A fourth Texas high-tech startup that received taxpayer money through Gov. Rick Perry’s signature economic development fund has filed for bankruptcy, pushing the total losses in the $194 million portfolio beyond what the state says the fund has earned.
The collapse of bioenergy producer Terrabon Inc., which was awarded $2.75 million in 2010 and was backed by large Perry political donors, raises the question of whether the state’s Emerging Technology Fund that began in 2006 is now worth less than what taxpayers have put into it.
Just like Solyndra, the culprit is Obama’s aggressive and extensive natural gas drilling occurring domestically, that has drop natural gas prices so green energy can’t compete.
Rick Perry, who accused Obama of cronyism over Solyndra, is now guilty of the exact same himself. I wonder if next we find Rick Jensen started up a green energy company using money from his beer distributor friends? 🙂