Drip, Drip, Drip: Stimulus Recipient Evergreen Goes Bust

by William Yeatman on January 24, 2012

in Blog

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In a previous post, I compared renewable energy spending in the 2009 Stimulus to a green albatross burdening the President. I argued that Stimulus spending was inherently wasteful, because politics invariably corrupts government’s investment decisions. The result is taxpayers losses on bankrupt companies that existed only by the grace of political favoritism, a la Solyndra. I predicted the green stimulus would haunt the President, in the form of a slow drip public relations nightmare, as a litany of bad investments go belly-up in the run up to the 2012 elections.

And so it continues. Yesterday, Evergreen Energy, a manufacturer of renewable energy components and recipient of Stimulus largesse, filed for bankruptcy.

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