My own hometown Solyndra failure

[Rugnuts]

A "green" company that has changed hands several times because of financial troubles now wastes more stimulas money.



Mankato Green Co. goes bankrupt after taking milllions in MN and Federal stimulus

Mankato’s KEYC FOX affiliate aired a very interesting story about a local recycling company that has received millions in federal subsidies and government-backed loans, only to go bankrupt within months. Call it a Minnesota version of Solyndra.

Here’s part of the KEYC story:

In the spring of 2010, Genesis Poly went belly up. And with it went Mankato’s money. Along with a $100,000 loan from the Minnesota Pollution Control Agency, and another $7.44 million through a loan with U.S. Bank… 70% of which was backed by the Department of Agriculture.

Genesis Poly was in talks with the Minnesota USDA well before they went to U.S. Bank, and small government advocates are saying the USDA’s involvement could have played a role in U.S. Bank’s willingness to throw money at Genesis Poly.

more at link