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In a town this size, there's no place to hide
Everywhere you go, you meet someone you know...
In a smokey bar, in the backseat of your car
In your own little house, someone's sure to find you out
What you do and what you think
What you eat and what you drink...

(Kieran Kane)

Tuesday, August 16, 2011

Taxpayer subsidized solar giant collapses

Evergreen CEO accepts taxpayer cash from "Coupe de Ville" Patrick, 2009

In case anybody still thought solar energy makes any economic sense, read this.
Evergreen Solar Inc., the Massachusetts clean-energy company that received millions in state subsidies from the Patrick administration for an ill-fated Bay State factory, has filed for bankruptcy, listing $485.6 million in debt.
Evergreen, which closed its taxpayer-supported Devens factory in March and cut 800 jobs, has been trying to rework its debt for months. The cash-strapped company announced today has sought a reorganization in U.S. Bankruptcy Court in Delaware and reached a deal with certain note holders to restructure its debt and auction off assets.
That 58 million dollar bag of loot was taken from Massachusetts taxpayers, of course.  Don't worry, Massachusetts' Republicans are on the case.
The Massachusetts Republican Party called the Patrick administration’s $58 million financial aid package, which supported Evergreen’s $450 million factory, a “waste” of money.
That's not waste, it's robbery.  Evergreen has been one of the biggest players in the alternative energy racket.  Whitey has nothing on these thieves.  Who's going to jail for this one?

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