Solargate: A second “green” company files for bankruptcy after receiving stimulus money

 First came the Solyndra scandal, this was quickly followed by the SunPower, LightSquared, and Fisker scandals–all involving both the Obama regime’s green energy initiative and the stimulus bill. While these scandals are still swirling around the Obama regime yet another potential green energy scandal may be about to unfurl.

  In addition to the Obama backed company Solyndra going bankrupt after receiving stimulus funds, a second Obama backed company has also gone bankrupt after receiving taxpayer dollars. Beacon Power received a $43 million loan guarantee–a mere pittance compared to Solyndra’s $500 million but not much less offensive–from the Obama regime only to subsequently file for bankruptcy shortly thereafter.

  Two things are becoming more and more obvious to the observer of these scandals: first, these “green” energy companies are not sustainable on their own and need government subsidies just to survive (and even that isn’t enough to make these companies viable) because the technology is not there yet; and second, the Obama regime is so blinded with its support for this “green” energy initiative that it is throwing our money at these companies without first doing the proper legwork to ensure that our money is protected.

  This is what happens when you hand the government a blank check. The government is not concerned about the money because it is not their money–it is our’s–so they feel as if they can take chances with the money that they wouldn’t take if they were spending their own money. This loss of money does not affect them in the pocketbook, it only affects their agenda and when the government does a risk analysis between losing money which does not belong to them and the possibility of pushing forward their agenda the agenda wins and the American taxpayer loses.