A British investment company has thrown in the towel on an electric delivery truck manufacturer that it once wholly owned, saw fail, then spun off in the United States at the height of President Obama’s green energy stimulus subsidy mania.
U.K.-based Tanfield Group announced at the end of June that it wrote down the value of the last 5.76 percent ownership stake it held in Smith Electric Vehicles, which received $32 million in U.S. taxpayer funds as a formerly British entity that reconstituted and relocated in Kansas City in 2009. The move by Tanfield followed Smith’s legal action filed against business partner FDG Electric Vehicles, in which it alleged “fraudulent misstatements” against the Chinese company that had enticed it into an agreement.
“The [Tanfield] board of directors has carried out a review of the investment in Smith resulting in a decision to impair the investment value to nil,” the …
When it comes to standing up to racial shakedowns, political leadership is in short supply in Missouri, as it is in other states. On January 9, Sen. Roy Blunt, R-Mo. (in photo), facing re-election, squared off against his Democratic opponent, Missouri Secretary of State Jason Kander, at Harris-Stowe State University in St. Louis. The event, sponsored by the state’s Martin Luther King Celebration Commission, revealed a disturbing acquiescence by the candidates to the radical Black Lives Matter. A co-emcee kicked things off by declaring: “Black lives matter. Period.” Once at the podium, Sen. Blunt, rather than offer a rebuke, responded: “Black lives matter – we do need to say that.” Kander proved even worse. And they aren’t the only politicians in the state to roll over.
Black Lives Matter (BLM) is a national movement that matters – in all the wrong ways. Two weeks ago National Legal and Policy Center …
The painful and fruitless existence of Smith Electric Vehicles, waster of $32 million in U.S. taxpayer funds, has been extended after yet another near bankruptcy.
The Kansas City electric delivery truck manufacturer, whose actual business negotiates in government grants, tax breaks and other subsidies – rather than a product anyone actually wants to pay for – had announced at the end of September, via its British investor Tanfield Group, that it needed to raise $4.5 million by October 2nd and $10 million by the end of the month. Without the cash infusion, Tanfield said, “the company is likely to be forced to seek protection under US bankruptcy laws or close down its operations.”
Yesterday Tanfield notified its own investors that Smith Electric had “raised a loan” of $2.9 million thanks to help from – as you might guess – a Chinese manufacturer, FDG Electric Vehicles Limited…
An electric truck manufacturer that was awarded $32 million from President Obama’s stimulus program has informed one of its investors that it is on the verge of bankruptcy, if it did not raise $4.5 million by Friday and $10 million by the end of October.
The troubled saga of Smith Electric Vehicles should be particularly sickening for taxpayers because it sprouted out of a similar failed company, of the same name, in Great Britain. Smith, as part of the U.K.-based Tanfield Group, stumbled out of Europe and re-established itself in Kansas City – opportunistically at the time that President Obama was rolling out his plans to “stimulate” the “green” energy sector in early 2009.
More on that momentarily, after a look at Smith’s current desperation. According to reports from investment Web sites in England, Tanfield – which currently holds a 5.8 percent ownership stake – was notified last week …
Unions, even those representing government employees, are private organizations. Yet a new report from the Competitive Enterprise Institute (CEI) reveals that taxpayers in one state effectively are being forced to cover some of the costs of public-sector union official business. The study, authored by CEI labor policy analyst Trey Kovacs and titled, “A Remedy for Taxpayer Giveaway to Unions” (March 25, 2015), in the face of considerable resistance, dug up clear evidence that state and local government agencies in Missouri are subsidizing public-sector unions during working hours without loss of member pay. These “release time” clauses, whether or not built into collective bargaining agreements, are at odds with the public interest, deceptively costly, and almost certainly illegal.
It is little secret that public-sector unions have eclipsed their private-sector counterparts in terms of membership density and political influence. According to the Bureau of Labor Statistics, only 6.6 percent …
I have sent this letter to Brian France, Chief Executive Office of NASCAR:
We ask that NASCAR end its financial support of Al Sharpton and his organization, the National Action Network (NAN).
According to programs for the NAN national convention, NASCAR has served as a sponsor of the event in recent years, which is Sharpton’s primary annual fundraising event.
The cold-blooded murder of two New York City police officers, Rafael Ramos and Wenjian Liu, followed weeks of Sharpton’s vilification of law enforcement personnel. Now two police officers have been gunned down in Ferguson, Missouri.
This is not the first time that violence and loss of life have followed Sharpton’s agitation, such as in the 1991 Crown Heights riots and the 1995 Freddy’s Fashion Mart incident. Sharpton’s involvement in these and other abhorrent episodes, such as the Tawana Brawley hoax, are a matter of record.
I have enclosed a new book …
As Energy Secretary Ernest Moniz announced last week a renewed push to provide $16 billion in taxpayer-backed loans for “clean” technology vehicles, more bad news emerged from another stimulus-funded electric vehicle company over the weekend.
Smith Electric Vehicles, the truck company that was supposed to “make it” because electrification made so much sense for short, urban delivery routes, halted production at the end of 2013. A quarterly report at Recovery.gov attributed the stoppage to “the company’s tight cash flow situation.”
While not a beneficiary of the Advanced Technology Vehicles Manufacturing Loan Program that Moniz wants to revive, Smith Electric is another reason why subsidies of any type for this floundering pseudo-industry – loans, grants, tax breaks, etc. – are enormous wastes. In light of the hundreds of millions of dollars that other companies like Fisker Automotive, Ecotality and A123 Systems received, Smith’s $32 million in grants is comparatively …
An analysis of public records by the National Legal and Policy Center (NLPC) has found more than $20 million in federal stimulus funds benefitting real estate projects financially tied to Joseph Shepard, husband of Missouri Senator Claire McCaskill.
Earlier this month, the Associated Press published an analysis, stating, “businesses affiliated with the husband of Senator Claire McCaskill have received almost $40 million in federal subsidies for low-income housing developments during her first five years in office…”
The NLPC analysis released today showed more than $20 million in financial benefits from the federal stimulus law to real estate projects associated with McCaskill’s husband, with all of the $20 million benefitting projects different than those identified by the Associated Press story.
Missouri Tax Credit Fund: More Than $1 Million in Annual Income For the McCaskill Household in 2009, 2010 and 2012
While the AP study focused on federal subsidies going to entities …
Wind power is not economically feasible. It is only a reality because of tax breaks and government subsidies, which are often the seed corn for political favoritism and cozy dealings.
In Missouri, a company called Wind Capital Group (WCG) is more than well connected. In the photo to the right is the firm’s CEO is Tom Carnahan. His brother is Congressman Russ Carnahan (D-MO), and his sister is Robin Carnahan, the Missouri Secretary of State. His father was governor and his mother a U.S. Senator.
WCG applied for a whopping $90 million in Obama’s stimulus package. In addition, WCG has successfully sought property tax exemptions where it is putting up windmills.
According to no-lesser light than Vice-President Biden, the stimulus made the difference in allowing CEO Carnahan to proceed with a project that the free market had deemed unviable. According to Alyson E. Raletz, a columnist for the St. Joseph …