Keyword: guaranteedloans

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  • Not Even Fisker's Fire Sale Can Dampen DOE Enthusiasm for 'Investments'

    09/19/2013 3:02:43 PM PDT · by jazusamo · 6 replies
    NLPC ^ | September 19, 2013 | Paul Chesser
    After the Department of Energy announced this week ithad given up on not-bankrupt-but-should-be Fisker Automotive, and will auction off its loan for a pittance, you’d think (and hope) Congress would have had enough of this kind of thing. Senator John Thune certainly has. “The Obama administration has gotten into the business of picking winners and losers at a significant cost to taxpayers,” said the South Dakota Republican yesterday. “I’m calling for the Senate to consider my amendment to eliminate the wasteful ATVM loan program and for my colleagues to join me in protecting taxpayer dollars from any future risky green...
  • Obama's Electric Vehicle Loans Program is a Failure

    05/28/2013 10:49:42 AM PDT · by jazusamo · 6 replies
    NLPC ^ | May 28, 2013 | Paul Chesser
    Mark it down: the report this month about the shutdown of Vehicle Production Group – beneficiary of a $50-million stimulus loan from theDepartment of Energy – means theAdvanced Technology Vehicles Manufacturing initiative within the Loan Program Office has been a thorough failure. All five ATVM recipients, awarded a total of $8.4 billion of taxpayer-backed financing under theRecovery Act, have earned derision to some degree. Most fit into the already much-ridiculed electric vehicles program. VPG was funded to produce wheelchair-accessible passenger vehicles that ran on compressed natural gas. The recipients range from the start-ups (Fisker Automotive,Tesla and VPG) to the established...
  • Administration Denies Reality at Fisker Congressional Hearing

    04/25/2013 11:03:04 AM PDT · by jazusamo · 11 replies
    NLPC ^ | April 25, 2013 | Paul Chesser
    As the Department of Energy seized the last of Fisker Automotive’s reserves in lieu of an unknown amount that it was due to repay this week, what’s left of the lame electric automaker clings to the slim hope it can survive. While CEO Tony Posawatz and his team may need an intervention, a hearing before the House Oversight and Government Reform Committee yesterday revealed that DOE and committee Democrats (as well as those in the Obama administration) are hopelessly stuck in an alternate universe, where losing millions of taxpayer dollars is considered a good record. Republicans had called officials from...
  • Incompetence and Dysfunction Rampant at Energy Department

    04/22/2013 1:26:31 PM PDT · by jazusamo · 22 replies
    NLPC ^ | April 22, 2013 | Paul Chesser
    “Ineptocracy” is a new Internet-popularized word in wide circulation, which came to my inbox with the following definition: “A system of government where the least capable to lead are elected by the least capable of producing, and where the members of society least likely to sustain themselves or succeed, are rewarded with goods and services paid for by the confiscated wealth of a diminishing number of producers.” Clearly the word’s creation was inspired by the current presidential administration, where the ineptocrats abound. And as NLPC has documented for 4+ years, nowhere has that been more evident than in President Obama’sDepartment...
  • No April Fools: Obama's Green Energy Stimulus is Officially a Joke

    04/01/2013 10:43:33 AM PDT · by jazusamo · 6 replies
    NLPC ^ | April 1, 2013 | Paul Chesser
    President Obama ’s alternative energy “stimulus,” administered through hisDepartment of Energy by previous SecretarySteven Chu, had already become a joke because of the failures and foibles of so many recipients of Recovery Act funds. But now – as though officially commemorating the absurdity of this historically bad U.S. government program – one of its bankrupt beneficiaries has changed its name from one of simplicity to one of mockery. Electric vehicle battery maker A123 Systems has changed its name to B456 Systems. Incorporated. Reporting the development, headline writers across the nation rubbed their eyes, double-checked the wire information, and then...
  • Tesla CEO Elon Musk Fights Perceptions as Stock Drops

    02/26/2013 9:58:13 AM PST · by jazusamo · 26 replies
    NLPC ^ | February 26, 2013 | Paul Chesser
    Taxpayer-supported Tesla, recipient of a $465 million stimulus loan guarantee to produce yet another electric toy car (the Model S) for rich people, reported its 4th quarter earnings last week. The word from billionaire CEOElon Musk (Flickr photo: Jurvetson) was, “ we’ll do better next quarter – promise.” That’s a paraphrase, but nonetheless Tesla’s announcement fell short of most Wall Street analysts’ expectations. The company lost $90 million for the quarter as it ramped up production to fill pre-orders, paying workers to put in an average of 68 hours per week in December. On Thursday the company suffered the biggest...
  • Taxpayer-Supported Fisker Looking to China, Like A123

    02/21/2013 3:07:43 PM PST · by jazusamo · 4 replies
    NLPC ^ | February 21, 2013 | Paul Chesser
    Stimulus déjà vu-lishness lurks: Another “green” tech company that received hundreds of millions of taxpayer dollars is financially troubled, seeks a buyer (or their preferred term – a “partner”), and China is ready to swoop in and buy up the remains on the cheap. And the same two Republican senators who slammed the last deal that went down like this are sickened again. The first time this happened it was electric car battery maker A123 Systems that set up a deal to get $249 million (plus other multimillion dollar grants) from U.S. taxpayers, who thengot left holding the bag when...
  • Taxpayer Millions, Lithium Ion and Rich People Just Don't Mix Well (Elon Musk)

    02/12/2013 9:29:15 AM PST · by jazusamo · 27 replies
    NLPC ^ | February 12, 2013 | Paul Chesser
    Undoubtedly alternative energy and transportation innovator Elon Musk (Flickr photo: Jurvetson) – like his competitor for the taxpayer-funded, six-figure electric automobile market Henrik Fisker – is a smart guy. But will economic and technological realities humble him, or worse, make him look like a fool? After the experiencerecounted last week by New York Times journalist John Broder, who test drove the Tesla Model S in frigid conditions that required frequent unplanned recharging stops throughout the Northeast, humility is out of the question for Musk. The jury is still out on inanity. The Times published Broder’s devastating account on Friday. The...
  • First Solar's Crony Socialism is a Big Failure

    06/07/2012 1:18:44 PM PDT · by jazusamo · 3 replies
    National Legal & Policy Center ^ | June 7, 2012 | Paul Chesser
    Renewable-loving Los Angeles is showing that even the power of billions of dollars in taxpayer“stimulus” cannot overcome the dominant hand of government regulation, and ironically it’s costing President Obama more green jobs. One of the darlings of the Department of Energy’s Loan Guarantee Program,First Solar, has seen itsstock price take a drubbing, laid off thousands of workers, and left its leadership – with significant influence from Walmart’sWalton family – scrambling to save the company. The latest stumble has led to another setback of worker inactivity at First Solar’s Antelope Valley Solar Ranch One project in California, approximately 75 miles...
  • Obama's Green Jobs Don't Materialize (Paul Chesser interview on FBN)

    06/01/2012 11:43:28 AM PDT · by jazusamo · 1 replies
    National Legal & Policy Center ^ | June 1, 2012 | NLPC Staff
    VIDEO Interview 4:47 minutes NLPC Associate Fellow Paul Chesser was interviewed on Fox Business Network's Willis Report on Thursday. Here's a transcript: Gerri Willis : Joining me now, Paul Chesser, Associate Fellow at the National Legal and Policy Center. Hey Paul, welcome back to the show, always great to have you here. Paul Chesser : Great to be here. Gerri Willis : Let me tell you, this is crazy, is it not? I want to just show folks with some of these companies that got loans from the Department of Energy - the jobs that were promised but never delivered....
  • Looks Like Subsidized A123 Execs Want to Cash In

    05/18/2012 11:39:25 AM PDT · by jazusamo
    National Legal & Policy Center ^ | May 18, 2012 | Paul Chesser
    As taxpayer-backed electric car battery-maker A123 Systems reported a $125 million 1st 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 theDepartment 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...
  • Taxpayers Subsidize Forbes 'Green' Billionaires' Schemes

    05/15/2012 12:17:40 PM PDT · by jazusamo · 7 replies
    National Legal & Policy Center ^ | May 15, 2012 | Paul Chesser
    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. Two of the moguls, Elon Musk and Vinod Khosla (in photo), are technology pioneers based in California with net worths of $2 billion and $1.3 billion, respectively. The third, Christy Walton, is the widow of the late John Walton who was an heir to the Walmart fortune. Forbes says she is “the world’s richest woman” is worth $24.8 billion. Significant percentages of Musk’s...
  • Over-Stimulus, EV Indifference a Lethal Mix for Battery Companies

    04/23/2012 11:21:11 AM PDT · by jazusamo · 7 replies
    National Legal & Policy Center ^ | April 22, 2012 | Paul Chesser
    The Obama Administration has over-stimulated the electric vehicle battery market, as companies inspired by the flow of federal stimulus support don’t have enough customers for their products. The government promise of a coming electric car (and truck) revolution, thanks to moves such as President George W. Bush’s signature to approve a $7,500-per-electric-vehicle tax credit and Congress’s passage of the Recovery Act, instigated a buildup of capacity and inventory for batteries. Now putrid EV sales – including the newly introduced Ford Focus electric – have put their battery makers in peril, according to the Detroit Free Press . “A looming...
  • Taxpayers Reward Executives for Failure as Green Jobs are Slashed

    04/19/2012 4:03:17 PM PDT · by jazusamo · 5 replies
    National Legal & Policy Center ^ | April 19, 2012 | Paul Chesser
    First Solar , the beneficiary of at least $3 billion in Department of Energy loan guarantees, paid its former CEO $32 million over two years as he stewarded its stock price from $143 to below $100. Today it sells for less than $21-per-share, hitting a 52-week low last week, and yesterday the company announced it would slash global payroll by 2,000 workers in Malaysia, Europe and the U.S. The Arizona Republic reported Thursday that Rob Gillette, who was terminated as CEO in October, received $16.55 million during the first three months of employment in 2009 (October to December), and...
  • Another Blunder Affects Taxpayer-Funded EV Battery Company A123

    04/12/2012 1:11:22 PM PDT · by jazusamo · 9 replies
    National Legal & Policy Center ^ | April 12, 2012 | Paul Chesser
    Just as the Department of Energy gave A123 Systems a vote of confidence by extending a deadline until 2014 to spend down its $249 million stimulus grant, the deeply troubled electric vehicle supplier experienced another setback. One of their batteries caused an explosion. The blast occurred yesterday morning in Warren, Mich. at General Motors’ Alternative Energy Center – a research facility – while performing on an A123 battery “intensive tests designed to make it fail,” the Detroit News reported. GM confirmed to Crain’s Detroit Business that chemical gases released by the battery caused the explosion. One employee was sent...
  • Energy Department prepares to approve more green loans

    04/05/2012 3:15:15 PM PDT · by jazusamo · 8 replies
    The Hill ^ | April 5, 2012 | Andrew Restuccia
    The Energy Department said Thursday it expects to begin tentatively approving new taxpayer-backed loans for renewable energy projects in the coming months. The announcement comes about seven months after Solyndra, the California solar firm that received a $535 million loan guarantee from the administration in 2009, went bankrupt, setting off a firestorm in Washington. “The Department expects to begin issuing conditional commitments over the next several months after completing a rigorous internal and external review of each application,” Energy Department loan program chief David Frantz wrote to the top lawmakers on the Senate Energy and Natural Resources Committee. Frantz...
  • Taxpayer-Funded Abound Solar Had Previous Shutdown; Lobbyist Promoted Failed Projects

    03/07/2012 10:37:00 AM PST · by jazusamo · 4 replies
    National Legal & Policy Center ^ | March 7, 2012 | Paul Chesser
    A Department of Energy-funded solar company that laid off 280 workers last week quietly imposed a mandatory, temporary cessation of its operations during the holidays, and warned employees to “not let the rumor mill create false purposes for this shut down.” And in another sign of potential financial troubles, a company document that is supposed to guide “the next great solar company” advises leadership to “stretch payables” to help attain its goals. The forced time off was discovered in an internal memorandum obtained by The Complete Colorado, a news digest Web site, which also revealed the planning document. Employees...
  • 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,...
  • 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...