Beacon Power Costs Tax Payers $43 Million

Beacon Power Corp filed for bankruptcy on Sunday, just a year after the energy storage company received a $43 million loan guarantee from a controversial Department of Energy (DOE) program.

The bankruptcy comes about two months after Solyndra with a $535 million loan guarantee, also filed for Chapter 11, creating a political embarrassment for Barack Obama and his administration, which has championed the loans as a way to create "green energy" jobs.

But the new bankruptcy will stoke criticism from Republicans in the House of Representatives who are investigating whether Obama campaign donors who were investors in Solyndra played a role in decisions on the loan  allegations denied by the White House and Department of Energy.

"This latest failure is a sharp reminder that DOE has fallen well short of delivering the stimulus jobs that were promised, and now taxpayers find themselves millions of more dollars in the hole," said Cliff Stearns, a Florida Republican who is leading the House Energy and Commerce Committee's probe.

Obama and his policies are destroying our economy.  Still he wants more money for his failed policies.  The stimulus bill and his new jobs bill are slush funds for Obama to buy votes and reward his political contributors and give unions more money to support him.

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