You're watching...
FBN’s Gerri Willis on the companies that have faced challenges despite receiving government support.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
Just in case any of you out there continue to harbor the belief that government can do things better than the private sector.
Witness sat Conn -- technology court.
The Massachusetts based solar company filed for Chapter Eleven bankruptcy on Wednesday that makes it the second taxpayer backed company to go -- up this week.
Electric car battery company a 123 filed Tuesday another week another hundred million or so in taxpayer money out the window.
Even the companies that continue to operate like LG -- -- lithium ion plan and Holland Michigan are struggling.
The plant which was built with taxpayer dollars is supposed to be making batteries sport -- -- But a local TV station in Michigan reported employees at the company.
Have so little work to do that they spend hours playing cards and board games reading magazines and watching movies.
Some can't take the -- and -- quitting.
In other words even as the government may court project.
LG Khamis -- Here's the president at that plant just over two years ago.
These plants will put thousands of people to work.
This includes cultural -- get a couple of facilities being built in Michigan by another battery technology company called a 123.
This is a symbol.
Where Michigan's don't that's symbol of where all of strongest symbol -- where Americans don't.
A symbol of where America is going really.
By the way -- -- is a cream company that received a 151 million grant from US taxpayers.
Back to -- -- The good news -- only used 2228000.
Worth of taxpayer dollars even though it was approved for three million under Obama's Department of Energy.
Though it's really hard to see why -- -- struggled financially for years.
It's power conversion devices and other part products were in steady demand -- -- -- eleven.
But the company's managers couldn't translate that in to profitability the company.
Posted losses each year from 2005 to 2011 and the first six months of 2012.
But look it's not just -- -- and a 123.
According to The Heritage Foundation 34 of the green energy companies have gotten some sort of government -- -- Our faltering.
Going bankrupt already laying people off are planning a bankruptcy.
But let's were showing you here.
-- estimates that of the ninety billion dollars in green energy loans grants and tax credits 10% have gone companies that are either bankrupt -- circling the drain.
Even one in my opinion is too many this is precisely why government shouldn't be in the business of picking winners and losers -- As Mitt Romney put it.
You don't just pick the winners and losers you -- the losers.
