given millions of taxpayer dollars to produce ethanol fails to produce any ethanol and sells their plant to a new zealand based company for a fraction of what the united states government paid for it. there s reports that another 12 green companies are struggling after taking another $12.6 million in government loans. stuart varney steamed. yes, i am. this is my money down the tubes all over again. so explain to us what happened here. what is this? range fuels built a factory in order to produce cellulosic ethanol. ethanol not made from corn but made from grass clippings or leaves. a new idea. a new technology. the bush administration put money into it. it was followed by the obama administration which put $42 million into it. the state of georgia put $6 million into it because the factory is in georgia and now
factory is closed. sold for only $5 million. taxpayer money basically lost. another green energy policy failure. that s where we are. i understand there is a crony capitalist component to this as well. there is. there s a gentleman by the name of vinyard cosla and he s a big greeny out of northern california. big supporter of range fuels and the president s green energy policy. well, now range fuels is out, the factory goes up for sale and who buys it? he does. yes. he buys this factory. it doesn t work, does it? he s got it for a song. maybe he can convert it to something else. he s part of this new zealand company that bought this company. here we have a huge supporter of green energy and the president s policies on green energy buying the disused assets and taking essentially backdoor the taxpayers money. sounds to me like this was a bipartisan effort. if the bush administration also supported it, are we only really