President Obama

SIGTARP Report – Obama Admin Lied about GM Bankruptcy Process

For years the Obama Administration maintained that they had no significant involvement in the day to day operations at General Motors as the company was guided through a taxpayer-funded bankruptcy process. A report from the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) now sheds light on the process and confirms that the Administration did, in fact, drive decisions at GM. One such decision saw GM provide taxpayer funds to "top-off" pensions for politically-favored UAW retirees at Delphi while non-union retirees lost the majority of their benefits. Treasury officials previously denied any involvement in the actions.

Obama Administration Subpoenaed in Delphi Retiree Scandal

DelphiThe House Oversight and Government Reform Committee has announced that it has served Treasury Secretary Jacob Lew a subpoena to obtain records relating to the Delphi retirees' pension scandal. Up to this point, the Obama Administration has stonewalled attempts by Congress to get an explanation on why Treasury seemed to be involved in orchestrating preferential treatment for unionized retirees over non-union retirees at Delphi during General Motors' bankruptcy process.

Government-Gamed Markets and Subsidies Give Tesla Another 'Profitable' Quarter

Elon MuskAnother fiscal quarter has passed and if you consume most of the mainstream and/or pro-renewable energy media, it’s been another consecutive financial smashing success for luxury plug-in maker Tesla Automotive.

That is, if you don’t subtract the buyer’s federal tax credit for each vehicle, or the California emission credits sales scheme, or state tax credits and incentives, or subsidies for battery manufacturers. Also, it’s great for Tesla and CEO Elon Musk if you disregard Generally Accepted Accounting Principles.

If you can swallow all that government market distortion, taxpayer largess and books-cooking, Tesla’s Model S is finally taking off!

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.

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