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
Hey Alaska, How’s That Obama, Democrat beholden “green” energy Senator stuff working out for ya?
Sarah Palin has been making a lot of news lately and opened the doors to many opportunities. The former Alaska governor told Sean Hannity during an appearance on his radio show that the door is open to her running for the US Senate in Alaska in 2014. Currently, Democratic freshman Sen. Mark Begich holds the office which borders on the absurd for Alaska, a state so rich in oil and resources, while they have a Senator who is beholden to the radical LEFT, anti-fossil fuel Democrats in the Senate and President Barack Obama. At present, two Republicans have already announced challenges to Democratic Sen. Mark Begich, Lt. Gov. Mead Treadwell and 2010 GOP nominee Joe Miller. Anything is possible, but Palin would have to battle the LEFT as she would have a political target on her and the establishment GOP as well. However, one thing is for certain, in a state like Alaska where Romney beat Obama in 2012 Presidential election, 55% – 41%, there is no way that Alaska should have a Democrat representing their best interests. Sarah Palin recently also commented that she would be open to start a third party if Republicans continue to not act like Republicans. Well, who wouldn’t?
Sarah Palin’s interview on the Sean Hannity Radio Show
Sarah Palin opened the door Tuesday to running for Senate next year in Alaska.
“I’ve considered it because people have requested me considering it, but I’m still waiting to see what the lineup will be and hoping that … there will be some new blood, some new energy,” the former governor told Sean Hannity during an appearance on his radio show.
Two Republicans have already announced challenges to Democratic freshman Sen. Mark Begich: Lt. Gov. Mead Treadwell and 2010 GOP nominee Joe Miller.
“We’d meet with any Alaskan interested in challenging Mark Begich,” National Republican Senatorial Committee spokesman Brad Dayspring told POLITICO, “and Governor Palin is right in that Begich abandoned his campaign promises — most notably by being the deciding vote on ObamaCare — and must be repealed and replaced.”
A poll conducted by Harper Polling in May 2013 found Sarah Palin leading other Republican primary contenders to face Begich in 2014. Don’t let the liberal MSM BS you, Palin would win the Senate election for Alaska.
More from The Hill:
“I’ve considered it because people have requested me considering it,” she said. “But I’m still waiting to see what the lineup will be and hoping that … there will be some new blood, new energy, not just kind of picking from the same old politicians in the state.”
Palin said she has a “heart for service” and would consider returning to politics if she could “help the cause.”
When Green Energy Kills … Rare White-Throated Needletail Bird Last Seen in Britain 22 Years Ago Reappears Only to be Killed by Wind Turbine
Where is the Green Peace, PITA outrage … Animals needlessly killed in the name of energy?
War against oil and coal, eh? Looks like green energy wind turbines may be more deadly. As reported at the Daily Mail, as bird enthusiasts flocked to the Hebrides to catch a glimpse of the brown, black and blue rare white-throated Needletail bird last seen in Great Britain 22 years ago. Then suddenly, the rare bird became even more rare as it flew into the “green” energy wind turbines and was killed. Below is the VIDEO of the onlookers gushing over the sight of the rare bird before its most unfortunate demise. Listening to them before, I can only imagine what they sounded like when the bird was killed by the evil, big “green” wind turbine.
There had been only eight recorded sightings of the white-throated needletail in the UK since 1846. So when one popped up again on British shores this week, twitchers were understandably excited.
A group of 40 enthusiasts dashed to the Hebrides to catch a glimpse of the brown, black and blue bird, which breeds in Asia and winters in Australasia.
But instead of being treated to a wildlife spectacle they were left with a horror show when it flew into a wind turbine and was killed.
John Marchant, 62, who had made the trip all the way from Norfolk, said: ‘We were absolutely over the moon to see the bird. We watched it for nearly two hours.
‘But while we were watching it suddenly got a bit close to the turbine and then the blades hit it.
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
Obama White House Knew “Green” Electric Car Maker Fisker Automotive was Failing and Still Gave them More Tax Dollars
CBS News is reporting that the Obama White House knew that the electric car maker Fisker Automotive Inc. was failing and still gave the “green” company even more money. According to documents, the Obama administration knew as early as 2010 that the company was not meeting standards, yet did nothing to halt the government loan. Fisker had received a total of $192 million of the $529 million loan before it was suspended. I guess Obama would call that a success that his administration did not give them all of the loan. This administration was hell-bent on funding their pet green energy companies at all cost, regardless of the cost and the failings of this companies.
Newly obtained documents show the Obama administration was warned as early as 2010 that electric car maker Fisker Automotive Inc. was not meeting milestones set up for a half-billion dollar government loan, nearly a year before U.S. officials froze the loan after questions were raised about the company’s statements.
An Energy Department official said in a June 2010 email that Fisker’s bid to draw on the federal loan may be jeopardized for failure to meet goals established by the department.
Despite that warning, Fisker continued to receive money until June 2011, when the DOE halted further funding. The agency did so after Fisker presented new information that called into question whether key milestones — including the launch of the company’s signature, $100,000 Karma hybrid — had been achieved, according to a credit report prepared by the Energy Department.
It is just endless, the number of green energy failures and the wasted tax payers money that the Obama administrations has spend down a “green” energy rat hole. Whether it be Fisker, Solyndra, Abound Solar, A123 Systems, Ener1 and list goes on and on and on.
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 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”.
The Obamamobile loses $49K per vehicle, yet another example how Obama just does not get it.
Take a good look at what Barack Obama touts as the future of car travel. General Motors Chevy Volt loses on average $49,000 per every Volt that they build. WOW, there’s a business plan, create a product that cost nearly $50K more than what you get back in return. What fool thinks this stuff up? No wonder as Weasel Zippers states, the Chevy Volt, the official car of the Obama administration. As the Lonely Conservative opines, Obama has been talking up the takeover of SM as one of his signature achievements. Imagine that, Obama praising a company that loses $49,000 per vehicle. This sounds much like his stimulus plan. Obama and the Chevy Volt, perfect together.
General Motors Co sold a record number of Chevrolet Volt sedans in August — but that probably isn’t a good thing for the automaker’s bottom line.
Nearly two years after the introduction of the path-breaking plug-in hybrid, GM is still losing as much as $49,000 on each Volt it builds, according to estimates provided to Reuters by industry analysts and manufacturing experts. GM on Monday issued a statement disputing the estimates.
Cheap Volt lease offers meant to drive more customers to Chevy showrooms this summer may have pushed that loss even higher. There are some Americans paying just $5,050 to drive around for two years in a vehicle that cost as much as $89,000 to produce.
And while the loss per vehicle will shrink as more are built and sold, GM is still years away from making money on the Volt, which will soon face new competitors from Ford, Honda and others.
GM’s basic problem is that “the Volt is over-engineered and over-priced,” said Dennis Virag, president of the Michigan-based Automotive Consulting Group.