Marathon Pundit: Another green stimulus failure; Americans for Limited Government statement

Thursday, January 26, 2012

Another green stimulus failure; Americans for Limited Government statement

One day after my congresscritter, Jan Schakowsky (D-IL) dismissed the Keystone XL pipeline by ludicrously claiming, "Twenty thousand jobs is really not that many job and investing in green technologies will produce that and more," Ener1, a green firm that received $118 million in stimulus cash filed for bankruptcy.

Americans for Limited Government issued a statement about this latest failure:

As early as 2008 an investment advisory firm, Citron Research, issued dire warnings about Ener1, saying the company was "just a corporate shell company with a long history of failed businesses based on exaggerated promises," citing the company's long and shady history. When it was proposed that the 'stimulus' be used to give $118.5 million to Ener1, Americans for Limited Government worked with media to help expose this bogus firm for what it was. Predictably, it turns out those warnings were correct, unfortunately for taxpayers.