Paul Chesser's blog

Obama's Electric Vehicle Loans Program is a Failure

Fisker logoMark it down: the report this month about the shutdown of Vehicle Production Group – beneficiary of a $50-million stimulus loan from the Department of Energy – means the Advanced Technology Vehicles Manufacturing initiative within the Loan Program Office has been a thorough failure.

All five ATVM recipients, awarded a total of $8.4 billion of taxpayer-backed financing under the Recovery Act, have earned derision to some degree. Most fit into the already much-ridiculed electric vehicles program. VPG was funded to produce wheelchair-accessible passenger vehicles that ran on compressed natural gas.

Leslie Dach Leaving Walmart Sustainable in All the Wrong Ways

Leslie DachThe top engineer of Walmart’s strategy to pursue left-wing priorities such as “sustainability” and backing Obamacare, as though those are what genuinely reflect “corporate responsibility,” is leaving.

Leslie Dach joined the Bentonville, Ark. retail behemoth seven years ago as vice president of corporate affairs. He previously worked for environmentally extreme groups and was “active as a senior strategist in Democrat politics,” according to his World Resources Institute bio. He worked in the Clinton administration, served as a senior adviser for Sen. John Kerry’s 2004 presidential campaign, and has been a top strategist for at least two Democratic conventions. He helped design the 2004 Boston convention and managed the Democrat response to the Republican convention that year, and is credited with managing the program at the convention in Los Angeles four years earlier.

Boeing: Cause of Dreamliner Fires 'Almost Doesn't Matter'

battery photo"Attention ladies and gentlemen, the Boeing 787 Dreamliner will depart shortly – any potential fires caused by our lithium ion batteries will now be contained within the aircraft. Please line up at the gate for imminent boarding!”

Are you ready?

In case you missed it the Federal Aviation Administration, by publishing an Airworthiness Directive in the Federal Register last week, opened the door for the troubled “green” aircraft to return to service in the coming months. The document lays out the specifications required for Boeing to get the extremely costly project moving again, if the changes are implemented and FAA inspectors sign off.

Administration Denies Reality at Fisker Congressional Hearing

Fisker hearingAs the Department of Energy seized the last of Fisker Automotive’s reserves in lieu of an unknown amount that it was due to repay this week, what’s left of the lame electric automaker clings to the slim hope it can survive.

While CEO Tony Posawatz and his team may need an intervention, a hearing before the House Oversight and Government Reform Committee yesterday revealed that DOE and committee Democrats (as well as those in the Obama administration) are hopelessly stuck in an alternate universe, where losing millions of taxpayer dollars is considered a good record. Republicans had called officials from the company – including founder Henrik Fisker, as well as administrators of DOE’s loan program – to explain the logic that went into granting $529 million to a fledgling, unproven car company that targets an ultra-rich clientele.

Incompetence and Dysfunction Rampant at Energy Department

Chu photo“Ineptocracy” is a new Internet-popularized word in wide circulation, which came to my inbox with the following definition:

“A system of government where the least capable to lead are elected by the least capable of producing, and where the members of society least likely to sustain themselves or succeed, are rewarded with goods and services paid for by the confiscated wealth of a diminishing number of producers.”

Clearly the word’s creation was inspired by the current presidential administration, where the ineptocrats abound. And as NLPC has documented for 4+ years, nowhere has that been more evident than in President Obama’s Department of Energy, under the management of soon-departing Secretary Steven Chu.

Lawsuit and a Congressional Hearing as Fisker Bankruptcy Nears

Fisker logoAs green energy stimulus recipients raked in billions of dollars the last few years, with President Obama declaring what a great “investment” they were for taxpayers, friends of mine would jokingly ask, “Where’s my dividend?” “Where are my stock certificates?” “Where’s my free electric car?!” 

In the case of our $193-million stake in Fisker Automotive, thanks to a Department of Energy loan guarantee, it looks like American shareholders will end up with the whole company itself.

BP Finds Sustainability in Oil and Gas, Sells Off Wind

BP-logoOnly a month ago BP – which not long ago promoted itself as “Beyond Petroleum” – released an “energy outlook” video that projected 99 percent of America’s energy will be supplied domestically by 2030, in part because it says the U.S. will grow production from renewable sources 202 percent by that time.

Just don’t expect BP to participate in the alleged alternative energy “boom.” The London-based petroleum producer announced last week it would dump its investments in U.S. wind energy projects, which were said to be worth $3.1 billion. It’s hard to believe they’re really worth that much, however, especially without government subsidies – not to mention the fact that BP is so easily discarding “assets” that are supposed to hold great value. The move follows a December 2011 announcement that the company would exit the solar business.

No April Fools: Obama's Green Energy Stimulus is Officially a Joke

Three Stooges photoPresident Obama’s alternative energy “stimulus,” administered through his Department of Energy by previous Secretary Steven Chu, had already become a joke because of the failures and foibles of so many recipients of Recovery Act funds. But now – as though officially commemorating the absurdity of this historically bad U.S. government program – one of its bankrupt beneficiaries has changed its name from one of simplicity to one of mockery.

Electric vehicle battery maker A123 Systems has changed its name to B456 Systems. Incorporated.

Al Gore, DiCaprio AWOL as Fisker Circles the Drain

Al Gore photo

UPDATE 11:30 a.m. Friday: Reuters reports that Fisker has hired a bankruptcy attorney.

Fisker Automotive, which has received $193 million of a $529 million Department of Energy stimulus loan guarantee and apparently still wants the rest of it, stopped making its sole electric car – the $102,000-plus Karma – last July. But only now has it decided to furlough workers for a week.

“In parallel with the process of identifying a strategic partner, Fisker is, of course, continuing to manage its day-to- day operations and has recently instituted temporary furloughs for its U.S. workforce covering the final week of March,” the company said.

GAO: Bad Publicity Scaring Prospects Away from Stimulus Money

MoneyThe publicity surrounding President Obama’s failed strategy to stimulate the economy, by putting clueless manager Steven Chu in charge of the Department of Energy’s lending activities, has become so bad that few “green energy economy” entrepreneurs want to accept taxpayer money any more.

That’s according to a report published earlier this month by the Government Accountability Office, which reviewed DOE’s loan programs for a briefing to both the House and Senate’s Appropriations subcommittees on Energy. Amusingly though, the Web site of DOE’s Loan Programs Office still calls itself “The Financing Force Behind America’s Clean Energy Economy.” The minor blip that undermines that premise is that DOE is having trouble getting someone to borrow $55 billion.

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