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.
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
Posted November 23, 2013 by Scared Monkeys
Bankruptcy, Barack Obama, Campaigner in Chief, Chicago-Style Politics, China, Community Agitator, cronyism, Democrats, Energy, Epic Fail, Government, Green Energy, Green Jobs, Misleader, Obamanation, Obamanomics, Outsourcing Jobs, Socialist in Chief, Wasteful Spending, WTF | 2 comments
Senator Joe Manchin (D-WV) Loses in Mind on Barack Obama Over Obama’s War on Coal … “This Is Ridiculous … I Am Batting My Own President and My Own Government!”
THE DIVIDER IN CHIEF IS EVEN DIVIDING HIS OWN PARTY … BARACK OBAMA’S WAR ON COAL SENDS DEMOCRAT WEST VA SENATOR OVER THE TOP AGAINST PRESIDENT BARACK OBAMA …
Obama to Manchin, support me in 2012 for president Joe, I was just kidding about killing coal.
This morning on FOX News ‘Fox & Friends’ US Senator Joe Manchin lost his mind and blew his cool in reaction to President Obama’s speech yesterday regarding “climate change” and his war on coal. Manchin’s state of West Virginia would lose countless jobs due to Obama’s war on coal. In essence Obama has declared a war on coal, a war on jobs and a war on West Virginia. Joe Manchin described wgat Obama was doing as a ‘War on America’. WOW, Manchin is a DEM. This is a must see video below as a Democrat openly attacks Obama for his misguided liberal energy policy. After all, it was Obama who basically called Manchin, a member of his own political party, a flat earther. Manchin angrily went on to say, “It’s just ridiculous that I, as a U.S. senator, am battling my own president and my own government. … I’m willing to reach out but I don’t need adversaries here. I need a partner!” Of course I am not sure what politicians from coal states like West Virginia and Ohio thought Obama was going to do? He promised to kill coal during the campaign. And just a heads up to the foolish Sen. Sherrod Brown, liberal Democrat from coal-rich Ohio, you can’t do what Obama is talking about, kill coal and create jobs. What planet do you live on?
President Obama has angered lawmakers on both sides of the aisle by calling for new regulations on coal-fired power plants. One of them is Democratic Senator Joe Manchin from coal-industry driven West Virginia. Manchin argues that Obama’s proposed regulations will kill jobs and when asked by Fox & Friends host Steve Doocy today how angry he was by the president’s proposal, he replied, “I don’t think you have a scale . … It’s just ridiculous. It’s just ridiculous that I, as a U.S. senator, am battling my own president and my own government. … I’m willing to reach out but I don’t need adversaries here. I need a partner!”
Another Obama “green” energy company fails miserably … Another One Bites the Dust.
According to the WSJ, electric car maker Coda has filed for chapter 11 bankruptcy. The company’s lone passenger car, the CODA sedan debut in March 2012 went poorly; less than 100 units were sold. 100!!! Or what we like to call Obamanomics in action. The company blamed the car’s flop on a variety of factors, including stunted demand for electric vehicles, adverse macroeconomic conditions and insufficient capital to effectively market the car. The fact of the matter is no one is going to pay $38,000 for am electric car. There is no demand for them and if there were the price would have to be cut in half and that does not men by getting a federal government rebate.
Electric car maker Coda Holdings Inc. filed for Chapter 11 protection from creditors after pronouncing its $38,000 sedan “a commercial disappointment” and failing to sell its assets outside of bankruptcy.
The company’s lone passenger car, the CODA sedan, was plagued by delays. Its eventual market debut in March 2012 went poorly; less than 100 units were sold, “falling well short of the company’s expectations,” according to the Los Angeles company’s bankruptcy filings.
A group of lenders led by an affiliate of Fortress Investment Group FIG 0.00%is offering about $25 million for the assets and may use debt to cover that price, according to documents filed in a Wilmington, Del., bankruptcy court. The group also is providing the company with a $5 million loan intended to keep Coda afloat as it navigates Chapter 11
Yet just another example of more poor Obama investments in so-called “Green” energy companies …
Add Fisker Automotive to the long list of Obama’s green energy investment failures. As reported at Bloomberg, Fisker Automotive is firing as much as 75% of workforce. President Barack Obama and the Department of Energy should be forced to explain to the “We the People” why they pissed away the American tax payers hard earned money and continue to do so with these wasteful investments in to so-called green energy. When will the MSM ever do their job and hold Obama accountable? When will the American people ever wake up and do the same?
Fisker Automotive Inc.’s mass firings after receiving federal loans to build luxury plug-in cars is adding to the political debate over the U.S. government’s funding of clean-energy programs.
Most of the assets of Fisker’s battery supplier that received a $249.1 million federal grant, the former A123 Systems Inc. (AONEQ), were acquired last year by a Chinese company. Now Fisker, awarded $529 million in U.S. loans, is firing 75 percent of its workforce after failing to secure a deal with an automotive partner to fund operations.
The debacle is reviving questions over whether the government should be funding makers of alternative energy ventures. Fisker and A123, whose bankruptcy halted Fisker’s output, have drawn Republican criticism of President Barack Obama’s support of green-energy programs intended to spur more fuel-efficient cars.
How long will it be until Fisker Automotive declares bankruptcy? Its already on the list of Obama’s green energy investment failures. Obama’s green energy investments have been a joke, now they are officially a complete joke.
- Evergreen Solar ($25 million)*
- SpectraWatt ($500,000)*
- Solyndra ($535 million)*
- Beacon Power ($43 million)*
- Nevada Geothermal ($98.5 million)
- SunPower ($1.2 billion)
- First Solar ($1.46 billion)
- Babcock and Brown ($178 million)
- EnerDel’s subsidiary Ener1 ($118.5 million)*
- Amonix ($5.9 million)
- Fisker Automotive ($529 million)
- Abound Solar ($400 million)*
- A123 Systems ($279 million)*
- Willard and Kelsey Solar Group ($700,981)*
- Johnson Controls ($299 million)
- Schneider Electric ($86 million)
- Brightsource ($1.6 billion)
- ECOtality ($126.2 million)
- Raser Technologies ($33 million)*
- Energy Conversion Devices ($13.3 million)*
- Mountain Plaza, Inc. ($2 million)*
- Olsen’s Crop Service and Olsen’s Mills Acquisition Company ($10 million)*
- Range Fuels ($80 million)*
- Thompson River Power ($6.5 million)*
- Stirling Energy Systems ($7 million)*
- Azure Dynamics ($5.4 million)*
- GreenVolts ($500,000)
- Vestas ($50 million)
- LG Chem’s subsidiary Compact Power ($151 million)
- Nordic Windpower ($16 million)*
- Navistar ($39 million)
- Satcon ($3 million)*
- Konarka Technologies Inc. ($20 million)*
- Mascoma Corp. ($100 million)
Barack Obama Unveils $500 Million Gun Violence Package Including Putting 1,000 Police Officers in Schools … I Thought the LEFT Scoffed at Police in Schools Suggested by the NRA?
TALK ABOUT LOST IN SMALLNESS … OBAMA UNVEILS $500 Million GUN VIOLENCE PACKAGE AND PLANS TO PUT 1000 POLICE OFFICERS IN SCHOOLS.
Today President Barack Obama unveiled a $500 million gun violence plan that included plans to put 1000 police officers in schools. Ok, three things come to mind here that are quite telling and somewhat interesting with regards to Obama’s anti-2nd Amendment agenda in the wake of the Sandy Hook Elementary school shootings. He also proposed his 23 executive orders that in retrospect looked rather weak and lame.
500 million dollars!!!
One, $500 million, that’s it? Barack Obama throws billions around like its water. Obama gave failed green energy companies Solyndra $535 million, Fisker Automotive $529 million, Abound Solar $400 million, Willard and Kelsey Solar Group $700,981, let alone the rest of the green energy boondoggle failures. Yet, when it comes to the safety of the children Obama can only muster a measly $500 million. WOW, how big of him. The above referenced failed companies were provided over $2 billion of tax payer dollars, yet he comes up with $500 million for the children’s safety. NICE!
Two, 1000 police officers? That’s it? How small can this president be? As of 2010, from the National Center for Educational Statistics there were a reported approximate 98,000 schools in the United States of which 67,000 were elementary schools. To put this in its proper perspective, 1000 police officers represents 1% of all schools and 1.5% of elementary schools. Really Mr. President, that’s your plan to keep the children safe from gun violence like what occurred at Sandy Hook, placing police in 1% of schools in America? “We the People” can you understand now why I say that Obama is not serious at all?
Three, how is it that Obama is putting any police officers in schools after NBC’s David Gregory and the collective LEFT mocked the NRA’s Wayne LaPierre for proposing that armed guards be at every school in America. The LEFT lost their collective minds when this was suggested, yet Obama considered it, well kinda. So instead Obama split the difference and suggested putting police officers in 1% of the schools. Meanwhile his children are well protected by armed men with guns. No one is saying that Obama’s children should not be protected, of course they should. However, they are no more important than other American parents children. How is it that “We the People’s” children are not deemed worthy of protection as well?
Braced for a fight, President Barack Obama on Wednesday unveiled the most sweeping proposals for curbing gun violence in two decades, pressing a reluctant Congress to pass universal background checks and bans on military-style assault weapons and high-capacity ammunition magazines like the ones used in the Newtown, Conn., school shooting.
But the president, speaking at White House ceremony, focused his attention on the divided Congress, saying only lawmakers could enact the most effective measures for preventing more mass shootings.
“To make a real and lasting difference, Congress must act,” Obama said. “And Congress must act soon.”
The president vowed to use “whatever weight this office holds” to press lawmakers into action on his $500 million plan. He is also calling for improvements in school safety, including putting 1,000 police officers in schools and bolstering mental health care by training more health professionals to deal with young people who may be at risk.
Even supportive lawmakers say the president’s gun control proposals – most of which are opposed by the powerful National Rifle Association – face long odds on Capitol Hill.
Posted January 16, 2013 by Scared Monkeys
2nd Amendment, America - United States, Barack Obama, Child Welfare, Community Agitator, Crime, Double Standard, Education, Elementary School, Facebook, Green Energy, Green Jobs, Gun Control, Liberals, NRA, Solyndra, Solyndra, The Dodger in Chief, US Constitution, We the People, WTF | 6 comments
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.
Another Failed Obama Green Energy Venture … Michigan Battery Plant Places Workers on Furlough. Another $150 Million Wasted
Well there you go again … Obama picks another ‘green” energy loser …
Remember during the recent Presidential debate when Mitt Romney stated the following, “Mr President, you just don’t pick winners and losers, you pick losers VIDEO).“ Well, Obama has done it again, this time it is a Michigan battery plant that was given $150 million of tax payer dollars at the Compact Power plant as workers are placed on a rotating furlough.
From Fox News comes the following, ‘Plant that got $150M in taxpayer money to make Volt batteries furloughs workers’.
President Obama touted it in 2010 as evidence “manufacturing jobs are coming back to the United States,” but two years later, a Michigan hybrid battery plant built with $150 million in taxpayer funds is putting workers on furlough before a single battery has been produced.
Workers at the Compact Power manufacturing facilities in Holland, Mich., run by LG Chem, have been placed on rotating furloughs, working only three weeks per month based on lack of demand for lithium-ion cells.
As the Lonely Conservative opines, remember when Obama was touting that “green energy” jobs boom? Consider that among many of Obama’s 2008 promises to fix the economy in the where are they now files.
One of the Best Lines of the Denver Presidential Debate … Romney Slams Obama,“You Don’t Just Pick Winners and Losers, You Pick Losers”
As the dust settled on last night’s Presidential debate in Denver, CO, it was obvious that Romney was a man with a plan and Obama looked like a kid who had studied the wrong chapters for a test and was left begging the moderator to ask the next question, wanting to use a lifeline and ask Bill Clinton what to say and looking to the MSM for the protective cover they have provided him for the past five years.
In the VIDEO below, Romney pounded Obama in the exchange over subsidies for oil vs. the $90 billion that Barack Obama gave to the failed “green” energy companies like Solyndra, Solar Trust, Abound Solar, What is the equivalent of 50 years of breaks. Then came one of the memorable lines of the night and it is about time some one called Obama on it. What better place than with 40-60 million viewers. Mitt Romney said of Obama last night, “You Don’t Just Pick Winners and Losers, You Pick Losers.” Ouch, that’s going to leave a mark.
President Obama was so thoroughly beaten last night that even the LEFT had to admit that Obama did a dismal job. During last nights debate I thought Obama was going to use his “LifeCall” medical alert device and say, “I’ve fallen and I can’t get up”.
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.
Your Hard Earned Tax Dollars at Work … US Labor Department Spends Stimulus Money for Ads During MSNBC Olbermann & Maddow Shows
Hmm … who knew that spending money for Obama ads on MSNBC by the US Department of Labor was a shovel ready job?
Shovel ready, the wasteful spending of the Obama stimulus fund appears to be more “propaganda” ready. Yup, your hard earned tax dollars down the tubes so that Barack Obama could promote and recruit young liberals for green jobs. But as stated by the Gateway Pundit, “the Obama administration said the decision to put the ads on MSNBC had nothing to do with politics.” Sure it didn’t. That’s why Obama would spend half a million dollars on green ads on a liberal network that no one watches. The commercials ran on MSNBC on shows hosted by Rachel Maddow and Keith Olbermann in 2009. Gee, and we thought these liberal hacks did Obama’s bidding for free.
The Labor Department paid out hundreds of thousands of dollars in federal stimulus funds to a public relations firm to run more than 100 commercials touting the Obama administration’s “green training” job efforts on two MSNBC cable shows, records show.
The commercials ran on MSNBC on shows hosted by Rachel Maddow and Keith Olbermann in 2009, but the contract didn’t report any jobs created, according to records reviewed recently by The Washington Times.
Spending reports under the federal Recovery Act show $495,000 paid to McNeely Pigott & Fox Public Relations LLC, which the Labor Department hired to raise awareness “among employers and influencers about the [Job Corps] program’s existing and new training initiatives in high growth and environmentally friendly career areas” as well as spreading the word to prospective Job Corps enrollees.
No liberal media bias here and quid pro quo.