published Monday, November 14th, 2011

Latest taxpayer-funded boondoggles, failures

We can add two new ventures to the federal government's list of costly, taxpayer-subsidized failures.

A Colorado company called Open Range got nearly $270 million in loan guarantees from the U.S. Department of Agriculture to expand high-speed Internet in rural areas.

But in October, Open Range filed for bankruptcy.

The cost to taxpayers: the $74 million portion of the loans that Open Range received but didn't repay before it went belly-up.

Days later, a Massachusetts company that makes systems used to store energy filed for bankruptcy protection. That company, Beacon Power Corp., had received nearly $70 million worth of "stimulus" grants and loan guarantees from the federal government, plus millions from Massachusetts taxpayers.

It still owes the U.S. government more than $39 million and the state of Massachusetts nearly $3.5 million.

These boondoggles come on top of the recent failure of Solyndra, a California solar panel manufacturer that got a half-billion-dollar loan guarantee from Washington. Taxpayers are on the hook for that squandered money.

Isn't it past time we demanded that Congress stop wasting our money this way?

Comments do not represent the opinions of the Chattanooga Times Free Press, nor does it review every comment. Profanities, slurs and libelous remarks are prohibited. For more information you can view our Terms & Conditions and/or Ethics policy.
conservative said...

They gave campaign money to Obamination. Obamination, with taxpayer dollars paid them back in spades.

November 14, 2011 at 8:11 a.m.

You could have brought up this complaint 10 years ago.

Or 18. Or 21. Or 29.

November 14, 2011 at 9:30 a.m.
please login to post a comment

videos »         

photos »         

e-edition »


Find a Business

400 East 11th St., Chattanooga, TN 37403
General Information (423) 756-6900
Copyright, Permissions, Terms & Conditions, Privacy Policy, Ethics policy - Copyright ©2014, Chattanooga Publishing Company, Inc. All rights reserved.
This document may not be reprinted without the express written permission of Chattanooga Publishing Company, Inc.