Nothing of greater significance can be said about the Department of Energy’s Advanced Technology Vehicles Manufacturing loan program other than it was a wasteful failure. Nonetheless 85 U.S. Senators have determined that an additional, similar $1.6 billion program must be created, as part of a larger energy bill that passed last month.
Those who favored the extension of corporate welfare for alternative energy-fueled automobiles justified their decision with the same phony claims they made ten years ago when the ATVM program was established.
“Our measure will help manufacturers and suppliers research and develop innovative technologies to make the next generation of fuel-efficient vehicles, spurring job growth and reducing our dependence on foreign oil,” said Democrat Sen. Debbie Stabenow of Michigan.
NLPC has documented the stumbles of the stimulus-fueled ATVM program – which still has $16 billion available – extensively. Two of its loan recipients, Fisker …
The Chinese government, unsurprisingly, has approved a potential sale of stimulus-funded ($279 million-plus) A123 Systems to one of its own automobile parts manufacturers, should the Wanxiang Group’s bid be the highest this week for the bankrupt electric vehicle battery maker.
That was the easy part.
So far Republican Sens. Charles Grassley (Iowa) and John Thune (S.D.) have repeatedly raised questions and concerns about the possible transfer of A123’s business, jobs and technology from the U.S. – where taxpayers have thrown in approximately $132 million only to see many times that amount in losses since its 2009 initial public offering – to China. They’re no longer the only voices speaking out against the transaction.
Last week the Strategic Materials Advisory Council, a coalition of former U.S. Government and military leaders and industry experts, announced its opposition to a transfer of A123 to Wanxiang’s control. The group sent a …
As stimulus-funded ($249 million-plus) A123 Systems sees its stock price drop back near its all-time low and waits for a Chinese rescue, two Republican senators want answers about whether taxpayer dollars are again funding jobs and technology that will be transferred overseas.
Iowa Sen. Charles Grassley, the ranking minority member on the Judiciary Committee, and South Dakota Sen. John Thune queried A123 CEO David Vieau about the logistics of a proposed sale to China-based Wanxiang Group Corp. In August, just as the company reported another $82.9 million in second-quarter losses, a deal was announced in which Wanxiang would deliver $75 million in initial loans and then would buy $200 million of senior secured convertible notes, followed by a possible $175 million “through the exercise of warrants it would receive in connection with the bridge loan and convertible notes.” If fully consummated, the end result could mean A123 ends …
A solar company project that Senate Majority Leader Harry Reid successfully lured to Clark County, Nev. – where his son Rory was a former commissioner and now lobbies on behalf of the Chinese company that owns it – now wants the dominant utility in the state to buy its electricity.
So does Senator Reid, who is frustrated because every component to make ENN Energy Group move forward with the project is in place except for NV Energy, the state utility, to enter an agreement to buy the electricity. For the most part wind and solar farms don’t get built unless there is assurance that utilities will accept their power.
At an annual energy summit that Reid hosts, he said in a July 30 online conference that ENN “would start tomorrow if NV Energy would purchase the power,” according to a Reuters report. Adding that the utility controls 95 percent of …
Alexander Comisar reported in Roll Call on June 23:
The PMA Group, the lobbying titan that closed its doors in March after an FBI raid, has filed more than a dozen lawsuits against former clients for failure to pay outstanding debts. Now, one company has responded with a $3 million countersuit that alleges PMA cheated it out of an earmark it was expecting to receive. PMA’s lawyer called the complaint absurd and said the firm has filed a formal response with the court.
The lawsuit filed by the Michigan-based Badenoch company provides yet further evidence of what many suspect is a pay-to-play scheme in which influential members of Congress target earmarks to companies in their districts and, in turn, receive cash donations for their re-election campaigns.
PMA Group founder Paul Magliocchetti is reportedly under investigation for possibly funneling donations to congressional campaigns using straw donors. Rep. John Murtha (D-PA) in …