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Another Obama backed company goes belly-up

beneteaubeneteau Member Posts: 8,552 ✭✭✭
edited January 2012 in General Discussion
The parent company of an electric car battery maker that received a $118 million grant from the Obama administration filed for Chapter 11 bankruptcy protection on Thursday.

New York-based Ener1 said it has been affected by competition from China and other countries.

Ener1 subsidiary EnerDel received a $118 million stimulus grant from the Energy Department in 2009, and Vice President Joe Biden visited the company's new battery plant in Indiana last year.

Ener1 is the third company to seek bankruptcy protection after receiving assistance from the Energy Department under the economic stimulus law. California solar panel maker Solyndra Inc. and Beacon Power, a Massachusetts energy-storage firm, declared bankruptcy last year. Solyndra received a $528 million federal loan, while Beacon Power got a $43 million loan guarantee.

Read more: http://www.foxnews.com/politics/2012/01/27/parent-obama-backed-battery-maker-goes-bankrupt/#ixzz1kgQNFXBU
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Comments

  • TooBigTooBig Member Posts: 28,559 ✭✭✭
    edited November -1
    obama doesn't care he just gut hooked the taxpayers and his campaingn donors rich[:(!][V]
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  • m88.358winm88.358win Member Posts: 7,269 ✭✭✭
    edited November -1
    It must be fun to have the power to use huge amounts of other people's money for your pet projects and experiments. And it must be a relief that when your pet porjects and experiments fail that it didn't cost you personally one cent. It's good to be king...err President.
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  • CaptplaidCaptplaid Member Posts: 20,298 ✭✭✭
    edited November -1
    I am outraged that the government plays verture capitalist with ourtax money. It's not the place of President of the United States to decide which company makes it and which company is not a good investment.

    Obama decides this company is a good investment and the competition struggle securing capital because the United States government has invested in the competition.

    Then Obama makes poor financial decisions and is not held accountable for it.
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  • topdadtopdad Member Posts: 3,408 ✭✭
    edited November -1
    I never claimed to be any kind of investment whiz, but
    don't it seem like that if a company needs a goverment
    bailout to survive, that it might not be a great investment.
    Just sayin.
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  • CameroonCameroon Member Posts: 702 ✭✭✭✭
    edited November -1
    obama doe what he wants because congress lets him. He will probably
    do four more years because the sheeple will let him. We're screwed.
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  • guntech59guntech59 Member Posts: 23,188 ✭✭✭
    edited November -1
    quote:Originally posted by topdad
    I never claimed to be any kind of investment whiz, but
    don't it seem like that if a company needs a goverment
    bailout to survive, that it might not be a great investment.
    Just sayin.


    Same thing I said about GM and Chrysler. Let them fail.....someone will pick up the pieces.....or not.
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