Electric car scheme squanders nine figures' worth of taxpayer dollars

Yet another bankruptcy emerges from the green subsidies handed out by federal, state, and local authorities, wasting an additional hundred million dollars-plus belonging to taxpayers.  Like Solyndra, the newly bankrupt lithium ion battery maker Ener1 received top level attention from the Obama administration, and, of course, oodles of cash. Joel Gehrke write in the Washington Examiner: Just as President Obama toured Solyndra LLC before that taxpayer-funded company declared bankruptcy, so Vice President Joe Biden gave a speech at Ener1, an electric car battery company that filed for Chapter 11 bankruptcy today despite $118.5 million in stimulus money from the Department of Energy (DOE). "We know what's coming -- you don't have to be a fortune-teller to see where the automobile industry has to go," Biden told Ener1 employees last year. "So why not? Why not have it made in America? That's why we went out there and came up with $2.4 billion for battery technology." The...(Read Full Post)

COMMENTS ON AMERICANTHINKER