EV Automaker Tesla Makes Profit— Off Taxpayers

NLPC Associate Fellow Paul Chesser was a guest last night on the Willis Report on Fox Business Network. Here’s a transcript:Gerri Willis: Unbelievable story. Well, meanwhile in the electric car world the Tesla company is set to announce the company’s first-ever quarterly profit this week, Wednesday. But reportedly what is driving this company into the black are California tax credits. That’s right. With more on this, Paul Chesser of the National Legal Policy Center. All right. How is it possible that this company is making money only because of tax credits? Is that your analysis, Paul?

Paul Chesser: Well, that’s what it looks like. In California they’ve got a unique economy in California where they set up these special deals for renewable energy, for electric cars, for manufacturers. And they get these credits. It is likely sort of a … Read More ➡

Leslie Dach Leaving Walmart Sustainable in All the Wrong Ways

Leslie DachThe top engineer of Walmart’s strategy to pursue left-wing priorities such as “sustainability” and backing Obamacare, as though those are what genuinely reflect “corporate responsibility,” is leaving.

Leslie Dach joined the Bentonville, Ark. retail behemoth seven years ago as vice president of corporate affairs. He previously worked for environmentally extreme groups and was “active as a senior strategist in Democrat politics,” according to his World Resources Institute bio. He worked in the Clinton administration, served as a senior adviser for Sen. John Kerry’s 2004 presidential campaign, and has been a top strategist for at least two Democratic conventions. He helped design the 2004 Boston convention and managed the Democrat response to the Republican convention that year, and is credited with managing the program at the convention in Los Angeles four years earlier.

Those credentials might not have seemed an appropriate fit for the supersized merchant with the anti-union conservative … Read More ➡

Boeing: Cause of Dreamliner Fires ‘Almost Doesn’t Matter’

battery photo“Attention ladies and gentlemen, the Boeing 787 Dreamliner will depart shortly – any potential fires caused by our lithium ion batteries will now be contained within the aircraft. Please line up at the gate for imminent boarding!”

Are you ready?

In case you missed it the Federal Aviation Administration, by publishing an Airworthiness Directive in the Federal Register last week, opened the door for the troubled “green” aircraft to return to service in the coming months. The document lays out the specifications required for Boeing to get the extremely costly project moving again, if the changes are implemented and FAA inspectors sign off.

But don’t call it a “fix,” because engineers don’t know what caused the fires in the first place. Boeing’s top engineer Michael Sinnett says the new configuration is designed to prevent a fire (the old one wasn’t??), according to the Associated Press, but even if … Read More ➡

Fisker Failure was Easy to See Coming

Biden/FiskerWhile hindsight may always be 20/20, foresight should be pretty clear in many instances as well. The Fisker failure was one of these times. Many saw the folly in spending hundreds of millions of taxpayer dollars to support the green debacle. In fact, the Associated Press has reported that even the Obama Administration had warning of the Fisker loan risks back in April of 2010 when the Energy Department began emailing their concerns.

Congress will be holding hearings starting today to address the scandalous waste of taxpayer money on Fisker. Reuters states one of the goals of the hearing, “‘The Obama Administration owes the American taxpayer an explanation as to why this bad loan was made in the first place, and what they are going to do to minimize the loss that taxpayers face,’ said Ohio Republican Jim Jordan, chairman of the subcommittee holding Wednesday’s hearing.” Perhaps we should also … Read More ➡

Will GM Earnings be Driven by Channel Stuffing?

GM logo and ObamaEarlier this year, I reviewed General Motors’ first quarter earnings report and annual results. My take-away from the report was that GM relied upon shady accounting techniques and a build-up of US dealer inventories to produce some rosy-looking results. Channel stuffing to the tune of an over 20% increase in inventory from year end 2011 provided for GM’s revenue growth. The trend continues as GM has further pumped-up inventory for quarter one.

The reason that dealer inventory figures are so important is that automakers record revenue when vehicles are shipped to dealerships, not when they are actually sold to consumers. It becomes fairly easy for a company like GM, which operates more with an eye on perception and politics rather than on sustainable profits (why else would they focus so much on the money-losing Chevy Volt?), to manipulate revenue and earnings by getting vehicles into dealerships’ lots. The first … Read More ➡

Chevy Volt Battery Technology Questioned After Billions Wasted

Akerson and VoltIt appears that the Mainstream Media folks may finally be starting to expose one of the worst cases of taxpayer abuse that this country has ever seen. Kudos to Deepa Seetharaman who wrote a piece for Reuters which questions the feasibility of the government-subsidized, lithium-ion based battery technology behind electric vehicles (EVs) like the Chevy Volt. While Seetharaman acknowledges the limitations of lithium-ion batteries, what remains unchallenged is the continued waste of billions of taxpayer dollars to support the failing, pseudo-green technology.

The evidence that the Obama Administration’s EV subsidization has been a costly fiasco (particularly regarding the Chevy Volt hoax) continues to mount. While I’m certain that green extremists and General Motors’ supporters will claim that the criticism is limited to right-wing parties with ties to the evil oil industry, a simple review of the facts reveals that some very credible and unbiased sources are admitting that, despite … Read More ➡

BP Finds Sustainability in Oil and Gas, Sells Off Wind

Only a month ago BP – which not long ago promoted itself as “Beyond Petroleum” – released an “energy outlook” video that projected 99 percent of America’s energy will be supplied domestically by 2030, in part because it says the U.S. will grow production from renewable sources 202 percent by that time. Just don’t expect BP to participate in the alleged alternative energy “boom.” The London-based petroleum producer announced last week it would dump its investments in U.S. wind energy projects, which were said to be worth $3.1 billion. It’s hard to believe they’re really worth that much, however, especially without government subsidies – not to mention the fact that BP is so easily discarding “assets” that are supposed to hold great value. The move follows a December 2011 announcement that the company would exit the solar business.

So where does BP think – its “outlook” notwithstanding … Read More ➡

Chevy Volt Sales Plunge – Obama’s Flagship EV a Failure

Obama and VoltThe Chevy Volt has inarguably been the poster child for President Obama’s push to electrify America’s auto fleet. Billions of taxpayer dollars have been spent to produce and subsidize the plug-in electric car. For years we have heard about the supposedly amazing technology for the Volt which would lead America to energy independence, be a “game-changer” for General Motors and provide a multitude of new green jobs. Proclamations were made that supply for the wonder-car could not keep up with the demand. Well, March’s sales figures are in and give further confirmation that the lofty claims were all lies.

March’s sales for the Chevy Volt plunged over 35% from last year to a paltry 1,478 units. To put that in perspective, that’s about one Volt sold every two months per dealership. The number is also down from an only slightly less paltry 1,626 sales in February. GM’s excuses for the … Read More ➡

No April Fools: Obama’s Green Energy Stimulus is Officially a Joke

Three Stooges photoPresident Obama’s alternative energy “stimulus,” administered through his Department of Energy by previous Secretary Steven Chu, had already become a joke because of the failures and foibles of so many recipients of Recovery Act funds. But now – as though officially commemorating the absurdity of this historically bad U.S. government program – one of its bankrupt beneficiaries has changed its name from one of simplicity to one of mockery.

Electric vehicle battery maker A123 Systems has changed its name to B456 Systems. Incorporated.

Reporting the development, headline writers across the nation rubbed their eyes, double-checked the wire information, and then – especially realizing how close they were to April Fool’s Day – had to add extra assurance to the breaking news.

For the Boston Herald, where A123 was headquartered near MIT, it was this:

A123 Systems changes name to B456 (seriously)

The Milwaukee Read More ➡

GAO: Bad Publicity Scaring Prospects Away from Stimulus Money

MoneyThe publicity surrounding President Obama’s failed strategy to stimulate the economy, by putting clueless manager Steven Chu in charge of the Department of Energy’s lending activities, has become so bad that few “green energy economy” entrepreneurs want to accept taxpayer money any more.

That’s according to a report published earlier this month by the Government Accountability Office, which reviewed DOE’s loan programs for a briefing to both the House and Senate’s Appropriations subcommittees on Energy. Amusingly though, the Web site of DOE’s Loan Programs Office still calls itself “The Financing Force Behind America’s Clean Energy Economy.” The minor blip that undermines that premise is that DOE is having trouble getting someone to borrow $55 billion.

GAO’s director for Natural Resources and Environment, Frank Rusco, undertook an audit/investigation that evaluated three types of DOE loans: the 1703, 1705, and Advanced Technology Vehicles Manufacturing programs. The 1705 program backed … Read More ➡

Page 29 of 82« First...1020...2728293031...405060...Last »