It’s a painful experience, both emotionally and financially, when you lose your job. However, given the chest pounding done by Gov. Deval Patrick (D-MA) and President Obama about the jobs “green energy” would create, we feel compelled to point out – because the MSM won’t – that the business world ain’t no country for old Marxist men.
The Boston Herald has the story:
Evergreen Solar Inc., the Marlboro clean-energy company that received millions in state subsidies to build an ill-fated Bay State factory, has filed for bankruptcy.
Evergreen, which closed its taxpayer-supported Devens factory in March and cut 800 jobs, has been trying to rework its debt for months.
The company also said it will lay off another 65 jobs in the United States and Europe, mostly through the shutdown of its Midland, Mich., manufacturing facility. That would leave Evergreen with about 68 workers according to a headcount listed in the bankruptcy filing.
Evergreen secured a $58 million financial aid package from the Patrick administration to help build the $450 million Devens factory. The state has been trying to recoup about $4 million in cash from the company, the once-promising poster child of the governor’s clean-energy economic agenda.
Evergreen makes solar panels – so do lots of Chinese companies that pay their workers lower wages and sell their panels at lower prices. In any commodity business, the low-cost producer always wins.
Evil, stupid private capital understands this, smart public-sector technocrats either don’t or just don’t care. Their attitude about taxpayer money is “there’s plenty more where that came from.”
There is no penalty for failure which explains why government “investments” usually do.
– Written by Bonfire of the Absurdities
Source: Boston Herald