Monday, October 10, 2011

Green Recycling Company Goes Bankrupt on Taxpayers' $$$ -- Twice!

And they were pretty efficient about it too, the second time around: Genesis Poly Recycling went bankrupt only two months after making millions of greenbacks on that old 99% sacred cow: green technology.

But then, practice makes perfect.

In 2008, the first incarnation of Genesis Poly Recycling, originally called AGSI Recycling, collected a mere $57,000 from the City of Mankato, Minnesota, then promptly dumped 8 million pounds of unrecycled plastic they had collected into a landfill.

They must have hit the "that was easy" button after that little stunt because, only 2 years later, with the same idea and the same investors, but a considerably sexier name, the same company collected slightly more cash from taxpayers before going bankrupt:
  • $5,100,000 in unrepaid loans;
  • $500,000 in equipment;
  • an $850,000 building.
In the process, these sure-footed paperwork pushers managed to hit up for cash not only Obama's Stimulus Stash, but also the Department of Agriculture, the Minnesota Department of Employment and Economic Development, the Minnesota Pollution Control Agency, and the City of Mankato, Minnesota.

Wow, recycling one $57,000 dumb idea into a $6.5 million dumb idea!

Wall Street Occupiers take note: You might want to think twice before dismantling green capitalism. There might be something in it for you.

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