Fox News reports:
An energy company that received a $43 million loan guarantee through the same federal program that backed Solyndra has followed the path of the failed solar firm and filed for bankruptcy. Beacon Power Corporation filed for Chapter 11 bankruptcy on Sunday in U.S. Bankruptcy Court in Delaware. . .
Sen. Jeff Sessions, R-Ala., ranking member of the Senate Banking Committee, called the revelation of the bankruptcy another example of “the reckless abuse of taxpayers’ dollars in the pursuit of green jobs.”
He also suggested that crony capitalism had a hand in the decision to give Beacon a loan. . . “As with Solyndra, the head of Beacon Power appears to have been a supporter of President Obama’s,” Sessions said in a statement.
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