The solar plant to nowhere

Evergreen Solar stock is plunging this week into a black hole of probable bankruptcy. The losers - aside from shareholders and employees - are the taxpayers from Massachusetts. Their government, just in the last few years, received $58 million in taxpayer subsidies. This slug of money was given to Evergreen to get them to open a factory on a former military base in the town of Devens. Within two years of the opening, Evergreen closed that factory and shifted operations to China. Now it looks like even that move is coming up a cropper as Evergreen seems headed to bankruptcy court. As I wrote in "Obama's Solar Nightmare," this subsidy was pushed by Governor Deval Patrick over opposition that it was a waste of money during a time of economic weakness. Patrick is a close friend of Barack Obama's. President Obama has been pushing the same wasteful green schemes since he assumed office. For example, a huge chunk of the stimulus money went to aid (loans, grants, subsidies) green...(Read Full Post)

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