Obama’s Failed Green Energy Policies: American Taxpayers Lose $139 Million on Fisker Automotive Loan

The Obama administration fumbles the ball again in picking Fisker Automotive and giving them our hard earned money …

What else could we expect from Barack Obama, but yet another failed policy costing the American tax payers millions in wasted money. This time it is Obama’s failed so-called green energy policies like Fisker Automotive and a $139 million loss.  Great, now we are selling off $192 million defaulted loans to the Chinese for $25 million. Thanks Barack Obama.

Obama_Failure

Happy Thanksgiving from the Obama administration. The Energy Department has sold off its $192 million loan guarantee to Fisker Automotive to Chinese billionaire Richard Li for $25 million — the biggest taxpayer loss on a green loan since the failure of Solyndra.

The Energy Department will announce the “selling of the promissory note” to Hybrid Tech, which is owned by Chinese billionaire Richard Li, according to sources familiar with the sale. The DOE sold the loan to Li for $25 million after lending the financially troubled green automaker a total of $192 million since 2009.

“Once again, American taxpayers are losing out to foreign investors due to the Obama administration’s failed green energy policies. Time after time this administration has fumbled the ball with their attempts to pick winners and losers when it comes to American energy,” House Energy and Commerce Committee vice chairman Marsha Blackburn, a Tennessee Republican, said in a statement to The Daily Caller News Foundation.

“As a result of President Obama’s misguided policies, the Department of Energy Loan Guarantee program is quickly becoming a highly utilized stimulus program for foreign investors,” she added.

Including the $25 million loan sale, the DOE has recovered only $53 million of the original $192 million disbursed — netting taxpayers a $139 million loss.

Fisker was awarded a $529 million loan guarantee by the Obama administration in 2009 to produce a luxury hybrid car, the Karma, which sold for a $103,000 per unit. However, failure to meet Energy Department benchmarks to receive funding resulted in the company losing its loan guarantee in 2011

Daily Commentary – Thursday, August 22, 2013 – As Humans Leave, Stray Dogs Take Over Detroit Streets

  • As many as 50,000 stray dogs roam the streets, menacing the few humans left

Daily Commentary – Thursday, August 22, 2013 Download

As City of Detroit Declares Bankruptcy … New $444 Million Hockey Arena for Red Wings Still a Go

 This is what happens when you put liberals in charge … the complete destruction of a US city in 50 years.

Welcome to crony capitalism … The city of Detroit is in financial ruin, has become the largest city in the United States to declare bankruptcy, yet the $444 million hockey arena for the NHL’s Detroit Red Wings goes forward. Re you kidding me. Detroit cannot keep their streets lit and it takes nearly an hour for police response, yet its some how a priority to spend another $400 million of tax payer dollars on a hockey stadium whose owners are worth billions. How does this make sense in the face of a complete and colossal financial collapse? 40% of streetlights remain dark, fire and police forces are cut, schools are a disgrace, 79,000 empty buildings need to be dealt with, and the public pension system is bleeding the city but a shiny new hockey stadium in the middle of an impoverished war zone is a priority. UNREAL!

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Detroit’s financial crisis hasn’t derailed the city’s plans to spend more than $400 million in Michigan taxpayer funds on a new hockey arena for the Red Wings.

Advocates of the arena say it’s the kind of economic development needed to attract both people and private investment dollars into downtown Detroit. It’s an argument that has convinced Michigan Gov. Rick Snyder and Kevyn Orr, the emergency manager he appointed to oversee the city’s finances, to stick with the plan. Orr said Detroit’s bankruptcy filing won’t halt the arena plans.

“I know there’s a lot of emotional concern about should we be spending the money,” said Orr. “But frankly that’s part of the economic development. We need jobs. If it is as productive as it’s supposed to be, that’s going to be a boon to the city.”

But critics say the project won’t have enough economic impact to justify the cost, and that it’s the wrong spending priority for a city facing dire economic conditions.

Who wants to go to a hockey game in the middle of hell? Seriously, in lieu of spending funds on police and firefighters, the money goes to a sports stadium instead. What is something happens to one of the patrons of the sporting event, will the police ever show? As opined by the American Thinker, “do these people have a death wish?”

Daily Commentary – Tuesday, July 23, 2013 – Pensioners in Detroit Feel Betrayed

  • Like 73yr old Gloria Killebrew who worked for the City of Detroit for 22 years

Daily Commentary – Tuesday, July 23, 2013 Download

Barack Obama Says at Fundraiser for Democratic Senatorial Campaign in Palo Alto, CA … “We Don’t Want to Tax All Businesses Out of Business”

THE COMMUNITY AGITATOR IN ACTION, HE SAID WHAT?

You just can’t make this stuff up. As reported at CNS News, President Barack Obama said at a Democratic Senatorial campaign fundraiser in Palo Alto, CA that, “We [Democrats] don’t want to tax all businesses out of business.” HUH? Taking Obama at his word, his own words, that would mean that he is admitting he wants to tax some business out of business. And we wonder why the economy in the United States has just been awful and has not gotten any better since Obama has been president. Welcome to the non-existent Obama job recovery which has been the worst job recovery ever. Is it any wonder why so many Americans are unemployed, so many Americans are on food stamps and so many Americans have just given up looking for employment. Obama actually wants to tax some businesses out of business. This is just unreal.

President Barack Obama says Democrats “don’t want to tax all businesses out of business.”

“I know that there are a few Republicans here in the audience,” Obama said Friday at a fundraiser for the Democratic Senatorial Campaign in Palo Alto, Ca. “If you talk to us, it turns out we’re pretty common-sense folks.

“We don’t think government can do everything,” he said.  “We don’t think that top-down solutions are the right way to go.  We believe in the free market.  We believe in a light touch when it comes to regulations.”

“We don’t want to tax all businesses out of business,” Obama said.  “But we do think that there’s a role to play for government.”

So America, how’s that “Hopey-Changey” stuff working out for you?

Casey Anthony to Appear in Bankruptcy Court in Tampa, FL Today

The Teflon Tot-mom to appear in Court …

Casey Anthony will  come out of her hole Monday after a federal judge ordered her to appear in court. Anthony, the tot mom known for getting away with murder, will attend a bankruptcy hearing with her creditors Monday afternoon at 1:30 p.m. in Tampa, Florida. That’s because Monday’s hearing in Tampa is in the federal courthouse, and cameras of any kind are not yet allowed in federal court. Casey Anthony is claiming she only has about $1,000 in assets and $792,000 in liabilities. So what are the odds that the second that Casey is allowed to file bankruptcy that she signs a book or movie deal? Oh, that could never happen. Then again, we never thought that she would ever been found “not guilty as sin” in the death of little Caylee Anthony. This woman has skated every inch of the way, what is to prevent her this time?

Casey Anthony will be coming out of seclusion for a meeting with the creditors in her bankruptcy case in Tampa.

The bankruptcy meeting is taking place Monday.

Anthony filed for bankruptcy in Florida in late January, claiming about $1,000 in assets and $792,000 in liabilities. Court papers list Anthony as unemployed, with no recent income.

UPDATE I: Casey Anthony meets with creditors in Tampa to discuss her bankruptcy case.

Anthony filed for bankruptcy in Florida in late January, claiming about $1,000 in assets and $792,000 in liabilities. Court papers list Anthony as unemployed, with no recent income.

Her listed debts include $500,000 for attorney fees and costs for her criminal defense lawyer during the trial, Jose Baez; $145,660 for the Orange County Sheriff’s office for investigative fees and costs; $68,540 for the Internal Revenue Service for taxes, interest and penalties; and $61,505 for the Florida Department of Law Enforcement for court costs.

The filling also stated that she was a defendant in several lawsuits, including one brought by Zenaida Fernandez-Gonzalez for defamation in Orange County Circuit Court.

The Obama Un-Midas Touch … 11 Months after Obama Praises US Lincolnton Furniture Company at White House – Company Goes Belly Up

President Barack Obama “UNMIDAS” touch continues. Talk about your irony, another company heralded as an example of Obama job growth goes bye-bye.

When will these companies ever learn not to have a photo-op with the anti-business, anti-capitalist president, Barack Obama? Just 11 months ago Obama praise the US furniture story, the Lincolnton Furniture Company and it’s owner Bruce Cochrane, as an example of job growth and the economy making a come back. Cochrane even sat with the first lady during Obama’s 2012 State of the Union Address.

However, that was then and this is now … the failed job recovery and the Lincolnton Furniture Company has gone the way of the Do-Do and belly up. How ironic, less than one year after it was hailed by President Barack Obama as an example of the recovering U.S. economy. Get used to it America, you reelected him.

Lincolnton Furniture Company closed abruptly Thursday just one year after it was hailed by President Barack Obama as an example of the recovering U.S. economy.

Furniture-making operations stopped indefinitely and only a few people will remain employed moving forward, company financial officer Ben Causey said.

“I don’t know where it’s going to go exactly; we’re still evaluating our situation,” Causey said. “We just didn’t have any choice at this point.”

The company was not receiving the orders it needed to sustain its operations, Causey said.

“We needed more orders is really what it boiled down to,” he said. “We thought they would materialize.”

Owner Bruce Cochrane, a fifth generation furniture-manufacturer, formed the company in 2011 with a $5 million investment and the hope he could make a profit off people who wanted to buy furniture made in America.

Had the Lincolnton Furniture Company been a green energy company maybe they would have been given tax payer subsidies to survive. Then again, they would have failed as well like the Solyndra.

Another Obama Failed Green Energy Company: A123 Systems Defaults on Loan and May Seen Bankruptcy

Another One bites the dust …

Add A123 Systems to Barack Obama’s list of failed green energy companies. A123  received a $249.1 million federal grant in 2009 to build a U.S. factory. I then needed a financial lifeline after struggling with costs from a recall of batteries supplied to Fisker Automotive. Now the company is in debt default. Now according to A123, “The company may not have sufficient cash to fund operations and may need to seek the protections provided under the U.S. Bankruptcy Code.”

VIDEO Hat Tip: The Gateway Pundit

A123 Systems Inc. (AONE), the maker of lithium-ion batteries for electric cars, said it may run out of cash to fund operations and may need to seek bankruptcy protection.

A123 expects to be in default under material debt agreements today, the Waltham, Massachusetts-based company said yesterday in a regulatory filing. A123 didn’t expect to be on time with an interest payment due yesterday on $143.8 million of notes expiring in 2016, or to make a payment due yesterday on $2.76 million in outstanding 6 percent notes, according to the filing.

UPDATE I: From Weasel Zippers … President Barack Obama praised the company as a success in 2010. Barack Obama certainly knows how to “not” pick them. Just yet another Obama “green” failure at the expense of the US tax payer.

Barack Obama Asks for Four More Years on the One Year Anniversary of the Bankruptcy of Solyndra … Oops

Talk about timing …

President Barack Obama is set to give his beg speech for four more years as President at the DNC convention on the one year anniversary of the Solyndra bankruptcy. On September 6, 2011, Solyndra filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court in the District of Delaware. Irony has a weird way of rearing its head, doesn’t it?

Solyndra was touted by President Barack Obama as a shining example of “green” jobs and the future of the American economy. During a visit to the California based solar power energy company, Obama had nothing but growing praise for his Obama example of the economy and jobs. Needless to say, Obama’s “green” job masterpiece has filed for bankruptcy.

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