Democrats Say that Mitt Romney Will Favor the Rich….

Democrats say that Mitt Romney will use the government to favor the rich, yet, ABC News found that the Obama administration gave a $118 million dollar green energy grant to EnerDel in August of 2009. In 2010, EnerDel gave three executives a total of $725,000 in bonuses.

By January of 2011, it went bankrupt. As a result, the taxpayer is unlikely to recover more than a few million dollars to help repay the EnerDel government loan.

ABC News has the story.

EnerDel, maker of lithium-ion battery systems, landed a $118.5 million energy grant in August 2009. About one-and-a-half years later, Vice President Joe Biden toured a company plant in Indiana and heralded its taxpayer-supported expansion as one of the “100 Recovery Act Projects That Are Changing America.”

Two months after Biden’s visit, EnerDel corporate parent Ener1 paid $725,000 in bonuses to three executives — including $450,000 to then-CEO Charles Gassenheimer, who led Biden on the tour. This January, Ener1 filed for Chapter 11 bankruptcy protection.

Obama helps to pay executives a $700,000 bonus.  What has he done for you?


Leave a Comment