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Electric-Car Firm That Got Biden Visit, $118M in Stimulus, Files for Bankruptcy

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posted on Jan, 26 2012 @ 11:26 PM
Chalk up one more as they say !!!

Ener1 got $118 Million in stimulus money and *GULP* ..

Bankrupt !!

What a surprise.

Yet another boondoggle blunder by some yokel expert that was paid to steer the dough to the right people again.

POTUS was so sure too.

January 26, 2012 -- cnsnews

( - Ener1--a company that manufactures batteries for electric cars, and that received $118.5 million in federal stimulus money, and that Vice President Joe Biden visited last year the day after President Obama’s State of the Union Address—announced today that it has filed for Chapter 11 bankruptcy protection.

In last year’s State of the Union Address, delivered Jan. 25, 2011, President Obama set a national goal of having a million electric vehicles on the road in the United States by 2015—a goal that would be achieved, Obama said, by taking money out of the oil industry and “investing” it in new technology.

the goal looks more like it was a cool million dollars a day to disappear

“With more research and incentives, we can break our dependence on oil with biofuels and become the first country to have a million electric vehicles on the road by 2015,” said Obama.

“We need to get behind this innovation,” he said. “And to help pay for it, I'm asking Congress to eliminate the billions in taxpayer dollars we currently give to oil companies. I don't know if you've noticed, but they're doing just fine on their own. So instead of subsidizing yesterday's energy, let's invest in tomorrow's.”

The next day, Biden visited the Ener1 plant in Greenfield, Ind.—which the White House said at the time had received a $118.5 million grant from the Department of Energy and was the type of investment the president was talking about in his State of the Union.

On Thursday, the company put out a statement announcing that it was filing for Chanter 11 bankruptcy protection in the U.S. Bankruptcy Court in the Southern District of New York.

Article and Video

I Am Getting Sick & Tired of all these Failures

I Want That Money Back !!

posted on Jan, 26 2012 @ 11:31 PM
I Am Sick & Tired of OBAMA'S Failures

I Want my COUNTRY Back !!


edit on 26-1-2012 by sonnny1 because: (no reason given)

posted on Jan, 26 2012 @ 11:53 PM
Was it Einstein who said - "insanity is doing the same thing over and over and expecting different results"? -

They're still at it -

Agriculture Secretary Tom Vilsack today announced his second bio-fuels loan guarantee in a week, revealing that the Agriculture Department (USDA) is slated to loan an Oregon biorefinery $232.5 million for a project expected to create 65 jobs and support 38 others.

Last week, USDA appoved a conditional $25 million loan guarantee for an Iowa project expected to create 38 jobs. Combined, the two projects create 103 new jobs at a cost of $257.5 million -- or, $2.5 million per job
edit on 26-1-2012 by Maluhia because: (no reason given)

posted on Jan, 27 2012 @ 12:01 AM
And you are surprised why, exactly?
This world will never be designed to encourage growth and harmony. The world has a hole like a great, black pit, and it's filled with people who are filled with #, and the vermin of the world inhabit it.
But not for long.

posted on Jan, 27 2012 @ 08:32 AM
Simply a different method of "insider trading."
One wonders how many government officials were invested in these businesses.

It boggles the mind to think about how, if one has a businesss that is clearly failing, and you get a massive, massive federal loan to keep it afloat, how you can easily skim the top of that in multiple ways that are legitimate according to the books and walk away at the bankruptcy just a little bit richer than you were before.

posted on Jan, 27 2012 @ 08:50 AM
Its interesting. Once congress got payed off to help others help themselves, now there is a transition going on, where congressmembers get to do the looting. But you know how it is, yall are just envious of their riches and their power.
edit on 27-1-2012 by Cassius666 because: (no reason given)

posted on Jan, 27 2012 @ 08:55 AM
If I were a green small business owner, I'd be terrified to get a loan from Obama.

It's like the kiss of death!

posted on Jan, 27 2012 @ 10:01 AM
The fact that the company is filing for chapt 11 protection does not mean its gone to oblivion, its just on the skids.....
I wonder what the ins and outs of the situation are?
Is there a problem with the battery?
Are there some kind of patent rights being infringed or what?
These polytickians are walking around with their heads up their rears....
The huge amounts of capital should be available through private hands, not the goverment.
There is an obligation that corporate structures have to the betterment of mankind, and the betterment of their services or products.
When the goverment starts mandating the % they must put into r&d we may get some progress....
Instead they just collect massive profits from thier outdated technology and stifle progress by siphoning too much off for the shareholders....

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