Green Car Bust: $687,000

The city of Salinas, Calif., invested more than $500,000 in Green Vehicles, an electric car venture that failed to produce a single car. In addition to the city money, the State of California chipped in another $187,000, but the owner of the company said it folded due to a lack of investors. The city ponied up the money after the company promised it would create 70 new jobs and generate some $700,000 in tax revenue annually for city coffers. City officials were reportedly irked when they learned of the company’s collapse by e-mail.