Posted on 01/22/2013 12:19:11 PM PST by lowbridge
Yesterday during his second Inaugural Address Barack Obama promised to blow billions of taxpayer dollars on more global warming junk science projects.
After all, his donors have to get paid. Eighty percent of Obama’s green energy “investments” his first term went to committed donors.
Much of the money was lost. During his first term over 19 of Obama’s green ventures went belly-up after receiving billions of dollars. But that won’t stop him from committing more of your cash to this failed cause.
Yesterday, James Delingpole at The Telegraph tossed cold water on Obama’s reckless statements on climate change.
(Excerpt) Read more at thegatewaypundit.com ...
Bankruptcies
Abound Solar: Spent $70 million of its $400 million DOE loan.
Beacon Power Corp: Received $43 million in federal loan guarantees in 2009 and also received $29 million in PA grants – Bankrupt in October 2011
Ener1 (parent company of EnerDel): Received $118.5 million in federal loan guarantees — Bankrupt in January 2012 – has since exited bankruptcy
Evergreen Solar: Received $58 million in MA loan guarantees (an undisclosed portion sourced from federal ARRA block grant) — Bankrupt in August 2011 with $485.6 million in debt
Solyndra: Received $535 million in federal loan guarantees in 2009 and $25.1 million in CA tax credit — Bankrupt in August 2011
SpectraWatt: Received $500,000 in federal loan guarantees in 2009 — Bankrupt in August 2011
Babcock and Brown: Received $178 million in federal grants in December 2009 (4 months after it went bust) – Bankrupt in early 2009
Mountain Plaza Inc.: Received $424,000 in federal grants through TN Department of Transportation in 2009 — Bankrupt in 2003 and again in June 2010
Solar Trust of America (parent company: Solar Millennium): Received $2.1 billion loan guarantee in April 2011 – Bankrupt in April 2012
Troubled ‘Green’ Energy Companies
A123: Received $300 million in federal grants and $135 million in MI grants — Declining orders have forced multiple layoffs
Amonix, Inc.: Received $5.9 million in federal tax credits in 2009 through ARRA — Laid off 2/3 of work force
First Solar: Received $3 billion in federal loan guarantees — Biggest S&P loser in 2011, CEO fired
Fisker Automotive: $529 million in federal loan guarantees — Multiple 2012 sales prediction downgrades for first car release, delivery and cash flow troubles; Assembling cars in Finland
Johnson Controls: Received $299 million in federal grants in 2009 — Low demand caused cancellation of a new factory, operating at half capacity
Nevada Geothermal: Received $98.5 million in federal loan guarantees in 2009 — Defaulting on long-term debt obligations, 85% drop in stock value
Sun Power: Received $1.2 billion in federal loan guarantees — Debt exceeds assets; French oil company took over last fall
BrightSource Energy: $1.6 billion federal loan approved in April 2012 – loan obtained through political connections with the administration; absent the loan, Brightsource’s solar power purchase would have fallen through.
Here is the total green of federal “green” energy bets.
In Bankruptcy:
o $2,975,424,000 – federal grants and loan guarantees
o $112,100,000 – state grants, loan guarantees, and tax credits
o $3,087,524,000 total
Dire Finances
o $7,432,400,000 – federal grants, loan guarantees, and tax credits
o $135,000,000 – state grants
o $7,567,400,000 total
Overall Commitments
o $10,407,824,000 federal dollars
o $247,100,000 state dollars
o $10,654,924,000 total
http://www.masterresource.org/2012/07/losing-us-green-subsidies/
Obama Campaign Backers and Bundlers Rewarded With Green Grants and Loans
Nov 12, 2011 1:30 PM EST
Where did green-energy money go? Straight to campaign donors. Read more about Peter Schwiezer and his book Throw Them All Out in the new Newsweek on sale Monday.
WASHINGTON (AP) — A veteran Wall Street executive who performed an independent review that exonerated the Obama administration’s program of loans to energy companies contributed $52,500 to re-elect President Barack Obama in the months since completing his work, according to an Associated Press review of campaign records.
http://news.yahoo.com/ap-exclusive-energy-loan-watchdog-obama-donor-064732726.html
This corruption is known as "pay to play" and Obama is ripping off the taxpayers in plain sight.
He needs this as a distraction when he okays the Keystone Pipeline and more fracking. Gotta have more revenue to grow the gov, you know.
tell me how you can spend without congressional approval?
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