Obama’s Reverse Midas Touch

Does every private enterprise Obama come near turn to ashes?  What might be called “the Solyndra Syndrome” seems to be spreading beyond the green energy sector.  This morning’s bankruptcy concerns TW & Co, a Maryland-based private security firm that provides security for, among other government locations, the White House.  From the Wall Street Journal story:

Maryland-based  TW & Co.  filed for Chapter 11 protection Wednesday and sought to borrow $1 million to pay its 617 employees, who are due to receive their next check on Friday. That loan would come from an Alexandria-based subcontractor that wants to take over nearly two dozen contracts that TW holds to provide “armed and unarmed guard services at highly sensitive government agencies and facilities,” according to papers filed with the U.S. Bankruptcy Court in Greenbelt, Md.

“Due to its financial difficulties, the [company] is similarly unable to perform under certain existing contracts with the government and several commercial entities,” the company’s attorney said in court papers. “A disruption in the services may also present national security concerns.”

 

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