The Green Black Hole

Sucking down millions in taxpayer money and delivering exactly nothing, a “green” startup goes bust:

To turn wood chips into ethanol fuel, George W. Bush’s Department of Energy in February 2007 announced a $76 million grant to Range Fuels for a cutting-edge refinery. A few months later, the refinery opened in the piney woods of Treutlen County, Ga., as the taxpayers of Georgia piled on another $6 million. In 2008, the ethanol plant was the first beneficiary of the Biorefinery Assistance Program, pocketing a loan for $80 million guaranteed by the U.S. taxpayers.

Last month, the refinery closed down, having failed to squeeze even a drop of ethanol out of its pine chips.

Go read the whole thing. A bunch of very well connected people got obscenely rich by government subsidy – and produced nothing with the “investment”. Obama’s answer? “invest” more!

I have a better idea. Prosecute more.

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