VeraSun is the largest publicly traded U.S. ethanol producer, consuming about 5 percnt of the corn grown annually in the United States, according to court documents.
The South Dakota-based ethanol maker and 24 affiliates filed for bankruptcy protection on Friday, citing a severe liquidity crisis as fluctuations in the price of corn, natural gas and ethanol have hurt its ability to make debt payments, and it was unable to raise additional capital from the markets.
Sometimes, they are idiots, yes. I remember pointing out- for the day job, natch - that they were over-exposed to too narrow sections of the commodities markets and were carrying too much debt shortly after their IPO. But all the financiers said they'd print money because oil prices were only going up and corn was cheap.
C'est la vie.
edit to add - i was just taking issue with the idea that black people are doomed to jail. I don't think that statistics should be used that way.
http://www.reuters.com/article/marketsNews/idUSN0342766020081104
C'est la vie.
edit to add - i was just taking issue with the idea that black people are doomed to jail. I don't think that statistics should be used that way.