One thing that I have realized about the rhetoric surrounding green energy initiatives and the proclamations by Team Obama glorifying companies like General Motors while vilifying others like ExxonMobil is that the claims and the facts are worlds apart. Voters are led to believe that evil oil companies like ExxonMobil are getting a free pass and not paying their fair share while the supposedly patriotic GM is an American success story which now contributes to society and builds miracle cars like the Chevy Volt which will free the US from foreign oil dependence. One set of facts that is very easy to check on is the amount of taxes each of these companies pays. Following are the facts from the SEC annual financial reports (10Ks) of GM and ExxonMobil.
Securities law firms are lining up to get a piece of the action after a class action lawsuit was filed against federally subsidized First Solar, Inc., allegedly because the company failed to disclose the massive costs it was incurring due to defects in its solar panels, leading investors to believe the company’s stock was worth more than its actual value.
Fresh off the heels of its European Car of the Year award, the Chevy Volt has been named "Vincentric Best Value in America." You just can't make this stuff up. I didn't know that there were so many awards in the auto industry, but the less that the Volt sells, the more awards it seems to win. After this latest award, it dawned on me that the Chevy Volt is eerily like Wilbur, the prize-winning pig from the classic children's tale, Charlotte's Web.
Anyone following the Chevy Volt story has seen the internet headlines trumpeting the blog by General Motors' Bob Lutz in which he blasts Bill O'Reilly, Fox News and what he calls, "the rabid, sadly misinformed right." It remains a mystery as to why GM would take a political stance, and seek to identify with one ideological faction over another. It's ridiculous to blame poor Volt sales on a Republican conspiracy. It is also pretty stupid. After all, some of the people who buy cars are Republicans.
The Securities and Exchange Commission has notified the brokers who raised most of the private financing for taxpayer-backed electric automaker Fisker Automotive that charges may be brought against them, in connection with a private offering in 2009.
The recent lowering of lease costs for the Chevy Volt led me to think about the amount of money General Motors or Ally Financial (also taxpayer-owned) was going to lose when the quickly depreciating leased vehicles begin to be returned. I then recognized another egregious waste of taxpayer money being spent to support the struggling car. Taxpayers are paying the tax credits, which go to the lessor of the Volt (most likely Ally Financial), to place Volts on the road for a limited period of time.
These guys at Government Motors just continue to outdo themselves. Just as Chevy Volt owners are getting over being called idiots by the head of Audi, GM comes up with an ad that lends credence to the accusation. A supposed Volt owner tells how she loves her car because her friends think it looks like a spaceship and it saves a "crapload" of money.