New Energy Secretary Wants to Waste More Money on EV Loans

Ernest MonizJust when you thought the Loan Program Office in President Obama’s Department of Energy might put its unused electric auto loan money back in the Treasury coffers, the government investor-crats are going to try to find some takers for the dollars of disrepute that have been tainted by the likes of inoperative, nearly bankrupt Fisker Automotive and Vehicle Production Group.

You might remember when we last heard about the condition of this program, it had trouble finding takers for the remaining $16.5 billion or so it had been allocated. According to a March report produced by the Government Accountability Office that reviewed DOE’s loan programs, those who might otherwise be interested in the financial help cited things like bureaucratic red tape, reporting requirements, uncertainty about credit subsidy costs, lengthy review times, and the expenditure of time and resources for an uncertain outcome as obstacles. But what stood out … Read More ➡

Lisa Jackson Hires Lawyer for Email Concealment Fiasco

Lisa Jackson phptpIn a sign her troubles have undergone a significant expansion, the Washington Free Beacon reported last week that former EPA Administrator Lisa Jackson has hired a lawyer as new details of her use of private email accounts to conduct official government business were revealed.

The agency and its previous head have still breathed easy despite months of inquiries and Freedom of Information Act requests from Chris Horner of the Competitive Enterprise Institute and American Tradition Institute. Jackson and enviro-crats have been shielded by colleagues’ efforts to block access to records, delay their delivery, or conceal damning information with redactions. Nevertheless the indefatigable Horner has continued to pepper the agency with new requests from new angles almost every time he discovers a new hint of malfeasance revealed from previous requests.

What seems to have alarmed Jackson – who is now Apple’s top environmental officer – is the revelation that … Read More ➡

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.

The non-union retirees at Delphi have been trying to get their story heard for years. The Chair for the Delphi Salaried Retirees, Dennis Black, offered the following statement regarding the SIGTARP report, “SIGTARP’s finding that Treasury was greatly involved in the involuntary termination of our pension plan legitimizes our request that Treasury … Read More ➡

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.

An article at Vindy.com reports that the Obama Administration’s lack of cooperation regarding the Delphi case for the past three and a half years has left the Oversight Committee no choice but to subpoena the documents from Treasury. Here is a full explanation from the piece:

“Congress has made repeated requests with the Treasury for what lawyers representing the salaried retirees estimate could be as many as 30,000 documents that could help determine why they saw their pensions slashed by more

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Government-Gamed Markets and Subsidies Give Tesla Another ‘Profitable’ Quarter

Another 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!

For almost three months – since its last quarterly earnings report – Tesla and its media sycophants have boasted how it paid back its $465 million Department of Energy loan nine years early(!!). The company was upheld as a rousing success after the high-profile Recovery Act failures such as SolyndraRead More ➡

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.

The price for the 2014 Volt will start at around $35,000. Some sources, including GM, deceptively tout the reduced cost of the Volt as being $27,500, reflecting the $7,500 federal tax credit for the car. It is important to realize that … Read More ➡

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.

Eyebrows furrowed and heads shook not simply over the unexpected early stoppage, but given the questionable behavior surrounding the plant by previous CEO James Rogers and other Duke executives, the timing of the announcement followed by the quick shutdown only raised more … Read More ➡

VIDEO: Tax Money Wasted on EV Recharging Stations That Don’t Work

 

NLPC Associate Fellow Paul Chesser was a guest on the Willis Report on Fox Business Network last night. Here’s a transcript:

Gerri Willis: Well, onto electric cars. Uncle Sam is back to doing what it does best – wasting your taxpayer dollars. Over one hundred and thirty million granted to a California company to build a network of electric car chargers in major cities. Chargers, our next guest says, may not even work for electric cars. Joining me now, Paul Chesser, associate fellow for the National Legal and Policy Center. What are you talking about? These charge centers won’t even work?

Paul Chesser: Well, it depends on what kind of car you have, Gerri. There are three different technologies out there, there is the Japanese, which this particular boondoggle happens to work with, there is another one that most … Read More ➡

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.

The conflicts with Kleiner Perkins are mostly about disagreements over who said what to whom and when – soap opera stuff. Tesla Motors CEO Elon Musk, recipient of a $465 million stimulus loan guarantee from … Read More ➡

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