Joseph Biden

Lawsuit and a Congressional Hearing as Fisker Bankruptcy Nears

Submitted by Paul Chesser on Thu, 04/11/2013 - 12:53

As 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.

China Can't Appreciate Obama-Biden Vision for Fisker in Delaware

Submitted by Paul Chesser on Fri, 03/22/2013 - 10:30

Biden Strickland photo

For weeks now the buzz about Fisker Automotive, the latest Department of Energy-funded clunker, is that two China-based automotive companies – Zhejiang Geely Holding Group (which owns Volvo) and Dongfeng Motor Corp. (which is state-owned) – were in bidding negotiations to buy an ownership stake of an unknown size. The speculation was that Fisker was following a similar path as stimulus-financed A123 Systems, which supplied the batteries for Fisker and was recently bought by Sino-owned Wanxiang Group.

Emails Show White House Exerted Pressure for DOE Loan to Abound Solar

Submitted by Paul Chesser on Mon, 10/29/2012 - 10:03

The claim that the many beneficiaries (like Solyndra and Fisker Automotive) of President Obama’s green energy stimulus program received their millions of taxpayer dollars based on measurable metrics rather than political favoritism has always been undermined by the circumstantial evidence, but documents obtained by Complete Colorado indicate the White House applied direct pressure to its own Department of Energy to reward (another) one of its allies.

Taxpayers Reward Executives for Failure as Green Jobs are Slashed

Submitted by Paul Chesser on Thu, 04/19/2012 - 10:00

First Solar, the beneficiary of at least $3 billion in Department of Energy loan guarantees, paid its former CEO $32 million over two years as he stewarded its stock price from $143 to below $100. Today it sells for less than $21-per-share, hitting a 52-week low last week, and yesterday the company announced it would slash global payroll by 2,000 workers in Malaysia, Europe and the U.S.

Another Taxpayer-Funded Solar Company Looks Like a Failure

Submitted by Paul Chesser on Thu, 04/05/2012 - 08:31

Biden Strickland photo An Ohio-based solar company received millions of dollars in state and federal subsidies despite government officials’ knowledge that the company was in financial trouble, and now a local newspaper reports little activity at the manufacturer’s Perrysburg plant.

10 Reasons Why Fisker May Be Worse Than Solyndra

Submitted by Paul Chesser on Thu, 03/15/2012 - 09:25

Chu photo

This story has been updated below.

Automotive and green technology advocacy Web sites are abuzz with a story about a former employee of Fisker Automotive who claims the company released its $102,000-plus Karma electric sport sedan prematurely, in order to meet targets set forth by the Department of Energy so Fisker could access funds from a $529 million loan award.

Taxpayer Cash for Ener1 Helped a Thrice-Failed Foreign EV Company

Submitted by Paul Chesser on Wed, 02/01/2012 - 09:49

Think City car Last week yet another treasured Obama administration “Green” energy company – electric vehicle battery manufacturer Ener1 – went bankrupt, after having been granted $118 million in stimulus funds in August 2009. But the gift did more than just sustain it and subsidiary EnerDel; the cash enabled the company to bail out what would be its top customer, a Norwegian electric car company that had already been drained of cash on at least three previous occasions.

Crony Capitalism, Carnahan Style

Submitted by Peter Flaherty on Mon, 05/24/2010 - 15:28

Tom Carnahan 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.

Ford Bankrolled Sharpton Convention Featuring Biden

Submitted by Peter Flaherty on Mon, 04/06/2009 - 10:08

Biden and Sharpton photo

Ford Motor Company has applied for $11 billion in taxpayer funds for retooling, and has access to an additional $9 billion line of credit from the government. Yet, the company was a financial sponsor of Al Sharpton’s national convention last week that featured a speech by Vice-President Joseph Biden.

In a letter today to Steven Rattner, who directs President Obama's auto industry task force, I wrote,

Ford’s financial support for Sharpton places into doubt the judgment of Ford executives. I can think of no expenditure farther removed from the core mission of saving the company and the American auto industry than bankrolling Sharpton. It is your responsibility to ensure that no more capital is wasted on controversial political causes, no matter how supportive they are of the administration you represent.