Crush Liberalism

Obama in SOTU: We partnered with private sector for electric car batteries. “Partner”: We’re filing for bankruptcy.

And ObaMao’s Reverse Midas touch continues:

An Indiana-based energy storage company that received a $118.5 million stimulus-law grant from the Energy Department filed for bankruptcy Thursday.

Ener1 is asking a federal bankruptcy court in New York to approve a plan to restructure the company’s debt and infuse $81 million in equity funding. …

The Energy Department, in 2009, approved a $118.5 million stimulus-law grant for EnerDel, a subsidiary of the company that develops lithium-ion batteries used in electric vehicles. The grant was part of a broader program aimed at promoting the development of electric-vehicle battery technology.

President Obama touted the program in his State of the Union address this year.

“In three years, our partnership with the private sector has already positioned America to be the world’s leading manufacturer of high-tech batteries,” he said.

The company is now trading for $0.02 per share.  That’s our money, going down the crapper for more “green energy” boondoggles.

Please get this jack#ss out in November…we can’t afford four more years of this idiocy.

January 27, 2012 Posted by crushliberalism | big government, economic ignorance, energy, Obama | 3 Comments