Another Obama Green Energy Company Fails … Ener1 Received $118.5 Million Stimulus Grant Files for Bankruptcy

Another One Bites the Dust …

Ener1 received a $118.5 million stimulus grant and was supposed to double its production capacity and create 1,700 jobs, instead it is filing for bankruptcy. The company was supposed to made batteries for electric cars. A funny thing happened on the way to the Obama hand picked business winners and losers, free market capitalism … there is no market or demand for this product. Didn’t Barack Obama in this years SOTU just say he was going to continue to fund the car battery industry with government money and not cede it to China? Oops. Yet more tax payer dollars wasted.

Add another to the Obama back failed green energy companies

An Indiana-based energy-storage company, whose subsidiary received a $118.5 million stimulus grant from the Energy Department, filed for bankruptcy Thursday.

Ener1 is asking a federal bankruptcy court in New York to approve a plan to restructure the company’s debt and infuse $81 million in equity funding.

“This was a difficult, but necessary, decision for our company,” Ener1 CEO Alex Sorokin said in a news release. “We are extremely pleased to have the strong support of our primary investors and lenders to substantially reduce the company’s debt.”

The VP had previously visited the Indiana company and touted it as a new chapter in American history for energy and business; however, the only chapter it turned out to be was Chapter 11.

Red State may have a point, another Obama hand picked company has met the reverse Midas touch of “The One”. Erick says, look out Master Lock, all who have stock in it may want to sell.

Add Ener1 to the list of other Obama tapped green energy companies that have been given stimulus money that have failed miserably. NRO has the present tally:  Solyndra, SunPower, BrightSource, and Tonopah Solar Energy. So far that is.

Solyndra & Barack Obama … Politics Dominated Obama Energy Programs Not Job Creation

America, how’s that “Hopey, Changey” green jobs working out for you?

Obama’s partisan politics as the MSM covers up a damning story under the cloak of Christmas. As you were celebrating the birth of Jesus Christ, opening presents, spending time with family … the Washington Post put out a story regarding Barack Obama, Solyndra and Obama’s energy program that was nothing more than politics. This brought to you from the President who promised every one “Hope & Change”. Obama promised America change, he gave us more of the same. Obama promised jobs and he gave us partisans politics. Solyndra was billed by Obama as the “shining green company on the hill” … it was nothing more than politics.

There was only so much that government could do,
the true engine of economic growth will always be companies like Solydra

“It’s not about the people; it’s politics,” said Sterio, who remains jobless and at risk of losing her home. “We all feel betrayed.”

Since the failure of the company, Obama’s entire $80 billion clean- technology program has begun to look like a political liability for an administration about to enter a bruising reelection campaign.

Meant to create jobs and cut reliance on foreign oil, Obama’s green-technology program was infused with politics at every level, The Washington Post found in an analysis of thousands of memos, company records and internal ­e-mails. Political considerations were raised repeatedly by company investors, Energy Department bureaucrats and White House officials.

The records, some previously unreported, show that when warned that financial disaster might lie ahead, the administration remained steadfast in its support for Solyndra.

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Eco-Friendly Science & Technology Festival Shuts Down for Lack of Interest

File this one under … no kidding, really, who would have thunk it? The New World Festival of Eco-Friendly Science and Technology  in Santa Monica, CA shut down due to lack of interest and no attendance. What a shock.  Festival vendors are worried they won’t get paid. Maybe they can apply for a loan from the Obama Administration like Solyndra?

The New World Festival of Eco-Friendly Science and Technology in Santa Monica shuts down after lackluster attendance. Vendors are worried they won’t get paid.

It was the first New World Festival of Eco-Friendly Science and Technology and quite possibly the last.

The event near the beach in Santa Monica, which had been scheduled to run through Sunday, was shut down abruptly Saturday afternoon.

Its website had promised robots, a petting zoo, six stages of live music and more than 150 exhibits. But the gathering on Saturday looked more like a medium-sized, eco-friendly farmers market.

Howard Mauskopf, the festival’s organizer, said he needed to shut down because so few people had shown up. “We’re in a position where we don’t have the financial ability to continue,”

This is what happens in a free market system for an industry that is completely subsidized by the federal government of which no one cares about. As stated at American Power, you know you have a problem when LEFTIES in Santa Monica don’t show up for a useless “green” festival. Take the hint.

Wallstreet Has Unfavorable Opinion Of Obama’s Job Speech … Dow Down 303.68 points, 2.7%, Falls Below 11,000

“Pass the bill, pass the bill, pass the bill” … Doesn’t appear that Wall street is too impressed with Obama’s jobs bill. Seems that the DOW is more like, “PASS ON THE BILL”.

The US markets were down triple digits following Obama’s job speech as the NY Times says that the US markets are following the economic uncertainty in Europe. Really, because it has nothing to do with the economic situation in the United States and a jobs plan that Obama is insisting that Congress pass immediately as all or nothing. Sorry President Obama, it does not work that way. Especially coming from a failed jobs Prez like you.

“Even yesterday’s speech raises questions of whether there will be support for fiscal policy,” he said about the president’s jobs address.

Mr. Obama’s plan focused on generating jobs and included a number of tax cuts and spending proposals, like an extension and expansion of the cut in payroll taxes and a tax holiday for small businesses for hiring new employees.

Mr. Ballew said that questions persisted about how much of the proposal would pass.

What was the markets reaction a day after Barack Obama’s more of the same class warfare, jobs speech … the Dow lost 303.68 points, 2.7% and fell below 11,000 to 10,992.13.  What of Obama’s job speech, other than most of it was a repetition of previously failed Obama policies. There is a reason why only 19% of Americans think the country is headed in the right direction. The answer cannot be more of the same of this Presidents ideas. We already had a $787 billion stimulus bill that failed miserably, now Obama wants to do son of stimulus as have Congress pass a $447 billion jobs bill.  Sorry if Americans are skeptical, especially when it sounded like an awful lot of class warfare in the speech. Some of his ideas might be ok, seeing that they have been out there for years, Obama just has shelved them. But the idea of coupon job hiring is a farce. Temporary infrastructure jobs, that is not the answer. Get the government out of the way of business … that can only happen when Obama is defeated in 2012.

What was most peculiar though from Obama’s speech was not his repeated comment of “pass the bill”, that was just an annoyance after the third time it was said. It was what Obama did not say as opposed to the dribble, fabrications and spin from his jobs campaign speech.  As stated at Michelle Malkin, not once were “green jobs” mentioned. Rather odd, hasn’t “green” jobs and technology been the corner stone of the Obama economy? Maybe he left it out do to the some what scandalous relationship with the WH and the now bankrupt Solyndra what receoved $500 million in stimulus monies.

Let’s face it, in last nights speech the only job that Obama was looking to save was his own.

UPDATE I: How more annoying could Obama be that constantly repeating the phrase, “pass this jobs bill” … how about the spam emails that the WH sent to reporters. Good grief Barack, a little over kill don’t you think?

Hmmm Solyndragate … FBI RAIDS SOLYNDRA, the Barack Obama Backed & Funded Green Energy Failure

Things that make you go Hmmm … Should we call this Solyndragate or Greengate?

The FBI raided the headquarters if Solyndra, a green energy company that was given more than $500,000 in federal stimulus funds  and was praised by President Barack Obama as a leading green company of the future saying, “It’s here that companies like Solyndra are leading the way toward a brighter and more prosperous future”. Oops, once again Obama was horribly wrong as just last week Solyndra filed for bankruptcy. This could get dicey for Barack Obama as the Gateway Pundit opines, top Obama bundler George Kaiser, a principle investor in Solyndra, made multiple visits to the White House in the months before the company was granted a $535 million loan from the government.

FBI agents served search warrants this morning at Solyndra, the Fremont solar company that abruptly closed last week, two years after receiving more than $500 million in federal stimulus money, an agency official said.

The search is part of a joint investigation involving the FBI and the Department of Energy’s Office of Inspector General, said FBI spokeswoman Julianne Sohn, who declined to elaborate.

SOLYNDRA-Gate

Wasn’t it just last week that famed predictor Alan Lichman said that Obama would win in 2012, one of the reasons he gained points was that there was no scandals in his Administration. SM pointed out the “Fast & Furious” scandal and I guess we might be able to add Solyndra into that category as well. As stated at Powerline, they refer to it as
the Solyndra bankruptcy was the green energy equivalent of Charles Keating/Lincoln Savings collapse in the S & L debacle of 20 years ago.

What do Obama know and when did he know it? What of those 20 visits by Solyndra execs to the White House. Hmm, quid pro quo?

Solyndra is a microcosm of Barack Obama and the economy. He plays favorites with companies and pushes his radical green agenda praising companies as the future … which ultimately go belly up and are raided by the FBI.  Talk about the un-Midas touch.  Do you think that Obama has learned his lesson that the government cannot prop up green energy technology and call it a success when its a failure? No, the NRO has more of Obama’s obsession with green jobs at all cost and be damned if they are sustainable or not. This is why this President is a failure … he lives in a different reality, one where success is not necessary.

Will this story have legs and how will the public perceive Barack Obama now that the FBI raid of Solybdra follows the “Fast & Furious” scandal? The squeaky clean image of Obama may now be tarnished as well.