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?

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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.
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