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A Tale of Two (More) Bankruptcies

posted at 10:45 am on October 31, 2011 by Ed Morrissey



Stop me if this sounds familiar. The Department of Energy approves multi-million-dollar loan to green-tech energy firm as part of its job-stimulus bill, only instead of stimulating jobs, the company declares bankruptcy. In this case, it only took a year after the loan was granted for Beacon Power to file for protection from its creditors:

Beacon Power Corp filed for bankruptcy on Sunday, just a year after the energy storage company received a $43 million loan guarantee from a controversial Department of Energy program.

The bankruptcy comes about two months after Solyndra — a solar panel maker with a $535 million loan guarantee — also filed for Chapter 11, creating a political embarrassment for the administration of Preside

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Added: Oct-31-2011 Occurred On: Oct-31-2011
By: JihadKiller1s1k
In:
Regional News
Tags: The, Department, of, Energy, approves, multi, million, dollar, loan, green, tech, energy, firm, as, part, of, its, job, stimulus, bill, only, instead, of, stimulating, jobs
Location: United States (load item map)
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