The company was promoted heavily by President Barack Obama and Michigan politicians and received hundreds of millions of dollars through federal “stimulus” and Michigan Economic Development Corp. programs. Earlier this year, Michigan Capitol Confidential uncovered a video of these politicians promising “hundreds” and “thousands” of jobs – the video was eventually taken down by the MEDC but saved by CapCon....In sum: The president of the United States, Michigan’s former governor, the state’s two U.S. senators and the U.S. Secretary of Energy promised thousands of jobs from a company that in a mere two years went bankrupt. Despite a bankruptcy or buyout predicted by outside observers, the company continued to reward its top executives while laying off most of its workforce.
Taxpayers should not be surprised: This is only the latest example where political calculations trumped market ones. Only government bureaucrats spending other people’s money would think this was a good investment.
Hey, it's only a few hundred million. Like the government hand-out to Big Bird, this is only a "bump in the road" to insolvency,
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