Taxpayer-backed green energy company ECOtality filed for chapter 11 bankruptcy protection on Monday following weeks of turmoil in which the company laid off employees and ceased filling orders for its electric vehicle charging stations.
After becoming the largest city to file for bankruptcy, Detroit Mayor Dave Bing (D) said his city will bounce back and that many other urban cities are facing similar woes. Additionally, the mayor left open the possibility of a federal bailout.
Battery-manufacturer A123 Systems Inc., which received a $249 million grant under President Barack Obama’s green energy initiative, received nearly $1 million from the federal government the same day it declared bankruptcy, Reuters reports.
A new study conducted by the U.S. Partnership for Renewable Energy Finance estimates that tax credits for solar energy companies will pay for themselves, but only if those companies survive for 30 years.
President Barack Obama will be raising money among Silicon Valley scions just an hour outside of a newly bankrupt California city.
Obama campaign spokeswoman Lis Smith attempted to push back against charges that President Obama has engaged in crony capitalism, the practice of rewarding prominent donors with taxpayer dollars.
Local officials in San Bernardino County, Calif., met last week to consider a controversial proposal to use eminent domain powers to seize and refinance underwater mortgages.
Another federally backed solar company will declare bankruptcy, the Department of Energy announced Thursday.
A new report by former FBI Director Louis J. Freeh detailing MF Global’s misuse of Italian bonds before its October bankruptcy subjects embattled Obama bundler Jon Corzine to further scrutiny.
A trustee of MF Global, James Giddens, released a report Monday that sheds new light on the company’s bankruptcy last October.