Hope & Change

First comes the Hope!

Back in April, 2009, this White House release touted "The Obama-Biden economic plan: creating jobs, strengthening the economy for Massachusetts families." Within the showcase of Massachusetts Miracles produced by the Federal Government's stimulus grants was Evergreen Solar, and the White House quoted the Boston Globe:

"Evergreen Solar, the Marlborough-based maker of solar panels, also is hoping to hire 90 to 100 people at a manufacturing plant in Devens, said Gary Pollard, vice president of human resources. The plant, which opened last summer, is expected to employ more than 800 when it reaches full capacity."

New jobs, green energy, buckets of federal tax credits and grants to customers, and federal cash to the state for direct grants to the company.

Then comes the Change!

Today's Boston Globe reports:

Evergreen Solar Inc., the once promising alternative energy company that received millions in state subsidies, revealed today that that it has voluntarily filed for Chapter 11 bankruptcy protection.

Headquartered in Marlborough, Evergreen makes solar cells. Struggling with low-price competition from Chinese rivals, it shut its manufacturing plant in Devens in March and cut hundreds of jobs at the facility.

As part of its reorganization activities, Evergreen Solar said it will reduce its US and European workforce by about 65 people, including suspension of operations at its facility in Midland, Mich.

Money ---> toilet ---> flush ---> repeat.