Keyword: doe

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  • GM-Funded EV Company Gives Up on DOE Loan, Ends Operations

    03/05/2012 4:45:16 PM PST · by jazusamo · 3 replies
    National Legal & Policy Center ^ | March 5, 2012 | Paul Chesser
    In administrating its stimulus-fed loan and grants programs, the Department of Energy has been accused of incompetence, carelessness, recklessness, and cronyism. Now it can add inconsistency to those distinguishing characteristics. Last week Bright Automotive, an electric vehicle start-up company thatGeneral Motors helped two years ago with an investment of at least $5 million from its venture capital arm, gave up hope on winning a $450 million loan from DOE’s Advanced Technology Vehicle Manufacturing program. As the company announced the withdrawal of its loan application and that it would end operations, CEO Reuben Munger and COO Mike Donoughe sent (and...
  • DOJ not only cabinet department deflecting Issa inquiry(gunwalker)

    03/05/2012 3:36:04 AM PST · by marktwain · 7 replies
    Gun Rights Examiner ^ | 4 March, 2012 | David Codrea
    Add the Department of Energy to the list of Obama administration offices publicly bemoaning compliance requirements arising from House Committee on Oversight and Government Reform investigation requests. In response to a criticism by Chairman Darrell Issa that providing paper copies instead of electronic documents wastes taxpayer money, an administration source dismissed his concerns. “In reality, the VAST majority of the cost of complying isn't the printing, but rather the enormous amount of attorney time that it takes to collect, review and prepare the responses,” a Friday report in The Hill quotes an administration source replying. “The Department’s response has required...
  • Schools rip DOE’s military disservice.

    03/04/2012 12:17:40 PM PST · by carriage_hill · 4 replies
    New York Post ^ | March 04, 2012 | SUSAN EDELMAN
    City principals are up in arms over a new plan that gives bonus points this year to high schools based on graduates going to college — but doesn’t count those who join the military. Department of Education officials met with a group of principals last week to explain changes in Progress Reports coming out this fall. Schools that send more kids to community or baccalaureate colleges within six to 18 months will get extra credit. When a principal asked about points for grads who choose to enlist in the armed forces, he was shot down.
  • Surprise! Another DOE Solar 'Bet' Produces Green Job Losses

    03/01/2012 10:47:35 AM PST · by jazusamo · 6 replies · 1+ views
    National Legal & Policy Center ^ | March 1, 2012 | Paul Chesser
    Yet another solar company that received loan guarantees from the Department of Energy has dismissed factory workers, lopping off 70 percent of its U.S. employees. Loveland, Colo.-based Abound Solar announced Tuesday it would lay off 280 workers at its production plant near Longmont, leaving 120 still employed. The start-up (2009) company attributed the cutbacks to the need for upgrades at the plant to manufacture more efficient solar panels, with plans to restore production levels and rehire most employees within six to nine months. “Hopefully at the end of that time period we will bring people back,” said Steve Abely,...
  • Hybrid maker Bright Automotive goes bust

    02/29/2012 3:27:33 PM PST · by mdittmar · 20 replies · 2+ views
    CNNMoney ^ | February 29, 2012 | James O'Toole
    NEW YORK (CNNMoney) -- Hybrid vehicle maker Bright Automotive has announced plans to close, blasting the Department of Energy for failing to finalize a loan that the firm says would have kept it afloat. In a letter dated Tuesday to Energy Secretary Steven Chu, Bright CEO Reuben Munger and COO Mike Donoughe said they were withdrawing their application for a $314 million loan and winding down their operations. The executives claimed they had been strung along for the past few years as the government insisted on increasingly stringent loan requirements. "The actions -- or better said 'lack of action' --...
  • Bright the latest Indiana electric vehicle startup to call it quits

    02/29/2012 9:37:15 AM PST · by Oldeconomybuyer · 14 replies · 1+ views
    Chicago Tribune ^ | February 29, 2012 | By Julie Wernau
    Just when it seemed like things couldn't get worse, Indiana received more bad news on the electric vehicle front Wednesday as another promising hopeful announced it would call it quits. Bright Automotive, which had plans to deliver 300 manufacturing jobs to Indiana by 2012 pending the outcome of a loan from the Department of Energy's Advanced Technology Vehicle Manufacturing Program, announced Wednesday it has withdrawn its DOE application and will wind down operations in Indiana. In a scathing letter to Energy Secretary Steven Chu, Bright Automotive Chief Executive Reuben Munger and Chief Operating Officer Mike Donoughe described an overly bureaucratic...
  • Chu: DOE working to wean U.S. off oil, not lower prices

    02/29/2012 4:30:37 AM PST · by tobyhill · 76 replies · 2+ views
    Politico ^ | 2/28/2012 | By ALEX GUILLEN
    The Energy Department isn’t working to lower gasoline prices directly, Secretary Steven Chu said Tuesday after a Republican lawmaker scolded him for his now-infamous 2008 comment that gas prices in the U.S. should be as high as in Europe. Instead, DOE is working to promote alternatives such as biofuels and electric vehicles, Chu told House appropriators during a hearing on DOE’s budget. But Americans need relief now, Rep. Alan Nunnelee (R-Miss.) said — not high gasoline prices that could eventually push them to alternatives. “I can’t look at motivations. I have to look at results. And under this administration the...
  • Green – the Color of Rotten Corruption

    02/27/2012 5:37:40 AM PST · by Kaslin · 12 replies
    Townhall.com ^ | February 27, 2012 | Bob Beauprez
    As if it were his private stash of fun-money, Barack Obama set aside $80 billion of the Stimulus boondoggle to artificially pump up the green-energy industry through a DOE administered program of grants and loans.  When three of the companies that received funding, Solyndra, Beacon Power, and Ener1, each declared bankruptcy in rapid succession, a rotten stench started to waft from the DOE and the White House. It quickly became apparent that there were numerous close connections between many of these heavily government funded businesses and Obama campaign supporters and operatives.    While the cronyism and corruption appeared extensive, until recently...
  • After Layoffs, Execs Get Big Raises at Taxpayer-Funded A123 (Makes batteries for Fisker)

    02/16/2012 12:17:52 PM PST · by jazusamo · 14 replies · 1+ views
    National Legal & Policy Center ^ | February 16, 2012 | Paul Chesser
    A 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 -- whichreceived $279.1 million instimulus 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. Chief Financial Officer David Prystash was bumped 27 percent to $380,000; VP of Energy Solutions Robert Johnson’s...
  • Many Unanswered Questions Surround Fisker Layoffs

    02/09/2012 4:06:34 PM PST · by jazusamo · 4 replies
    National Legal & Policy Center ^ | February 8, 2012 | Paul Chesser
    This post has been updated below. Among the objections about taxpayer subsidies for the high-profileChevy 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...
  • What’s Behind Eastwood’s Super Bowl Ad?

    02/07/2012 9:57:32 AM PST · by jazusamo · 42 replies
    National Legal & Policy Center ^ | February 6, 2012 | Mark Modica
    It is mostly unanimous that Clint Eastwood's Super Bowl ad appearance was a stirring and emotional tribute to America and Detroit. The ad was heartfelt, despite the fact that bailed out Italian-owned auto company, Chrysler, paid for it. Unless NBC offered some significant discounts to their ad rates, the ad cost Chrysler about $14 million. Considering the political nature of the ad and the fact that Chrysler vehicles were not touted in the ad, I must ask the cynical question; what's in it for Italian-owned Chrysler? Chrysler CEO, Sergio Marchionne, is a pretty smart guy. I don't think he...
  • Judicial Watch, Human Events Sue Obama Administration for Records Detailing Bailout Loan...

    02/06/2012 1:53:33 PM PST · by jazusamo · 3 replies
    Judicial Watch ^ | February 6, 2012
    Complete title: Judicial Watch, Human Events Sue Obama Administration for Records Detailing Bailout Loan to California Solar Manufacturer Heavily in Debt$1.2 Billion in Loan Guarantees to SunPower from Department of Energy Followed Successful Lobbying Campaign by Firm Connected to California Congressman’s Son (Washington, DC) – Judicial Watch, the organization that investigates and fights government corruption, announced today that it filed a Freedom of Information Act (FOIA) lawsuit on February 1, 2012, against the U.S. Department of the Interior and the U.S. Department of the Treasury for records regarding a controversial $1.2 billion government loan guarantee from the Obama Department of...
  • Do We Need the Department of Education?

    02/06/2012 7:16:50 AM PST · by IbJensen · 28 replies
    Imprimis ^ | January, 2012 Issue | Charles Murray
    Charles Murray is the W.H. Brady Scholar at the American Enterprise Institute. He received his B.A. in history at Harvard University and his Ph.D. in political science from the Massachusetts Institute of Technology. He has written for numerous newspapers and journals, including the Washington Post, the Wall Street Journal, the New York Times, the Weekly Standard, Commentary, and National Review. His books include Losing Ground: American Social Policy 1950-1980, What It Means to Be a Libertarian, and Real Education: Four Simple Truths for Bringing America’s Schools Back to Reality. His new book, Coming Apart: The State of White America, 1960-2010,...
  • It’s back!plan to kill talk radio. Group advising White House wants to restore controversial policy

    02/02/2012 7:51:58 AM PST · by tutstar · 95 replies · 1+ views
    Klein Online ^ | 2 1 2012 | Aaron Klein
    Actual title is : It’s baaack! The plan to kill talk radio. Group advising White House wants to restore controversial policy An organization that helped to craft President Obama’s environmental policies has recommended the reinstatement of the Fairness Doctrine, purportedly as a method of silencing critics of the theory of global warming. The Presidential Climate Action Project, or PCAP, last year released an extensive list of recommendations for the White House in a 75-page paper entitled, “Building the Obama Administration’s Climate Legacy.” Primary among the PCAP’s recommendations is that the Department of Energy should join the U.S. Department of Housing...
  • Why We No Longer Need The Department of Education

    01/28/2012 6:08:27 PM PST · by Starman417 · 25 replies
    Flopping Aces ^ | 01-28-12 | Curt
    Excellent article adapted from a speech given by Charles Murray regarding the need for the Department of Education: THE CASE FOR the Department of Education could rest on one or more of three legs: its constitutional appropriateness, the existence of serious problems in education that could be solved only at the federal level, and/or its track record since it came into being. Let us consider these in order. (1) Is the Department of Education constitutional? At the time the Constitution was written, education was not even considered a function of local government, let alone the federal government. But the shakiness...
  • Taxpayers Take Hit as Layoffs, Bankruptcies Plague Green Firms

    01/27/2012 11:27:57 AM PST · by jazusamo · 8 replies
    National Legal & Policy Center ^ | January 27, 2012 | Paul Chesser
    Federal tax credits, loan and grant programs that expired at the end of last year have plugged the financial flow that made so-called “renewables” and electric vehicles viable, so they are now shedding employees and going bankrupt, illustrating that the “clean” industry owed its existence solely to government. Even with the government money, they are failing. Yesterday Indiana-based Ener1, an energy storage company thatreceived $118.5 million from DOE, filed for Chapter 11 bankruptcy. Despite plans to have 1,400 employees in Indiana by 2015, the company had downsized in the state from 380 to approximately 250 since March. Ener1’s stock...
  • CBS News: Obama's 11 More Solyndras

    01/16/2012 9:47:01 AM PST · by redstateone · 36 replies
    Breitbart News ^ | January 16, 2012 | Wynton Hall
    In the wake of Peter Schweizer’s explosive revelation that 80 percent of the Department of Energy’s $20.5 billion in green energy loans went to President Barack Obama’s fundraisers and donors, CBS News is now reporting that the Obama Administration spent billions of taxpayer dollars on 11 more Solyndra-style loans to so-called green energy companies that have since gone bankrupt or are facing serious financial difficulty.
  • Energy Dept. Makes More Bad Bets with Taxpayer Money

    01/13/2012 12:54:07 PM PST · by jazusamo · 5 replies
    National Legal & Policy Center ^ | January 13, 2012 | Paul Chesser
    As the U.S. government Venture Capitalist-in-Chief (and President) Barack Obama and his Department of Energy investment guru (and Energy Secretary) Steven Chu pour other peoples’ money into their favorite “clean” technology schemes, private backers appear to be following them off the cliff, “as publicly traded battery makers watched their stocks tank and their businesses stumble,” according to a Dow Jones report late last month. According to a Dow Jones-owned industry tracker called VentureSource, private investors put $372.7 million into 14 battery deals over the first three quarters of 2011. Whether they would have transferred so much cash into the...
  • Russian Oligarch Tries to Cash In on Obama's Crony Capitalism

    01/10/2012 12:58:03 PM PST · by jazusamo · 8 replies
    National Legal & Policy Center ^ | January 10, 2012 | Paul Chesser
    The Department of Energy announced on Friday it would not complete a low-interest, $730 million loan toSeverstal North America, after it had given the company a conditional commitment in July under its Advanced Technology Vehicles Manufacturing program. DOE gave no reason for its disapproval of the loan, but it had come under scrutiny about its judgment after the collapse of solar company Solyndra, which was lent $535 million in taxpayer dollars. House Oversight and Government Reform Committee Chairman Darrell Issa called upon Energy Secretary Stephen Chu to revisit the Severstal project – which would modernize its facility in Dearborn,...
  • Chairman Issa Responds to DOE Announcement that Severstal’s Loan will not be Funded

    01/07/2012 9:15:38 PM PST · by Rabin · 3 replies · 1+ views
    oversight.house ^ | Friday, 6 January 2012 | staff
    WASHINGTON, D.C. – House Oversight and Government Reform Committee Chairman Darrell Issa today responded to the Energy Department's announcement that their $730 million loan to Severstal, a Russian steel company, will not be granted... "While I am pleased that the Department of Energy has reconsidered its decision to fund a $730 million loan to Severstal, it's deeply disconcerting to know that this loan would have gone forward had Congress not raised concerns… Following the waste of taxpayer dollars in the collapse of Solyndra, the Department of Energy needs....
  • Worse than Madoff? USDA biofuels investment goes bust

    01/06/2012 10:02:01 AM PST · by opentalk · 8 replies
    Canada Freepress ^ | January 6, 2012 | Institute for Energy Research
    USDA-backed biofuels plant in Soperton, Georgia has lost taxpayers nearly $60 millionWASHINGTON D.C.—Upon reports Tuesday that a USDA-backed biofuels plant in Soperton, Georgia has lost taxpayers nearly $60 million, IER President Tom Pyleissued the following statement:“Apparently U.S. taxpayers have yet to discover life after Solyndra. Today’s announcement that a USDA-backed biofuels plant has been sold for pennies on the dollar—at a loss of nearly $60 million to U.S. taxpayers —further underscores the point that the federal government should not be in the venture capital business.The Bush administration secured the Range Fuels loan, and the Obama administration doubled down on the...
  • Gore-mobile recalled as a fire hazard

    01/01/2012 8:24:32 AM PST · by opentalk · 22 replies · 2+ views
    Daily Mail (Charleston, WV) ^ | January 1, 2012 | Don Surber
    Crony capitalism not only is a pain in the national wallet, but products from crony capitalists pose a physical danger. Fisker Automotive —fronted by Democratic eco-millionaire Al Gore —received a half-billion federal “loan” 2 years ago to make luxury electric cars. Not only was this a sweetheart from the Obama administration, but the deal financed the manufacture of unsafe electric lemons.From the New York Times: Fisker Automotive is recalling all 239 of its 2012 Karma luxury plug-in hybrid cars because of a fire hazard, according to a report filed with the National Highway Traffic Safety Administration. Prices on the 2012...
  • Obama Stimulus Failed to Create Jobs Allows Government to Snoop into Your Child’s Infomation

    12/29/2011 9:52:18 AM PST · by opentalk · 15 replies
    Gateway Pundit /New York Post ^ | December 29, 2011 | Jim Hoft
    It figures. The Obama-Pelosi stimulus package failed in its objective to create jobs. It added a trillion dollars to the national debt and didn’t even dent the record unemployment rate. But it did allow the government to snoop into personal information about your child. The New York Post reported: ...The department has taken a giant step toward creating a de facto national student database that will track students by their personal information from preschool through career. Although current federal law prohibits this, the department decided to ignore Congress and, in effect, rewrite the law. Student privacy and parental authority will...
  • How the feds are tracking your kid (more than just watching!)

    12/28/2011 12:15:22 PM PST · by CedarDave · 45 replies
    New York Post ^ | December 28, 2011 | EMMETT MCGROARTY & JANE ROBBINS
    Would it bother you to know that the federal Centers for Disease Control had been shown your daughter’s health records to see how she responded to an STD/teen-pregnancy-prevention program? How about if the federal Department of Education and Department of Labor scrutinized your son’s academic performance to see if he should be “encouraged” to leave high school early to learn a trade? Would you think the government was intruding on your territory as a parent? Under regulations the Obama Department of Education released this month, these scenarios could become reality. The department has taken a giant step toward creating a...
  • Taxpayer-Funded Green Job Losses Easy as A123

    12/02/2011 2:27:09 PM PST · by jazusamo · 1 replies
    National Legal & Policy Center ^ | December 2, 2011 | Paul Chesser
    It’s another day, and another round of layoffs by a recipient of millions of dollars under the Obama Administration’s renewable energy initiatives, administered by the mismanaged Department of Energy. This time the Recovery Act largesse – taken out of the hide of taxpayers – went to A123 Systems, Inc. The Massachusetts-based energy storage company was given $249.1 million to help launch two battery-manufacturing plants in Michigan. A123 also received grants and tax credits from the state that could total more than $135 million. In a separate federal grant as a subcontractor for another grantee, A123 received nearly $30 million...
  • Judicial Watch Sues Obama Administration to Obtain Solyndra Records

    12/01/2011 9:52:49 AM PST · by jazusamo · 4 replies
    Judicial Watch ^ | December 1, 2011
    Washington, DC -- December 1, 2011 Judicial Watch, the public interest group that investigates and prosecutes government corruption, announced that it filed today separate lawsuits against the Obama Department of Energy and Office and Management and Budget to obtain records regarding the taxpayer funded government loan provided to the now bankrupt green energy company Solyndra. On September 5, 2011, Judicial Watch submitted Freedom of Information Act (FOIA) requests seeking the following information: Any and all records regarding, concerning or related to the issuance of loan guarantees to Solyndra LLC, Solyndra Inc., Solyndra Fab 2 LLC, and/or 360 Degree Solar...
  • And Now, Stimulus For Russia

    11/23/2011 3:26:15 PM PST · by raptor22 · 6 replies
    Investor's Business Daily ^ | November 8, 2011 | IBD staff
    Industrial Policy: Not only do taxpayers subsidize failing green energy here, they may soon be on the hook for a Department of Energy loan to a firm owned by a Russian billionaire. Just say nyet. When a foreign firm wants to build a facility in the U.S. that hires American workers and pays American taxes, we welcome it. We'd prefer they do it with their own money, not rely on this administration's failed industrial policy to provide them with a huge taxpayer-backed loan — especially when it's owned by a billionaire who doesn't need the help. The administration's latest green...
  • Obama’s Pals Received Billions from the Department of Energy Loan Program

    11/18/2011 7:04:57 AM PST · by Starman417 · 6 replies
    Flopping Aces ^ | 11-17-11 | Curt
    Anybody remember this? [VIDEO AT SITE] And as the lazy, whining, and confused OWS nimrods march we get this news. At least ten members of President Barack Obama’s 2008 campaign finance committee, plus more than a dozen of his campaign bundlers, benefited from sweetheart loans through the Department of Energy (DOE) that collectively dwarfed those given to Solyndra and Fisker. Around 80% of all the money loaned out by the Department of Energy's 1705 Loan Guarantee Program, over 16 BILLION dollars went to companies run by, or owned by, Obama cronies. Shocked? I think not. After living with Obama...
  • Chu says WH did not contact him on Solyndra loan (Chu lying through his teeth)

    11/17/2011 9:40:59 AM PST · by tobyhill · 16 replies · 1+ views
    Boston Globe ^ | 11/17/2011 | Matthew Daly/AP
    Energy Secretary Steven Chu said Thursday that no one from the White House ever contacted him to make a political decision on a half-billion-dollar loan to a California solar company that later went bankrupt. Testifying under oath on a widening controversy, Chu said he was unaware of his staff predictions in 2009 that Solyndra was likely to face severe cash-flow problems. He said that market changes which led to a steep decline in the price of solar panels were "totally unexpected." Solyndra went belly-up after getting the $528 million loan from the government, and Chu told the House Energy and...
  • Chu: Taxpayers Unlikely to Recover Much From (Obama's) Solyndra Loan

    11/17/2011 8:43:26 AM PST · by tobyhill · 19 replies
    Fox News ^ | 11/17/2011 | fox news
    Energy Secretary Steven Chu said Thursday he doesn't think taxpayers will recover much of their $528 million loan to bankrupt solar firm Solyndra, calling the situation "extremely unfortunate" while continuing to defend his actions to prop up the company before its failure. Chu testified Thursday for the first time before the House committee investigating the Solyndra loan. He insisted that the decision in late 2009 to approve the loan guarantee was his own and "absolutely was made only on the merits." He said it was not influenced by political considerations. But he acknowledged that chances are dim for taxpayers to...
  • Emails: Energy Dept. tried to delay solar layoffs (Something to 'CHU' on from AP)

    11/16/2011 11:27:47 AM PST · by NormsRevenge · 4 replies
    Yahoo ^ | 11/16/11 | Matthew Daly - AP
    WASHINGTON (AP) — The Obama administration wanted the failing solar energy company Solyndra to delay announcing an early round of employee layoffs until after the 2010 midterm elections, according to newly released emails. An October 2010 email from a Solyndra investment adviser to a colleague said Energy Department officials were pushing "very hard" to delay making the layoffs — an early sign of the company's financial woes — public until Nov. 3, 2010 — the day after the midterm elections. "Oddly they didn't give a reason for that date," the email states. The email was released Wednesday by the House...
  • Robert Kennedy, Jr.’s ‘Green’ Company Scored $1.4 Billion Taxpayer Bailout

    11/16/2011 11:30:52 AM PST · by Driftwood1 · 30 replies
    Big Government ^ | Wilton Hall
    President John F. Kennedy’s nephew, Robert Kennedy, Jr., netted a $1.4 billion bailout for his company, BrightSource, through a loan guarantee issued by a former employee-turned Department of Energy official. It’s just one more in a string of eye-opening revelations by investigative journalist and Breitbart editor Peter Schweizer in his explosive new book, Throw Them All Out. The details of how BrightSource managed to land its ten-figure taxpayer bailout have yet to emerge fully. However, one clue might be found in the person of Sanjay Wagle. Wagle was one of the principals in Kennedy’s firm who raised money for Barack...
  • Obama gave RFK Jr. $1.4 Billion bailout for solar company.

    11/16/2011 9:22:41 AM PST · by GlockThe Vote · 49 replies
    Big Govt ^ | 11/16/2011 | Wynton Hall
    President John F. Kennedy’s nephew, Robert Kennedy, Jr., netted a $1.4 billion bailout for his company, BrightSource, through a loan guarantee issued by a former employee-turned Department of Energy official. It’s just one more in a string of eye-opening revelations by investigative journalist and Breitbart editor Peter Schweizer in his explosive new book, Throw Them All Out. The details of how BrightSource managed to land its ten-figure taxpayer bailout have yet to emerge fully. However, one clue might be found in the person of Sanjay Wagle. Wagle was one of the principals in Kennedy’s firm who raised money for Barack...
  • Blockbuster: Obama administration pressured Solyndra to delay layoffs for political gain

    11/15/2011 11:44:55 AM PST · by Hotlanta Mike · 19 replies
    HotAir.com ^ | November 15, 2011 | Ed Morrissey
    The Washington Post broke this story earlier this morning. Does anyone want to argue that Solyndra isn’t a scandal now? The Obama administration urged officers of the struggling solar company Solyndra to postpone announcing planned layoffs until after the November 2010 midterm elections, newly released e-mails show. … Solyndra’s chief executive warned the Energy Department on Oct. 25, 2010, that he intended to announce worker layoffs Oct. 28. He said he was spurred by numerous calls from reporters and potential investors about rumors the firm was in financial trouble and was planning to lay off workers and close one of...
  • Report: 80% of DOE Green Energy Loans Went to Obama Backers

    11/14/2011 10:46:41 AM PST · by tcrlaf · 28 replies
    The Scribe ^ | 11-14-11 | Lachlan Markay
    A new book by Hoover Institution fellow Peter Schweizer details the startling extent of the cronyism that has pervaded President Obama’s “green jobs” push. According to Schweizer, 4 out of every 5 renewable energy companies backed by the Energy Department was “run by or primarily owned by Obama financial backers.” Those companies’ “political largesse is probably the best investment they ever made in alternative energy,” Schweizer explains. “It brought them returns many times over.” Such is the inevitable consequence of large government interventions in private markets. Leaving aside the losses associated with transfers of funds from self-sustaining industries to ones...
  • Report: 80% of DOE Green Energy Loans Went to Obama Backers (SHOCKER)

    11/14/2011 9:11:20 AM PST · by Driftwood1 · 19 replies
    Heritage ^ | 11-14-11 | Lachlan Markay
    A new book by Hoover Institution fellow Peter Schweizer details the startling extent of the cronyism that has pervaded President Obama’s “green jobs” push. According to Schweizer, 4 out of every 5 renewable energy companies backed by the Energy Department was “run by or primarily owned by Obama financial backers.” Those companies’ “political largesse is probably the best investment they ever made in alternative energy,” Schweizer explains. “It brought them returns many times over.” Doug Ross spotted the relevant excerpt of Schweizer’s book (h/t Ben Domenech’s Transom): When President-elect Obama came to Washington in late 2008, he was outspoken about...
  • Another DOE Loan Scandal: Are We Bailing Out Spain’s Solar Collapse?

    11/10/2011 7:49:33 AM PST · by opentalk · 19 replies
    PJ Media ^ | November 10, 2011 | Richard Pollock
    Yet again, evidence of impropriety surrounds the issuance of federal Department of Energy “green” loan guarantees — in this instance, loans were granted to a foreign company with Democratic Party ties. Over the last two years, DOE Secretary Steven Chu has awarded Spain-based Abengoa — a sprawling, multi-national industrial firm operating in 70 countries — loan guarantees worth a staggering $2.78 billion for solar and ethanol plants. Abengoa is a Madrid-based conglomerate that operates throughout Europe, the Middle East, Latin America, and Asia. It is not starved for cash: according to its 2009 annual report, the firm was valued at...
  • Taxpayers Fund Impractical Cracker Barrel EV Recharging Scheme

    11/04/2011 11:18:26 AM PDT · by jazusamo · 12 replies
    National Legal & Policy Center ^ | November 4, 2011 | Paul Chesser
    If you were going to run a pilot project that deploys charging stations in a network to enhance the use of electric vehicles, what kind of establishments would you locate them at? Whose customers might be most interested in that amenity? Certainly Starbucks comes to mind, as might sustainability-crazy Walmart – but how about Cracker Barrel? It’s true, the down-home chain of Old Country Store restaurants was chosen by Ecotality for a practice run in Tennessee as part of The EV Project, which is funded with a $115 million Department of Energy grant to create infrastructure to support EVs...
  • Inspector General launches criminal probe into more than 100 Energy Dept. loans

    11/02/2011 7:21:36 PM PDT · by martosko · 17 replies
    The Daily Caller ^ | 11/02/2011 | CJ Ciaramella
    Solyndra is being investigated by the FBI, but that may just be the tip of the shovel-ready iceberg. The Department of Energy is investigating more than 100 potential instances of criminal abuse of stimulus loan monies, according to the department’s Office of Inspector General. In prepared testimony before the House Oversight and Government Reform Committee Wednesday, Energy Department Inspector General Gregory Friedman said his office has launched more than 100 probes into possible criminal activities related to the 2009 stimulus funds behind the loans.
  • US DOE Inspector General Testifies: "Energy stimulus program plagued by problems"

    11/02/2011 11:09:20 PM PDT · by Robert A. Cook, PE · 14 replies · 1+ views
    Watts Up With That ^ | 1102-2011 | Don Penim
    U.S. Department of Energy official testifies to committee: Energy stimulus program plagued by problems The Department of Energy’s inspector general said Wednesday that the 2009 stimulus program for green energy was so at odds with the realities on the ground that it was akin to “attaching a lawn mower to a fire hydrant.” Inspector General Gregory Friedman, testifying to the House Energy and Commerce Committee’s panel on stimulus oversight, outlined a range of problems, from a flood of $35 billion in stimulus money that overwhelmed the department’s $27 billion annual budget to weatherization programs of such shoddy quality that more...
  • Politico Commits Random Act of Journalism on Porkulus Fraud

    11/02/2011 2:27:19 PM PDT · by Kaslin · 5 replies · 1+ views
    Rush Limbaugh.com ^ | November 2, 2011 | Rush Limbaugh
    BEGIN TRANSCRIPT RUSH: Holy cow, look at this, folks. A random act of journalism from The Politico. Is it my imagination or are more of these random acts of journalism by mainstream media firms beginning to happen? It seems like I've been pointing out more random acts of journalism lately the top. Get this. "The Energy Department's inspector general has launched more than 100 criminal investigations related to 2009 [Porkulus] spending. In written testimony prepared for delivery to the House Oversight and Government Reform Committee today, Inspector General Gregory Friedman said the investigations have involved 'various schemes, including the submission...
  • Over 100 Criminal Probes Related to Stimulus Funding in the Department of Energy Alone

    11/02/2011 12:29:03 PM PDT · by mdittmar · 11 replies
    The Weekly Standard ^ | Nov 2, 2011 | MARK HEMINGWAY
    Thankfully, at least one man in the federal government has been awfully busy on behalf of the American taxpayer: The Energy Department's inspector general has launched more than 100 criminal investigations related to 2009 economic stimulus spending. In written testimony prepared for delivery to the House Oversight and Government Reform Committee today, Inspector General Gregory Friedman said the investigations have involved "various schemes, including the submission of false information, claims for unallowable or unauthorized expenses, and other improper uses of Recovery Act funds."So far, the investigations have led to five criminal prosecutions and brought in "over $2.3 million in monetary...
  • DOE IG: 100+ stimulus-related criminal probes

    11/02/2011 9:15:54 AM PDT · by Third Person · 5 replies
    Politico ^ | November 3, 2011 | Darius Dixon
    The Energy Department's inspector general has launched more than 100 criminal investigations related to 2009 economic stimulus spending. In written testimony prepared for delivery to the House Oversight and Government Reform Committee today, Inspector General Gregory Friedman said the investigations have involved "various schemes, including the submission of false information, claims for unallowable or unauthorized expenses, and other improper uses of Recovery Act funds." So far, the investigations have led to five criminal prosecutions and brought in "over $2.3 million in monetary recoveries," Friedman said. "This includes a series of cases involving fictitious claims for travel per diem resulting in...
  • The next Solyndra ?

    10/31/2011 1:51:47 PM PDT · by RobinMasters · 9 replies · 1+ views
    Hot Air ^ | OCTOBER 31, 2011 | Ed Morrissey
    Earlier today, we highlighted two bankruptcies involving taxpayer-backed loan guarantees for federal social engineering, and involving some bad judgment — or worse. One might wonder how many more of these taxpayer-backed loan recipients might go under in the coming weeks and months. CBS might have given us a sneak peek of the next Solyndra — or at least the next Beacon Power: A company whose subsidiary received $118 million in stimulus grant money from the U.S. Department of Energy to build new electric car batteries has now been removed from trading on NASDAQ. EnerDel got an Energy Department grant in...
  • Another Energy-backed firm folds

    10/31/2011 1:52:22 PM PDT · by ColdOne · 3 replies
    Politico44 ^ | 10/31/11 | MATT NEGRIN
    POLITICO Pro’s early-morning energy newsletter reports on the closing of another environmental company that was backed by the Energy Department, shortly after the White House announced that it would review the loan process that awarded money to Solyndra: This time, it’s Massachusetts-based energy storage firm Beacon Power Corp., which filed for bankruptcy this weekend despite receiving a federal $43 million loan guarantee in August of last year. In the filing, company CEO William Capp cited the current economic and political climate and DOE’s financing terms as reasons for Beacon’s failure, Bloomberg reports. KEY DIFFERENCE FROM SOLYNDRA: Taxpayers appear positioned to...
  • Beacon Power bankrupt; had U.S. backing like Solyndra

    (Reuters) - Beacon Power Corp filed for bankruptcy on Sunday, just a year after the energy storage company received a $43 million loan guarantee from a controversial Department of Energy program. The bankruptcy comes about two months after Solyndra -- a solar panel maker with a $535 million loan guarantee -- also filed for Chapter 11, creating a political embarrassment for the administration of President Barack Obama, which has championed the loans as a way to create "green energy" jobs. Beacon Power drew down $39 million of its government-guaranteed loan to fund a portion of a $69 million, 20-megawatt flywheel...
  • Financial turmoil grips two more ‘green energy’ companies receiving federal loan guarantees

    10/31/2011 10:55:40 AM PDT · by martosko · 12 replies
    The Daily Caller ^ | 10/31/2011 | Jim Davis
    Two “clean energy companies” which Barack Obama and Harry Reid have touted as creators of “green energy jobs” have joined Solyndra on the growing list of federal loan recipients facing financial turmoil and default. And a new poll indicates that voters don’t support the idea of agenda-driven federal loans to chosen corporations. Beacon Power Corp., a Massachusetts based energy storage company, filed for bankruptcy on Sunday, just one year after the company received a $43 million loan guarantee from the Department of Energy. And The New York Times reports that Nevada Geothermal Power, another recipient of millions in DOE loan...
  • A Tale of Two (More) Bankruptcies (The DOE striked out again, with our money of course)

    10/31/2011 9:14:03 AM PDT · by SeekAndFind · 10 replies
    Hotair ^ | 10/31/2011 | Ed Morrissey
    Stop me if this sounds familiar. The Department of Energy approves multi-million-dollar loan to green-tech energy firm as part of its job-stimulus bill, only instead of stimulating jobs, the company declares bankruptcy. In this case, it only took a year after the loan was granted for Beacon Power to file for protection from its creditors: Beacon Power Corp filed for bankruptcy on Sunday, just a year after the energy storage company received a $43 million loan guarantee from a controversial Department of Energy program.The bankruptcy comes about two months after Solyndra — a solar panel maker with a $535 million...
  • GOP’s Solyndra point man skeptical of White House's review of solar loans

    10/29/2011 11:30:39 AM PDT · by jazusamo · 5 replies
    The Hill ^ | October 29, 2011 | Ben Geman
    Rep. Cliff Stearns (R-Fla.) – the GOP’s point man on the Solyndra solar loan guarantee probe – isn’t giving the White House much credit for ordering an independent review of the Energy Department’s green energy loan portfolio. Stearns, who chairs the Oversight and Investigations Subcommittee, used Friday’s White House announcement to take several political shots at the Obama administration. “We remain hopeful the administration's call to review the loan guarantee program will be different from previous internal reviews – like the regulatory reform and line-by-line reviews that the Oversight and Investigations subcommittee revealed as being merely PR campaigns without...
  • Energy Department-Backed Company Under SEC Investigation [ECOtality -- Electric car chargers]

    10/28/2011 9:37:09 AM PDT · by Hunton Peck · 7 replies
    In its push to get electric vehicles on the road, the Obama administration has partnered with a company in dire financial straits that is also under investigation by the Securities and Exchange Commission for insider trading. San Francisco-based green technology company ECOtality received roughly $115 million in two separate Energy Department grants to build 14,000 electric vehicle charging stations in 18 cities. President Obama cited ECOtality in last year’s State of the Union address as a success story of his stimulus law. Ted Karner, president and CEO of ECOtality subsidiary eTec (now called ECOtality North America) watched from the crowd...