Well, here we go again. Another taxpayer funded “green” company went bankrupt, and the administration covered up the company’s fiscal troubles. The Washington Times reports that Ecotality, a maker of electric car chargers, received a whopping $100 million in stimulus funding, and the Obama administration failed to give notice to the inspector general before it filed for bankruptcy in September.
Failing to heed the lessons of the Solyndra debacle, Energy Department officials kept quiet about their knowledge that a government-backed electric car charger company was sliding toward bankruptcy and putting taxpayer money at risk, the agency’s chief watchdog has found.
Inspector General Greg Friedman admonished department officials for failing to disclose during an audit this summer what they knew about San Francisco-based Ecotality’s financial troubles and the possibility that the firm might not meet the terms of its taxpayer funding. The company received $100 million in aid from the 2009 stimulus.
“We are deeply concerned because the information directly related to the objective of our audit, to determine whether the Department had effectively awarded and managed funding to Ecotality,” the watchdog wrote in a report with eerie overtures from the Solyndra solar failure.
Tuesday’s report marked the latest black eye for President Obama’s much-ballyhooed strategy to use the 2009 stimulus to fund clean-energy projects, many of which have failed.
H/T The Lid