Will Fiat/Chrysler Need Another Bailout?

NLPC Associate Fellow Mark Modica was interviewed Wednesday by David Asman on the Fox Business Network on Moody’s credit downgrade of Fiat. The Italian automaker, which owns Chrysler, is facing financial difficulties, even as President Obama is ballyhooing the “success” of the auto bailout. Here’s a transcript:

David Asman: Even though Chrysler is now owned by an Italian car company, President Obama continues to refer to it as a successful bail out of an American car company. By now Chrysler’s parent, Fiat is in real trouble. Moody’s just lowered its credit rating to junk status. So are taxpayers about to get hit up for yet another bail out of an Italian car company? Let’s ask Mark Modica who has been following the bailout since it began at the National Legal and Policy Center.  Good to see you again Mark. Thanks for coming in.

Mark Modica: Hi David.… Read More ➡

More Green Energy Money Down the Drain

NLPC Associate Fellow Paul Chesser is interviewed on Fox Business Network’s Money With Melissa Francis. Here is a transcript:

Melissa Francis: So another day another $150 million of your taxpayer money up in smoke. Back in 2012 the Department of Energy gave $250 million bucks to a factory in Michigan to produce batteries for the Chevy Volt. President Obama touted this as a step in the right direction to bringing manufacturing jobs back to America. Here we are two years later and Compact Power has yet to produce a single battery.  Now it is forced to furlough all of its workers. Joining me now is Paul Chesser, an associate fellow at the National Legal and Policy Center. How in the world did this happen?

Paul Chesser: Well, it is just another in a long line of gifts that the Obama Administration handed out to electric vehicles, the batteries … Read More ➡

VIDEO: Treasury Rejects Sale of GM Stake

NLPC Associate Fellow Mark Modica was interviewed last night on Fox Business Network’s Willis Report. Here’s a transcript:

Cheryl Casone: Government Motors. Trying to shed its ties to Uncle Sam once and for all, pushing the sale of the U.S. stake in the company altogether. But saying goodbye is hard to do. The government’s digging in its heals, saying taxpayers would have faced a massive multibillion dollar loss. Joining me now with more is Mark Modica, associate fellow for the National Legal and Policy Center. This was a bad deal. I mean this was a bad deal for the taxpayers. Of course, Treasury said no to it.

Mark Modica: Hi, Cheryl, well, they have been saying no. Actually, they could have first sold the stake almost a year and a half ago when share price was over thirty, and we heard the same story. They’re not going to … Read More ➡

VIDEO: Obama’s Ridiculous Fuel Economy Standards

NLPC Associate Fellow Mark Modica is interviewed on 9/5/12 about new vehicular fuel economy standards on the Fox Business Network. Host is Gerri Willis. Here is a transcript:

GERRI WILLIS: No summer blues for car dealerships. Consumers driving up August auto sales 20% higher from a year ago. But will the White House’s new fuel efficiency standards put the auto industry’s progress into reverse? With more, Mark Modica, Associate Fellow for the National Legal and Policy Center. Welcome back to the show, Mark, great to see you. I want to show folks these efficiency standards. They are sort of shocking. So, right now 29.7 miles per gallon is what is required. By 2016, two years from now. 35, by 2025, 54.5. What do you make of that?

MARK MODICA: Well, it is quite a jump, and it’s going to cost consumers. Estimates are that this will raise the prices … Read More ➡

VIDEO: Bailed-Out GM’s Future in Doubt

NLPC Associate Fellow Mark Modica was interviewed by Tom Sullivan about GM’s future on Fox Business Network on August 11. Here’s a transcript:

Tom Sullivan: Joining me now is an Associate Fellow at the National Legal and Policy Center, Mark Modica. You follow this GM story carefully.

Mark Modica: I sure do.

Tom Sullivan: Do you agree with the other Mark about the fact that GM is looking pretty good right now?

Mark Modica: I agree with some of the comments. The European situation is a mess, so that is an overhang there. As far as the government getting out – no professional investor would say that you base your exit of owing a stock on what you paid for the stock. The government should have been out of GM. They had the opportunity over a year ago to sell their stake – the taxpayers stake. At … Read More ➡

VIDEO: Taxpayers Fund ‘Ridiculous’ Chevy Volt Village

NLPC Associate Fellow Mark Modica was interviewed by Gerri Willis on the Fox Business Network on August 6. Here’s a transcript:

Gerri Willis: Moving on to a story, I know you are going to love. “In Focus Tonight,” the Chevy Volt village. An entire town dedicated to the controversial taxpayer backed car that so happens to spontaneously combust in flames. The government is teaming up with the private sector to test out its green agenda by dumping these Chevy Volts on an entire community. And did I mention you are helping to pay for this? Joining me now is, Mark Modica with the National Legal and Policy Center. All right, Mark, what is going on here?

Mark Modica: Hi Gerri, yes, this is called the Pecan Street Partnership. Funded with $10.4 million of taxpayer money. Edmonds dubs it Chevy Volt ville. They are giving away not only the … Read More ➡

VIDEO: Motorists Report Battery Problems in Taxpayer-Subsidized Nissan Leaf

Read More ➡

Union Boss Says Green Jobs Are Bull****

Another undercover operation by Project Veritas, which is led by investigative video specialist James O’Keefe, has revealed what labor unions truly believe about the billions of dollars that go toward the alleged “greening” of our energy usage.

They’re “bull****”

Those were the words that came out of the mouth of John Hutchings, a legislator for New York’s Broome County, who is also a construction market representative for the Laborers International Union for upstate New York. He is also an executive officer of the Central New York Labor Federation, AFL-CIO, according to his bio.

Project Veritas actors, who portrayed leaders of a make-believe company called Earth Supply and Renewal, captured the remark in a meeting they obtained with Hutchings and other union leaders to discuss the possibility (again, this was an act) of winning government grants or contracts for their work. The only problem was that Earth Supply and Renewal … Read More ➡

Note Regarding Previous Postings

The articles entitled “Was Treasury’s GM Bankruptcy Ally Rewarded by Energy Department?” originally published on May 2, 2012 and a subsequent article entitled “More Energy Department Rewards for GM Bankruptcy Allies?” originally published on May 21, 2012 have been permanently removed because of many material factual inaccuracies. We apologize for any harm done.

 … Read More ➡

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Congressmen Got Countrywide Loans But Where is Ethics Committee?

Towns photoNLPC Chairman Ken Boehm reacted yesterday to the release of a report detailing how members of Congress and their staffs received discounted mortgage loans from Countrywide Financial. Boehm told the Washington Examiner:

“It certainly doesn’t look good when reports come out based on legitimate investigations that show all kinds of special treatment, and not only is there no action, the Ethics Committee doesn’t even take it up,” said Ken Boehm, chairman of the National Legal and Policy Center. “What part of unethical don’t they understand?”

The report by the House Oversight and Government Reform Committee, chaired by Rep. Darrell Issa (R-CA), cited loans to Reps.  Edolphus Towns (D-NY), in photo, Buck McKeon (R-CA), Elton Gallegly (R-CA) and former Rep. Tom Campbell (R-CA).

The Countrywide case is the latest instance of inaction by the House Ethics Committee, which is already dragging its feet on investigations of Reps. Maxine Waters (D-CA) … Read More ➡

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