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February 15, 2012
Yet Again Another Obama-Funded Solar Company Goes Belly Up – Given $13.3 Million in Tax Credits
This week the Obama-funded solar company went belly up.
Energy Conversion Devices managed to blow $13.3 million in tax credits before filing for bankruptcy.
Lightweight solar product maker Energy Conversion Devices Inc filed for bankruptcy protection on Tuesday, the latest in a string of solar companies that have collapsed in an industry shakeout.
The company, whose filing follows years of losses and months of public discussions with bondholders, said it would sell its United Solar Ovonic unit and other assets in bankruptcy.
Energy Conversion, whose solar laminate products are used for panels on rooftops and buildings, said it would continue to operate during the sale process.
Wild Thing's comment......
Obama could care less how he steals from we the American people and abuses his office.
Posted by Wild Thing at February 15, 2012 02:50 AM
Comments
The only way alternate energy sources are going to be developed and work is if private industry funds the development. When the government funds it, it becomes nothing but a big slush fund with no oversight or accountability. When private industry funds projects, there's accountability and boards you're responsible to. You must account for every penny spent and answer for losses.
Posted by: BobF at February 15, 2012 09:18 AM
Bob F., you are right on about the Private Industry funding the development.
I doubt that this will happen anytime soon, as private investors are hesitant to put their money into projects, that have as poor a track record as, the alternative energy business.
Also the fact that the Green Movement, Sierra Club and Other Enviro groups are, basically anti capitalism, will provide a warning sign to the private sector.
Posted by: Sean at February 15, 2012 10:16 AM
