What's Hot
02/17/2012 - 20:06

Last night, NLPC President Peter Flaherty criticized GM's bonuses to United Auto Workers while the company is stil deep in the hole to taxpayers. He appeared on CNN's Situation Room. Here's a transcript:

02/16/2012 - 12:48

General Motors reported year end earnings figures today. The company made about $9 billion dollars in 2011. How much of its "fair share" is GM paying in taxes? Zero. In fact, from GM's financial report, they actually received a "benefit" of $110 million for the year. The UAW benefited as well, as they are set to receive $7,000 per worker in profit sharing bonuses.

02/15/2012 - 21:05

A123 logoA taxpayer-funded electric vehicle battery company, that is considered in great danger due to its dependency on troubled EV company Fisker Automotive, has awarded its top executives big salary increases despite a steep downward trajectory in its stock price.

Massachusetts-based A123 Systems -- which received $279.1 million in stimulus money from the Department of Energy, and up to $135 million in incentives from the State of Michigan -- boosted the base salaries of two vice presidents and its chief financial officer on February 8.

02/15/2012 - 11:12

Genachowski photoIn a major victory for the National Legal and Policy Center, the Federal Communications Commission (FCC) yesterday reversed itself and revoked a controversial waiver it had granted LightSquared, which would have allowed the company to deploy a national wireless network. The reversal is not only a major setback for LightSquared's billionaire owner Phil Falcone, but puts a harsh spotlight on the role of FCC Chairman Julius Genachowski.

02/14/2012 - 11:54

A123 logo

How did a start-up electric car company that raised more than $1 billion suddenly fail to meet government-lending standards, to the point where it can no longer draw on an awarded Department of Energy loan and has therefore halted renovation work on a Delaware plant?


02/10/2012 - 10:55

A123 logoAfter luxury electric automaker Fisker announced 65 layoffs and a work stoppage from the refurbishment of a former General Motors plant in Delaware earlier this week, NLPC wondered whether its battery supplier and business partner A123 Systems would be harmed also.

Now Wall Street analysts are wondering the same thing, and the beleaguered lenders at the Department of Energy must be deeply concerned about what they will do next. As Forbes reported yesterday, the close ties between the two speculative companies could produce “two Solyndras for the price of one."

02/10/2012 - 10:45

In the words of Yogi Berra, it looks like déjà vu all over again as General Motors plans to "relaunch" the Chevy Volt. Just in case you missed the first rollout that saw certain financial news networks dedicate loads of airtime to help GM build the hype surrounding a vehicle that was to be a savior for GM as support was garnered for a taxpayer bailout and subsequent IPO, we now get a second take on the failed first production.

02/08/2012 - 21:18

A123 logo


This post has been updated below.

Among the objections about taxpayer subsidies for the high-profile Chevy Volt, manufactured by Government Motors, is that the many grants, loans and tax breaks that lowered the sticker price on the electric hybrid car facilitated its (paltry) sales for the benefit of wealthier individuals who were purchasing it – those with average annual salaries of $170,000. So can you imagine how happy the affluent customers (like Leonardo DiCaprio) of the heavily subsidized, $102,000 electric Fisker Karma are, to be able to purchase their gimmicky sports sedan at a discount, with a $7,500 tax credit to boot?

02/08/2012 - 17:03

Home sinking in mortgage debt"It's time to apply the same rules from top to bottom: No bailouts, no handouts and no cop-outs. An America built to last insists on responsibility from everybody." Thus President Obama laid down the gauntlet in his recent State of the Union address. Yet he remains committed to subsidizing industries. And mortgage lending is high on his priority list. In his speech, he announced a plan that "gives every responsible homeowner the chance to save about $3,000 a year on their mortgage, by refinancing at historically low rates...A small fee on the largest institutions will ensure that it won't add to the deficit, and will give banks that were rescued by taxpayers a chance to repay a deficit of trust."

Syndicate content