Government Integrity Project

'Ludicrous' EPA - NASCAR Partnership

Submitted by Peter Flaherty on Fri, 05/25/2012 - 13:20

NLPC Associate Fellow Mark Modica appeared Wednesday on Cavuto on Fox Business Network to discuss the new "partnership" between the Environmental Protection Agency (EPA) and the National Association for Stock Car Auto Racing (NASCAR). Here's a transcript:

Iceland Recovers from Bank Meltdown without European Union Bailout

Submitted by Carl Horowitz on Tue, 05/22/2012 - 16:09

Icelandic flag The European Union (EU) is now in a full-scale panic over how to arrange financial bailouts for its least capable members. Yet few officials within the 27-nation federation have pondered the possibility that the best arrangement may be no bailout - and no EU as well. The recent experience of Iceland, which isn't a member (yet), could serve as a lesson for both Europe and the U.S. This contrasts with the subsidized nations elsewhere in Europe whose conditions are approaching a breaking point, most of all, in riot-torn Greece, on the cusp of secession (or expulsion) from the EU. Not far behind are Ireland, Italy, Portugal and Spain. The comparison should serve as a lesson on why governments, here or abroad, shouldn't insulate businesses from the consequences of bad decisions.

More Energy Department Rewards for GM Bankruptcy Allies?

Submitted by Mark Modica on Mon, 05/21/2012 - 09:10

I recently reported that the Houlihan Lokey group suspiciously received a $1.35 million contract from the Energy Department to track the government money lent to Fisker Automotive and Beacon Power Corp. Houlihan Lokey was the institutional bondholder representative which smoothed the way for the General Motors' bankruptcy process by endorsing the Obama Administration's 363 bankruptcy plan. I have now uncovered three more firms that cooperated in the GM bankruptcy process that have subsequently been awarded Energy Department contracts.

Looks Like Subsidized A123 Execs Want to Cash In

Submitted by Paul Chesser on Fri, 05/18/2012 - 09:09

As taxpayer-backed electric car battery-maker A123 Systems reported a $125 million 1^st quarter loss this week and its stock price dipped to near its 52-week low, the executives that were just awarded big raises and parachutes look like they want to cash in and sell the company.

Officials with the Massachusetts-based manufacturer, which received a $249.1 million grant from the Department of Energy but this week said the ability for the company to continue is a “going concern,” also announced they retained an outside adviser for “evaluation of strategic alternatives.” Translation: they’re looking to sell. If they are successful, A123 President David Vieau and his colleagues stand to reap a windfall even after they laid off 125 factory workers ("Green jobs") in November.

More Federal Officials Don't Like Natural Gas— This Time in Gas Rich Zone

Submitted by Paul Chesser on Thu, 05/17/2012 - 16:05

Dan Arvizu

As Americans grow increasingly skeptical about global warming, and the availability of shale oil and natural gas is greater than ever in the U.S., a federal official based in Colorado says the climate threat is so dire that electric utilities should not plan long-term for the development of natural gas power plants.

Chevy Volt Pep Rally Masquerades as Electric Vehicle Safety Symposium

Submitted by Mark Modica on Thu, 05/17/2012 - 13:01

Chevy Volt charger The Department of Transportation and NHTSA have announced that a "technical symposium" will be held on May 18^th "to discuss safety considerations for electric vehicles powered by lithium-ion (Li-ion) batteries." In addition to NHTSA's presentations, the Department of Energy, automotive manufacturers and battery makers will participate. Given the bias of the participants, the symposium sounds like it is going to be less informational and more infomercial.

Taxpayers Subsidize Forbes 'Green' Billionaires' Schemes

Submitted by Paul Chesser on Tue, 05/15/2012 - 11:15

Vinod Khosla

This story has been updated below.

The three top U.S. tycoons on Forbes’s “Green” billionaires list have received billions of dollars in taxpayer subsidies for their clean technology companies, after they spent hundreds of thousands of dollars for political campaigns and lobbying.

Obama’s Gamble on GM Worse than JPM’s Trading Flub

Submitted by Mark Modica on Tue, 05/15/2012 - 11:06

When JPM Chase reported that it had lost $2 billion recently on risky derivative trades, the predictable call came from the Obama Administration to increase regulation on banks. The hypocrisy of the politically motivated proclamations becomes evident when you compare the JPM trades to Treasury's continued gamble on its taxpayer funded stake in General Motors, which has suffered an approximate $5 billion loss in value over the past year.

Ally Financial - Another Auto Bailout Bankruptcy

Submitted by Mark Modica on Mon, 05/14/2012 - 10:30

The Obama Administration has become quite the expert on bankruptcy filings. The Detroit Free Press reports that the third auto bailout partaker, Ally Financial, has filed bankruptcy for its mortgage subsidiary, ResCap. The government still owns 74% of Ally, and now has an 0 for 3 record on restructuring bailed out auto-related companies outside of bankruptcy.

Nissan Seeks Leaf Buyers from Among ‘Pragmatists'

Submitted by Paul Chesser on Fri, 05/11/2012 - 11:05

Nissan Leaf Now that Nissan believes it has captured all the “early adopters” of its all-electric Leaf, its North American subsidiary plans to market the 73-mile-per-charge (they used to say it was 100 miles) vehicle to “pragmatists.”

These practical patrons, according to Executive Vice President Andy Palmer, will not be drawn from the limited ranks of environmental activism, but instead will consist of everyday Joes “who will see the dollars-and-sense benefits of driving one,” reports USA Today.