gives Executiv… […]


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