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USDA-backed biofuels plant in Soperton, Georgia has lost taxpayers nearly $60 million

Worse than Madoff? USDA biofuels investment goes bust

 By Institute for Energy Research  Friday, January 6, 2012

WASHINGTON D.C.—UponreportsTuesday that a USDA-backed biofuels plant in Soperton, Georgia has lost taxpayers nearly $60 million,IER President Tom Pyleissued the following statement:

“Apparently U.S. taxpayers have yet to discover life after Solyndra. Today’s announcement that a USDA-backed biofuels plant has been sold for pennies on the dollar—at a loss of nearly $60 million to U.S. taxpayers—further underscores the point that the federal government should not be in the venture capital business.

The Bush administration secured the Range Fuels loan, and the Obama administration doubled down on the bad investment. At this rate, Uncle Sam may be outpacing Bernie Madoff when it comes to fraudulent investment schemes and zeroed-out portfolios.The Department of Agriculture, like the Department of Energy, should be held accountable for this abusive waste of taxpayer money.”

To read IER President Tom Pyle’s earlier op-ed on the Range Fuels loan,click here.


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