President Obama

GM to Lose Even More on Each Chevy Volt

Akerson and VoltThe Chevy Volt madness continued this week with General Motors announcing that consumers will see a $5,000 decrease in the price of President Obama's favorite green wonder-car. Sales of the Volt have been dismal, with most consumers refusing to be as smitten with the car as the President and the few enthusiastic green ideologues who seemed to believe that spending approximately $20,000 more for a car (over a gas-powered rival) that can save them about $3 a day in gas makes sense. What seems to go unrecognized is the fact that the price cut comes at the expense of GM shareholders, not to mention the costs to American taxpayers.

Duke Energy's 'Clean Coal' Power Plant Off to Bad Start

Duke EdwardsportDuke Energy’s “green” initiative to gasify coal for allegedly “cleaner” burning at its Edwardsport, Ind. power plant has already been vilified for cronyism, corruption, conflicts of interest, cost overruns, delays, waste, and mismanagement, but at least it became operational in June.

For six days.

The so-called “clean coal” project that was intended to have a carbon dioxide capture-and-storage component suffered breakdowns that left it inoperative on June 13, almost a week after Duke’s formal announcement that Edwardsport was on line, and only a day after the nation’s largest utility showed media members around the plant. The Indianapolis Star broke the news on Friday.

Fisker's Venture Capital Firm Still Hasn't Learned Cronyism Doesn't Pay

John Doerr photoThe sniping and backbiting behind the financial scenes are escalating as those involved with Fisker Automotive and other green tech flops seek to direct blame for their investment failures. U.S. taxpayers, as usual, have suffered bystander casualties.

The latest controversy surrounds Silicon Valley investment firm Kleiner, Perkins, Caufield & Byers, which has suffered a series of setbacks over its strategy to place sizable wagers on so-called “clean energy” companies. Their tech bettors hit on several huge successes during the 1990s dot-com boom, which history shows was a huge bubble with a nasty burst. The same thing happened with the government-fueled housing expansion and now the renewable energy sector is ballooning for the same reason.

Taxpayer Millions Squandered on EV Charging Study Project

Volt recharging photoAn audit by the Department of Energy’s Inspector General found that the persistent weak demand for electric vehicles harmed the deployment and timeliness of a $135 million-plus taxpayer funded charging network, which spun a cycle of excessive grants and project expansion, that led to an enormous waste of public money.

The investigators, led by IG Gregory Friedman, determined that conditions for reimbursement to Ecotality, Inc. (and its subsidiaries) for the EV charging demonstration project were “very generous,” although not explicitly prohibited under federal regulations.

Obama Administration Still Stonewalling on Delphi Pension Scandal

The lack of transparency from the Obama Administration continues as leaders of the House Oversight and Government Reform Committee continue to try and persuade the Treasury Department to hand over documents relating to the Administration's involvement in the termination of non-union Delphi retirees' pension benefits. Non-union Delphi retirees saw their benefits lost while unionized UAW retirees at the company had their benefits "topped off" and preserved with taxpayer dollars funneled through General Motors during the 2009 auto bailout process.

Obama’s Ex-Car Czar Wants Taxpayer Bailout for Detroit

Rattner photoPresident Obama's former head of the Auto Task Force, Steven Rattner, helped orchestrate the auto bailouts that saw billions of taxpayer dollars spent to save General Motors and Chrysler in a rigged bankruptcy proceeding favorable to political allies (i.e., the UAW). Rattner is now calling for taxpayers to come to the rescue of Detroit as the city struggles to restructure through a bankruptcy process without federal handouts.

GM's Hypocritical Embrace of Free Enterprise

sushiThe US Chamber of Commerce's "On the Road with Free Enterprise" tour has quietly entered its second month. The main story currently on the "Free Enterprise" website is a piece titled "First Ever Sushi Tech Combats Fish Fraud." The fact that General Motors is hypocritically co-sponsoring a free enterprise tour might bring to mind the words fishy and fraud as well.

"Beneath the deep purple cuts of healthy tuna and the smell of fresh wasabi, there lies a sushi underbelly in America that will make your stomach turn," reads the first line of the all-important "fish fraud" story. Likewise, GM's anti-free enterprise bailout process exhibited an underbelly of political cronyism that turned the stomach of those (like GM bondholders and Delphi non-union retirees) who saw there rights subordinated to the politically-favored UAW.

Obama Brings Little Hope to Africa With Clean Energy Agenda

Obama GhanaPresident Obama’s trip to Africa revealed how despicable his “green” agenda, couched in the excuse of “climate change,” truly is.

It’s one thing to hamstring the U.S. economy – one of the strongest and resilient in the world – with the ridiculous, self-inflicted insistence that we not use all the energy resources at our disposal, all to save us from the phantom crisis of global warming. While temperatures haven’t risen for 15 years and there’s actually been cooling since 2002, the president and his alarmist minions have designed failed scheme after failed scheme in the name of solving a problem that doesn’t exist.

Shallow Analysis Deems DOE Electric Vehicle Loans a Success

Elon MuskA popular automotive Web site’s attempt to set the record straight on the degree of success and failure of the Department of Energy’s Advanced Technology Vehicles Manufacturing loan program was well-intentioned, but missed the mark on several points and overall gave the initiative far too much credit.

Jalopnik.com contributor Patrick George was pointed in the right direction when he characterized DOE’s boastful Loan Program Office as “rosy,” but more accurate descriptors would be “excessive” and “unrealistic.” It’s clear his analysis was one of an automotive enthusiast and reviewer, rather than someone who regularly watchdogs government with a skeptic’s eye and knows how bureaucrats fudge and exaggerate numbers to claim credit for their politician bosses. As NLPC has reported often, DOE – before a taxpayer-backed bank check was ever issued to an electric automaker – has made absolutely unbelievable claims about jobs, fuel savings and carbon dioxide emission reductions that were to be realized as a result of their loans.

Bottomless Subsidies Needed to Keep DOE Electric Truck Project Alive

Frito Lay Electric TruckDespite little news over the past nine months since its last-minute abandonment of an initial public offering that was supposed to raise $76 million in cash, stimulus recipient Smith Electric Vehicles is showing little evidence it can inspire demand for its commercial trucks, like its plug-in car counterparts.

Smith’s selling point for its step vans was that, unlike electric automobiles, delivery routes in urban areas did not require a long range between refueling (or, recharging). Frequent stops and short distances alleviated the “range anxiety” that accompanies cars like the Nissan Leaf. Frito-Lay, Coca-Cola and Staples were cited as early adopters of the truck demonstration project, which was launched with the help of $32 million in taxpayer funds.

Syndicate content