Ener 1 took Chapter 11 protection a year to the day after the President announced a $118.5 million grant had been made to them to speed along the manufacture and use of electric autos on our highways. The company has worked out a method of getting their stockholders paid off but says that the money the US gave them is not involved but has been given to a subsidiary company. Why does our government never get any of that money back? I guess is must be something to do with taxpayers not being organized or lawyered up.
Electric-Car Firm That Received Biden Visit and $118M in Stimulus Funds Files for Bankruptcy | CNSnews.com
***We need to get behind this innovation,” he said. “And to help pay for it, I'm asking Congress to eliminate the billions in taxpayer dollars we currently give to oil companies. I don't know if you've noticed, but they're doing just fine on their own. So instead of subsidizing yesterday's energy, let's invest in tomorrow's.”
The next day, Biden visited the Ener1 plant in Greenfield, Ind.—which the White House said at the time had received a $118.5 million grant from the Department of Energy and was the type of investment the president was talking about in his State of the Union.***
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