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Keyword: porkulus

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  • Obama Campaign objects to Obama Administration Stimulus Statistics

    04/19/2012 5:01:56 PM PDT · by Oldeconomybuyer · 3 replies
    New Hampshire ^ | April 19, 2012 | By Grant Bosse
    Mark Hayward reports in the Union Leader on our story on New Hampshire stimulus statistics, and the negative reaction it received from the New Hampshire Obama campaign. was also plagued by massive data entry errors from grant recipients, resulting in a massive database of useless information and phantom Congressional Districts. After a massive overhaul of the site, and some basic quality controls on its data, has become a fairly useless tool to track ARRA funds. But the ways the Obama Administration tracks jobs is quite confusing. After admitting early on that there was no real way to track...
  • NH Stimulus- $985 million for 845 jobs

    04/19/2012 5:01:31 PM PDT · by Oldeconomybuyer · 2 replies
    New Hampshire ^ | April 17, 2012 | By Grant Bosse
    New Hampshire has been awarded over $1.1 million in stimulus funds for every full-time job funded under the three-year old federal spending program, according to state and federal reports. The influx of federal cash also led to the creation of 56 full-time and 26 part-time positions within New Hampshire government. According to the federal stimulus reporting website,, New Hampshire has been awarded more than $985.7 million under the American Recovery and Reinvestment Act (ARRA), of which $766.5 million had been received as of December 31, 2011. According to quarterly report submitted by project recipients, ARRA has funded enough hours...
  • Obama’s Economic ‘Stimulus’ Gave $10 Million to ATF Project Gunrunner

    04/18/2012 2:17:24 PM PDT · by Oldeconomybuyer · 17 replies
    CNS News ^ | April 18, 2012 | By Fred Lucas
    President Barack Obama’s economic stimulus act allocated $10 million to the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) for a program that traced guns sold to straw purchasers, an operation that was designed to prevent Mexican criminal organizations from obtaining U.S. guns. The $787-billion American Recovery and Reinvestment Act, the stimulus, was passed by Congress and signed into law in February 2009. From this near-trillion dollar trove, the administration allocated $10 million to the ATF’s “Project Gunrunner” to increase staff by 37 persons, according to a November 2010 Department of Justice Inspector General report. The phased-in hiring of stimulus-funded...
  • Up to 300 IG investigations targeting DOE programs

    04/18/2012 2:11:22 PM PDT · by Oldeconomybuyer · 2 replies
    Politico ^ | April 18, 2012 | By DARREN SAMUELSOHN
    Energy Department Inspector General Gregory Friedman said Wednesday that he’s overseeing 250 to 300 open criminal investigations into the "entire spectrum of DOE activities." The DOE IG probes include about 100 reviews that specifically involve the more than $35 billion in economic stimulus dollars that the department received in 2009. “It’s an active investigation,” he said. In an interview after the hearing, Friedman said the IG office is also looking into DOE’s use of thousands of outside contractors, federal money being diverted for personal use, false data in grant and loan applications, conflicts of interest and incomplete and inferior work...
  • Clean Technology on the Brink

    04/18/2012 2:00:41 PM PDT · by Oldeconomybuyer · 24 replies
    New York Times ^ | April 18, 2012 | By JOHN M. BRODER
    Clean energy technology has grown robustly and come down in price in recent years, driven by hefty government stimulus spending, expectations of future regulation and substantial private investment. But that technology is going to fall off a cliff unless government steps in quickly to revitalize the solar, wind, nuclear, battery and clean vehicle sectors with new spending and federal policy, according to a new study from three research groups. The study notes that the tens of billions of dollars from President Obama’s stimulus program are drying up, even as tax breaks that have supported wind and solar power generation are...
  • Halt California funds for high-speed rail: budget watchdog

    04/18/2012 6:37:28 AM PDT · by Oldeconomybuyer · 3 replies
    Reuters ^ | April 18, 2012 | By Jim Christie
    (Reuters) - California lawmakers should not approve Governor Jerry Brown's budget proposals to provide additional funds for the state's pricey planned high-speed rail system, the state's budget watchdog agency said in a report on Tuesday. The report by the nonpartisan Legislative Analyst's Office said the California High-Speed Rail Authority has "not made a strong enough case for going forward with the project at this time." Funding beyond proceeds from state debt and $3.5 billion from the federal government to build the statewide high-speed system is "highly uncertain," the report said. Mary Nichols, chairman of California's Air Resources Board, said a...
  • Subsidized, Bankrupt Solyndra Managers Got $368,500 in Court-Ordered Bonuses

    04/16/2012 4:17:06 PM PDT · by Oldeconomybuyer · 1 replies
    CNS News ^ | April 16, 2012 | by Fred Lucas
    A bankruptcy court ordered $368,500 in bonuses for 20 top managers and employees of Solyndra, the solar panel firm that received $535 million from taxpayers two years before filing for bankruptcy and laying off 11,000 employees. The bonuses kicked in on March 31. The 20 high-level workers earned a total base pay of $2.49 million before the bonuses. One of the executives earned a base annual salary of $206,499 and received a $30,000 incentive under the court order handed down on Feb. 22 by U.S. Bankruptcy Judge Mary F. Walrath in Delaware. Another executive earning $189,000 in base pay was...
  • Analysis: Obama's "green jobs" have been slow to sprout

    04/13/2012 7:53:12 AM PDT · by Oldeconomybuyer · 6 replies
    Reuters ^ | April 13, 2012 | by Andy Sullivan
    ...Three years after Obama launched a push to build a job-creating "green" economy, the White House can say that more than 1 million drafty homes have been retrofitted. But the millions of "green jobs" Obama promised have been slow to sprout, disappointing many who had hoped that the $90 billion earmarked for clean-energy efforts in the recession-fighting federal stimulus package would ease unemployment - still above 8 percent in March. Supporters say the administration over-promised on the jobs front and worry that a backlash could undermine support for clean-energy policies in general. "All of this stuff is extraordinarily worthy for...
  • Gov’t Spent $205,075 to ‘Translocate’ One Shrub from Path of San Fran Stimulus Project

    04/12/2012 3:38:08 PM PDT · by Oldeconomybuyer · 18 replies
    CNS News ^ | April 12, 2012 | By Thomas Cloud
    The government spent at least $205,075 in 2010 to “translocate” a single bush in San Francisco that stood in the path of a $1.045 billion highway-renovation project that was partially funded by the economic stimulus legislation President Barack Obama signed in 2009. “In October 2009, an ecologist identified a plant growing in a concrete-bound median strip along Doyle Drive in the Presidio as Arctostaphylos franciscana,” the U.S. Department of Interior reported in the Aug. 10, 2010 edition of the Federal Register. The bush—a Franciscan manzanita—was a specimen of a commercially cultivated species of shrub that can be purchased from nurseries...
  • State senators say they won't rush bullet train plans

    04/12/2012 7:54:14 AM PDT · by Oldeconomybuyer · 10 replies
    Los Angeles Times ^ | April 11, 2012 | By Ralph Vartabedian
    The plan to build the California bullet train is almost certain to be approved Thursday by the state's high-speed rail authority at a board meeting in San Francisco, but the project is facing a less certain future in Sacramento. The rail authority has long insisted that it needs to move as quickly as possible, starting construction on an initial $6-billion segment of track through the Central Valley this year to meet the terms of a federal grant that covers more than half of the initial project. But that push by the authority, labor unions and the Brown administration for quick...
  • Notice: Free Republic has been in full rebellion mode since 2008 and will remain so for the duration

    04/11/2012 8:04:00 PM PDT · by Jim Robinson · 1,464 replies
    Click here to pledge your support! ^ | April 11, 2012 | Jim Robinson
    Notice: Free Republic has been in full rebellion mode since 2008 and will remain in full rebellion mode for the duration! No more Doles!! No more McCains!! No more RINOS!! NO ROMNEY!! Those who cannot stomach rebellion might as well start looking for a new home on the net!! Those who have ignored my hundreds of posts on this crucial issue or who have doubted me these last three or four years might as well get used to it. FR will never support the abortionist, homosexualist, socialist, mandate loving, constitution trampling liar Mitt Romney. In case you haven't noticed, a...

    04/08/2012 1:41:32 PM PDT · by richardb72 · 12 replies
    Big Government ^ | April 6, 2012 | WYNTON HALL
    Their refutation makes for fascinating and sometimes humorous reading. Consider, for example, the prediction Krugman made the day Obama signed the original stimulus bill into law: “I am still guessing that we peak out at around 9% [unemployment] and that would be late this year [2009]." Furthermore, Krugman declared that double-digit unemployment was “not the most likely event.” As Norquist and Lott note, unemployment hit 10.1% and remained above 9% two years after Krugman predicted it would peak. Once it became clear that President Obama’s stimulus plan had failed to ignite the economic recovery he promised, Krugman and others began...
  • US-backed battery company's sale to Russian tycoon sparks anxiety

    04/07/2012 9:58:37 AM PDT · by Oldeconomybuyer · 12 replies
    Chicago Tribune ^ | April 7, 2012 | By Julie Wernau
    Department of Energy invested millions to develop cutting-edge technology to power electric vehicles, but that know-how is now in foreign hands. "This is about the future. And the question is which nation is going to seize the future. Some nation is going to grab it by the throat. One of the nations of the world is going to lead the world in green energy and technology," Vice President Joe Biden said in January 2011 in a speech praising federal support for Ener1 at its facility in Indiana. That nation, it turns out, is Russia. A little more than a year...
  • Justice Department Probing Widespread Stimulus Fraud

    04/07/2012 9:45:08 AM PDT · by Oldeconomybuyer · 25 replies
    The Fiscal Times ^ | April 6, 2012 | By ERIC PIANIN
    In what is shaping up as another troubled chapter in the saga of the Obama Administration’s economic stimulus program, the Justice Department is investigating whether billions of dollars worth of federal highway and transportation programs are rife with fraud and abuse. Federal investigators have uncovered widespread financial management problems with many of the projects. As of early March, federal authorities were investigating 66 cases of alleged false statements, bid rigging, fraud and embezzlement, according to a report by Calvin L. Scovel III, the Department of Transportation’s inspector general. Justice Department lawyers are scouring 47 of those cases for potential prosecution,...
  • Solyndra Fallout Stalls Energy Loans

    04/05/2012 7:38:13 AM PDT · by Oldeconomybuyer · 7 replies
    Wall Street Journal ^ | April 4, 2012 | By RYAN TRACY
    The Energy Department was in such a rush three years ago to issue a loan to solar-panel maker Solyndra LLC that it gave the Treasury Department only a day to review the deal, according to a government report released Wednesday. Today, the situation is the opposite, industry officials say: The department is putting loans through such exacting reviews that some renewable-energy funds look as if they never will be disbursed. The issue came into focus Tuesday when the new chief executive of Fisker Automotive Inc. said the company would consider giving up on a hybrid-electric car factory in Delaware and...
  • Gov. Patrick defends Obama’s economic record

    04/03/2012 1:14:52 PM PDT · by Oldeconomybuyer · 10 replies
    The Boston Herald ^ | April 3, 2012 | By Matt Murphy
    Gov. Deval Patrick defended President Barack Obama’s handling of the economy on Tuesday morning, blaming a “sclerosis” in Congress for impeding the president’s ability to make the type of investments that have been successful in Massachusetts. Describing his administration’s three-legged stool for economic development – education, innovation and infrastructure – Patrick pointed to 23,000 jobs created in the first two months of 2012 and growth in the biotechnology and clean energy sectors as proof that his strategy is paying off. While critics of a stimulus law say it may have worsened the nation’s fiscal problems, the governor said 90,000 people...
  • Calif. desert city takes firm’s bankruptcy in stride, figures someone will build solar plant

    04/03/2012 12:50:59 PM PDT · by Oldeconomybuyer · 18 replies
    The Washington Post ^ | April 3, 2012
    BLYTHE, Calif. — The latest setback in a stalled 1,000-megawatt solar plant in the Southern California desert came nearly 10 months after Interior Secretary Ken Salazar and Gov. Jerry Brown broke ground on what was then touted as the world’s largest solar project and a keystone of the Obama administration’s solar energy efforts. Blythe plant developer Solar Trust of America sought Chapter 11 bankruptcy protection in a Delaware court on Monday because the Oakland-based firm was unable to meet a deadline for an Energy Department loan guarantee. Solar Trust is the latest failure in a solar industry shakeout that began...
  • German solar company Q-Cells to go into bankruptcy after restructuring plan dropped

    04/02/2012 4:06:52 PM PDT · by Oldeconomybuyer · 1 replies
    Reuters ^ | April 2, 2012
    BERLIN — Struggling German solar cell manufacturer Q-Cells SE says it will file for bankruptcy after abandoning a debt restructuring plan. The company said it will make its filing Tuesday at a court in Dessau. It said Monday that it had concluded it had no alternative after examining alternative restructuring plans. Q-Cells was once the world’s biggest solar cell manufacturer but has been hit by problems including falling prices. It lost €845.8 million ($1.1 billion) last year and reported revenue of €1.02 billion.
  • Plausible deniability: Obama’s hands were all over Solyndra

    03/22/2012 5:05:47 PM PDT · by Oldeconomybuyer · 7 replies · 1+ views
    The Washington Times ^ | March 22, 2012 | by Henry D'Andrea
    President Barack Obama today once again thwarted honesty to claim that the failed solar energy company, Solyndra, was not the administration’s program, “per se.” In an interview with, the president pivoted from taking the blame for the failed Solyndra deal and instead blamed its rupture on Congress. What Obama left out of that interview was the immense payday Obama campaign bundlers and investors received from the Solyndra loan deal. Something that the Obama administration had huge participation in. At the time of its announcement, the Solyndra loan was a disgusting and unethical smokescreen designed to propagandize the American electorate...
  • Labor Dept.: Americans hold 3.1 million green jobs

    03/22/2012 4:16:39 PM PDT · by Oldeconomybuyer · 18 replies · 1+ views
    The Seattle Times ^ | March 22, 2012 | by Sam Hananel
    At least 3.1 million Americans are employed in green jobs, a sector that now accounts for about 2.4 percent of the nation's total employment, the Labor Department said Thursday. The report represents the first time the department's Bureau of Labor Statistics has come up with an official count of environmentally friendly jobs, an emerging part of the economy and a centerpiece of President Barack Obama's stimulus plan. Environmental groups cheered the report. The report makes no assessment of when the jobs were created. But the report is sure to add to the debate over how exactly to define green jobs....
  • U.S. Economy Needs More Fiscal Stimulus: Christina Romer Defends Keynesian Economics

    03/15/2012 8:50:59 AM PDT · by Oldeconomybuyer · 17 replies
    Yahoo! Finance ^ | March 15, 2012
    ... "I have no doubt without the actions President Obama took and actions Chairman Bernanke and the Fed took we would be in a much, much worse situation," says Christina Romer, former chair of President Obama's Council of Economic Advisers. "This had all of the makings of terrible depression and the fact we are struggling but coming out is a tribute to the President's policies." Specifically, Romer says the Recovery Act and other measures taken by the administration "made a difference, helped to strengthen growth and bring down the unemployment rate." Of course, Romer was one of the architects of...
  • GAO faults Energy Department loan program

    03/12/2012 3:28:09 PM PDT · by Oldeconomybuyer
    The Hill ^ | March 12, 2012 | By Andrew Restuccia
    The Energy Department has a flawed system for documenting and tracking applications for taxpayer-backed loans, a weakness that could hinder oversight of federal investments in green-energy projects, congressional auditors said Monday. The Government Accountability Office, in a new report, said it took Energy Department staff more than three months to provide data on the status of its loan guarantee applications. “Because it took months to assemble the information required for our review, it is also clear that the [Energy Department’s loan office] could not be conducting timely oversight of the program,” the report says. The lag in providing the data...
  • Lawyers Who Backed Obama Advised on Failed Loan Programs

    03/09/2012 3:59:18 PM PST · by Oldeconomybuyer · 9 replies
    National Legal and Policy Center ^ | March 9, 2012 | Submitted by Paul Chesser
    Last week NLPC reported that an international law firm, whose employees provided significant campaign support for President Obama, was paid $1.8 million from the stimulus to review and conduct “due diligence” for the Department of Energy’s suspended loan to Fisker Automotive, an electric vehicle start-up company. Fisker sent 65 workers to the unemployment lines. Debevoise and Plimpton, which employs top Obama bundler and fundraiser David Rivkin, wasn’t the only largely Democratic law firm to reap such rewards. At least four other major law practices also analyzed DOE’s loan programs and its grantees – three of which gave large sums of...
  • Saving desert tortoises is a costly hurdle for solar projects

    03/03/2012 8:40:57 AM PST · by Oldeconomybuyer · 27 replies
    Los Angeles Times ^ | March , 2012 | By Julie Cart
    Stubborn does not come close to describing the desert tortoise, a species that did its evolving more than 220 million years ago and has since remained resolutely prehistoric. At the $2.2-billion BrightSource Energy solar farm in the Ivanpah Valley, the tortoise brought construction to a standstill for three months when excavation work found far more animals than biologists expected. BrightSource has spent $56 million so far to protect and relocate the tortoises, but even at that price, the work has met with unforeseen calamity: Animals crushed under vehicle tires, army ants attacking hatchlings in a makeshift nursery and one small...
  • Abound Solar Got $400M Fed Loan Despite Low Rating

    03/02/2012 12:10:24 PM PST · by Oldeconomybuyer · 3 replies
    ABC News ^ | March 2, 2012 | By MATTHEW MOSK
    A month before Abound Solar announced it would be laying off nearly half its workforce, Congressional Republicans alerted the U.S. Department of Energy that they had questions about the decision to loan the Colorado firm $400 million. The House Committee on Oversight and Government Reform asked Energy Secretary Steven Chu to explain how the solar panel manufacturer had qualified for the loan after the ratings firm Fitch had determined the company would make a "highly speculative" investment. Energy officials maintain hope that Abound will find its way in a tough solar energy market. "While the challenges facing solar manufacturers have...
  • Abound Solar, Recipient Of $400 Million Federal Loan Guarantee, Halts Production

    03/01/2012 11:51:20 AM PST · by Oldeconomybuyer · 17 replies · 8+ views
    Forbes ^ | March 1, 2012 | by Todd Woody
    The solar shakeout continues as Abound Solar, a Colorado startup that aimed to take on industry leader First Solar with a $400 million federal loan guarantee to build photovoltaic panel factories, halts production and lays off 180 workers. In addition to the $400 million loan guarantee, Abound, which was founded in 2007, has raised $260 million in venture funding from investors that include Invus Group, Bohemian Companies, DCM, GLG Partners, Technology Partners, BP Alternative Energy and West Hill Investors. Whether Abound can compete in an increasingly tough solar market remains in question.
  • 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...
  • Obama's Favorite Algae Company

    02/26/2012 9:18:04 AM PST · by Oldeconomybuyer · 77 replies · 1+ views
    Forbes ^ | February 26, 2012 | by Jeff McMahon
    President Obama’s reference to algae in his Thursday energy speech drew flak over the weekend from Newt Gingrich, who called it “weird” before calling algal biofuel “a terrific concept.” But Obama had political reasons to promote algae in Florida, the sunny, swampy, politically-volatile state he carried in 2008. The Obama Administration has already sunk $25 million into a Florida company—Alganol Biofuels—that is building an algae biorefinery using a patented technology that promises to streamline the process of extracting oils from algae so they be converted to ethanol. “We’re making new investments in the development of gasoline and diesel and jet...
  • The Secret Romer Stimulus Memo

    02/22/2012 12:45:29 PM PST · by Oldeconomybuyer · 4 replies · 1+ views
    The New Yorker ^ | February 22, 2012 | By Jonathan Chait
    Somebody came between Christie Romer and President Obama. The largest question looming over Barack Obama’s presidency is what would have happened if he tried to push for a larger economic stimulus at the outset. Could he have gotten it passed? Did he think his plan was truly big enough, or just the biggest one he could pass?In answer to that question, Noam Scheiber has acquired a major piece of the puzzle. While reporting his new book, The Escape Artists, which chronicles the administration’s response to the crisis, he got his hands on the fabled original version of Obama's economic team's 2008...
  • Obama Bypasses Congress In Move To Bolster Rural Economies

    02/21/2012 2:45:58 PM PST · by Oldeconomybuyer · 39 replies · 2+ views
    RTT News ^ | February 21,2012
    2/21/2012 1:37 PM ET (RTTNews) - The Obama Administration on Tuesday rolled out a three-part plan to spur rural economies, using methods meant to bypass legislative action - part of an effort to push economic stimulus without sparking another face-off with Congress. Under the initiative, the government would prioritize the purchase of bio-based products, promote rural job growth and develop a rural health care workforce. This will be accomplished through executive orders which do not require congressional approval. Specifically, Tuesday's initiatives direct the federal government to accelerate its bio-based purchasing process over the next two years, and to focus on...
  • Recovery Act is working, by Joe Biden

    02/16/2012 11:15:11 AM PST · by Oldeconomybuyer · 21 replies
    Tampa Bay Times via Google News ^ | February 16, 2012 | by Joe Biden
    Three years ago today, in his first major act in office, President Barack Obama signed into law the American Recovery and Reinvestment Act. It stirred a great debate. Some called it too big; others warned it was too meager. With just a handful of exceptions, Republicans maligned it as the absolute wrong approach to creating jobs. • Today, that argument is settled. The Recovery Act did what we asked of it. Three million jobs were created or saved. Essential investments in keeping teachers on the job, building a domestic clean energy industry, and repairing our roads and bridges have helped...
  • Washington's Knack for Picking Losers

    02/16/2012 7:56:39 AM PST · by Oldeconomybuyer · 3 replies
    Wall Street Journal ^ | February 16, 2012 | By MICHAEL J. BOSKIN
    Like the mythical monster Hydra—who grew two heads every time Hercules cut one off—President Obama, in both his State of the Union address and his new budget, has defiantly doubled down on his brand of industrial policy, the usually ill-advised attempt by governments to promote particular industries, companies and technologies at the expense of broad, evenhanded competition. Despite his record of picking losers—witness the failed "clean energy" projects Solyndra, Ener1 and Beacon Power—Mr. Obama appears determined to continue pushing his brew of federal spending, regulations, mandates, special waivers, loan guarantees, subsidies and tax breaks for companies he deems worthy. Favoring...
  • GM Posts Record Annual Profit [Unions Paid Off]

    02/16/2012 7:49:50 AM PST · by Oldeconomybuyer · 9 replies
    Wall Street Journal ^ | February 16, 2012 | By SHARON TERLEP
    General Motors Co. on Thursday reported a record profit of $7.6 billion for 2011, but losses in Europe and thin profit margins in the fourth quarter underscored challenges the company faces in 2012. But GM lost $747 million in Europe, where it is racing to turn around its troubled Opel unit. The company said its 47,500 United Auto Workers-represented hourly workers will receive profit-sharing checks of $7,000, the highest amount workers have received. In addition, they will receive $250 each for meeting quality targets.
  • Federal funds flow to clean-energy firms with Obama administration ties

    02/15/2012 11:49:17 AM PST · by Oldeconomybuyer · 11 replies
    Washington Post ^ | February 14, 2012 | By Carol D. Leonnig and Joe Stephens
    Sanjay Wagle was a venture capitalist and Barack Obama fundraiser in 2008, rallying support through a group he headed known as Clean Tech for Obama. Shortly after Obama’s election, he left his California firm to join the Energy Department, just as the administration embarked on a massive program to stimulate the economy with federal investments in clean-technology firms. During the next three years, the department provided $2.4 billion in public funding to clean-energy companies in which Wagle’s former firm, Vantage Point Venture Partners, had invested, a Washington Post analysis found. Overall, the Post found that $3.9 billion in federal grants...
  • More Solyndra glass being scrapped for a loss

    02/14/2012 1:00:57 PM PST · by Oldeconomybuyer · 5 replies
    The Washington Times ^ | February 12, 2012 | By Jim McElhatton
    Attorneys for the company filed papers in U.S. Bankruptcy Court in Delaware last week asking for a court order to dispose of up to 3,900 pallets filled with glass tubes that were used to make Solyndra’s solar panels. The lawyers said the company tried to auction the tubes, return them to a supplier and sell the material to recycling companies. But it was too expensive to ship back to the supplier and nobody seemed interested in buying the glass, the attorneys said in court papers. Unable to sell the assets, Solyndra said it would be cheaper just to abandon the...
  • Solyndra: Audit finds loan program lacked oversight

    02/10/2012 1:06:06 PM PST · by Oldeconomybuyer · 12 replies · 1+ views
    Los Angeles Times ^ | February 10, 2012 | By Neela Banerjee
    Washington — An independent audit of the federal loan guarantee initiatives that backed the troubled solar technology company Solyndra failed to turn up the waste and broad incompetence that critics assert riddled the programs. But the audit showed the laws passed from 2005 to 2009 that established the programs in question at the Energy Department had few provisions for thorough monitoring and oversight of the loan guarantees once they were approved. One program created in 2007 did not “provide any requirements regarding governance and monitoring of loans after closing.” “Neither the statutes nor the regulations governing the programs specify internal...
  • The real price tag for stimulus: Between $1 trillion and $1.7 trillion

    02/09/2012 1:26:45 PM PST · by Oldeconomybuyer · 4 replies
    Washington Post ^ | February 9, 2012 | by Ezra Klein
    There’s been a lot of discussion over whether we should have had a smaller or larger stimulus package. But a lot of these arguments leave a key question unanswered: How much stimulus did we actually pass? There was the American Recovery and Reinvestment Act, of course. That was the big gun. But after that, there were dozens of smaller measures passed. For instance: The White House only put a single year of expanded unemployment insurance into the original stimulus. They did that, in part, because they expected they would be able to get unemployment insurance extended on its own. That...
  • Fisker Automotive lays off workers while renegotiating government (taxpayer's) loan

    02/07/2012 9:47:10 AM PST · by tobyhill · 9 replies
    Fox News ^ | 2/7/2012 | ap
    Fisker Automotive, an electric car maker that received a half-billion-dollar loan from the federal government, said Monday that it has laid off workers in Delaware and California. The layoffs include 26 workers at a former General Motors plant in Wilmington that Fisker is retooling to manufacture its Nina plug-in hybrid sedan. Another 40 contractors and employees who were working in design and development of Fisker’s Karma luxury car in Anaheim, Calif., also have been cut. The layoffs come as Fisker is seeking to renegotiate its loan agreement with the Department of Energy. Fisker has received $193 million of the $529...
  • Another Green Energy Company Stumbles: Fisker Announces Layoffs

    02/06/2012 2:54:45 PM PST · by Oldeconomybuyer · 33 replies
    ABC News ^ | February 6, 2012 | By MATTHEW MOSK
    Fisker Automotive, the maker of an exotic electric sports car that is being built with help from a $529 million federal government loan guarantee, has announced layoffs at its Delaware plant as it tries to persuade the Department of Energy to send it more public funds. The company says 26 Fisker employees have been let go from the Delaware factory where renowned automotive engineer Henrik Fisker promised to one day begin producing affordable electric sedans. A Delaware newspaper also reported that subcontractors working on the car venture have been let go. Fisker was one of a handful of auto companies...
  • Genetics firm owes county, feds cash [Porkulus Bankruptcy Update]

    02/04/2012 9:30:49 AM PST · by Oldeconomybuyer · 4 replies
    Springfield News-Sun (Ohio) ^ | February 2, 2012 | By Brandon Smith-Hebson
    Federal and county governments are among the long list of creditors owed money by a nearly-bankrupt local business that stored livestock semen. The American Recovery and Reinvestment Act of 2009 provided about $536,000 in loans to the company. The federal government wants its stimulus money back, but so do the business’ 84 other creditors. The company stored the semen in slender “straws” frozen in liquid nitrogen. Now the business’ owner has filed for bankruptcy protection. The public creditors’ hearing is set for 10 a.m. at the U.S. bankruptcy court in Dayton. Genetic Connection owner Roger Clark said he would not...
  • Audit: Calif. slow to spend weatherization funds

    02/04/2012 6:57:25 AM PST · by Oldeconomybuyer · 2 replies · 1+ views
    San Francisco Chronicle ^ | February 3, 2012
    The Obama administration directed $185.8 million from the American Recovery and Reinvestment Act to California to help families boost their home energy savings, create jobs and move toward energy independence. Oakland and San Francisco may risk having to return some of the weatherization money, in part since their programs were slow to start. In San Francisco, officials initially reported they had failed to weatherize a single unit by the end of last year but last month told the department the city had completed 300 units. At the end of 2011, Oakland had received $4 million in stimulus funds but had...
  • Green-job training put on hold after program produces few jobs

    02/04/2012 6:08:13 AM PST · by Oldeconomybuyer · 6 replies
    Herald - Everett WA ^ | February 2, 2012 | By Michelle Dunlop
    The program has shown poor results, and the agency that oversees training has stopped referring people. Government-funded training for so-called green jobs has come to a near standstill in Snohomish County, having produced lackluster results. Nationwide, about $500 million in Recovery Act funds were allocated to train nearly 125,000 people for green careers. Nearly a year and a half later, the audit found, only 52,762 people had been trained and 8,035 had found jobs. The program's underwhelming success rate, both nationally and locally, has people worried. The modest success rate of green training programs didn't come as a surprise to...
  • General Motors Sales Slide 6.1 Percent to 167,962; Volt Up, CTS Down

    02/01/2012 10:48:04 AM PST · by Oldeconomybuyer · 29 replies
    Motor Trend ^ | February 1, 2012 | by: Ben Timmins
    The world’s largest automaker avoided embarrassment but became the only American automaker with negative sales in January 2012: it was down 6.1 percent to 167,962 sales. Sales were down across all four of GM’s brands, although the automaker’s most improved models were unlikely heroes, the Chevrolet Volt and GMC Canyon... As for the most improved models, there were some interesting inclusions: the best model was the Volt, which rose 87.9 percent to 603 sales.... Buick: Down 23.1 Percent to 10,208 Cadillac: 8924 Sales, Down 29.1 Percent Chevrolet: 123,864 Sales, Down 1.2 Percent GMC: Down 9.7 Percent to 24,966 Sales
  • Obama eyes Camaro, touts success of bailed-out auto industry [BARF]

    01/31/2012 3:58:02 PM PST · by Oldeconomybuyer · 24 replies
    Los Angeles Times ^ | January 31, 2012 | By Christi Parsons
    Washington - Lest anyone doubt his solidarity with the American blue-collar worker, President Obama left the office Tuesday afternoon and spent some quality time with a Camaro. He never cranked up the stereo and took it for a spin, of course, but rather admired it on the showroom floor of the Washington Auto Show. But the photo op with the classic American muscle car gave Obama the chance to brag that the 2009 bailout he pushed through Congress ended up saving the big automakers. “The U.S. auto industry is back!” Obama declared. Cars are becoming a regular talking point for...
  • Drip, Drip, Drip: Yet Another Green Energy Stimulus Recipient Hits the Skids (the third this week!)

    01/29/2012 12:41:03 AM PST · by ApplegateRanch · 10 replies
    Global ^ | JANUARY 27, 2012 | WILLIAM YEATMAN
    Earlier this week, Stimulus beneficiary Evergreen Energy bit the dust. Then, Ener1, a manufacturer of batteries for electric vehicles and recipient of Stimulus largesse, filed for bankruptcy. And today, the Las Vegas Sun reports that Amonix, Inc., a manufacturer of solar panels that received $5.9 million from the Porkulus, will cut two-thirds of its workforce, about 200 employees, only seven months after opening a factory in Nevada. I foresaw this spate of bad news last November. As I explained yesterday, In a previous post, I compared renewable energy spending in the 2009 Stimulus to a green albatross burdening the President....
  • Solyndra loan review: White House to ‘take some time’ on report

    01/27/2012 1:47:34 PM PST · by Oldeconomybuyer · 8 replies
    Politico ^ | January 27, 2012 | By DARREN SAMUELSOHN
    Time's up Saturday on the White House-ordered review of Energy Department loan guarantees, but the assessment won't be made public right away. Herb Allison is expected to turn in his findings on Monday on the controversial now-bankrupt California solar company Solyndra. After that, Obama officials plan to "take some time" to review its recommendations before releasing them, an administration official said Friday. Allison's review won’t look at specific decisions involving loan guarantees like Solyndra. Instead, White House lawyers said earlier this month that Allison “is focused on evaluating the current state of the DOE loan guarantee portfolio."
  • Teaching the Volt to Charge Smarter and Cleaner

    01/27/2012 11:40:37 AM PST · by Oldeconomybuyer · 22 replies
    New York Times (blog) ^ | January 26, 2012 | By PAUL STENQUIST
    On Thursday, General Motors announced an alert system under development that would instruct the Chevy Volt to charge only when a relatively high percentage of renewable energy was available. Being plugged in at those times would further minimize the carbon footprint of the plug-in hybrid. When a substantial percentage of the energy transmitted to the grid came from a renewable source like wind power, OnStar would receive a signal from P.J.M. Interconnection, a company that manages the electric-power transmission grid for numerous utility companies. The telematics system would then cue the vehicle to begin charging. “This demonstration shows that in...
  • China voices 'deep concern' over US wind tower dumping probe

    01/27/2012 7:53:18 AM PST · by Oldeconomybuyer · 3 replies · 1+ views
    China Daily ^ | January 27, 2012
    BEIJING - China's Ministry of Commerce (MOC) on Saturday expressed its deep concern over the United States' anti-dumping and anti-subsidy probe into Chinese exports of wind towers. "The act will not only hamper bilateral cooperation in the field of new energy and harm the interests of US industries, but also go against global efforts to tackle the challenges of climate change and energy security," the MOC said in a statement on its website. The merchandise covered by the investigation is steel towers that support the engine and rotor blades for use in wind turbines with electrical power generation capacities in...
  • US rivals accuse China of dumping solar panels

    01/27/2012 7:52:51 AM PST · by Oldeconomybuyer · 6 replies
    Taipei Times ^ | January 27, 2012
    Chinese solar panel manufacturers flooded the US market with their products at the end of last year in anticipation of potential duties on those products, a coalition of US solar manufacturers said on Wednesday, a charge that some top Chinese companies rebutted. The US International Trade Commission voted last month to allow the case to proceed and for the Commerce Department to announce preliminary duties this year. A preliminary decision is expected on Feb. 13. CASM’s statement comes a day after President Barack Obama said in his annual State of the Union speech that he was creating an enforcement unit...
  • GM ad campaign comes to Volt's defense

    01/25/2012 2:04:10 PM PST · by Oldeconomybuyer · 9 replies
    CNN Money ^ | January 24, 2012 | By Peter Valdes-Dapena
    (CNNMoney) -- Now that the National Highway Traffic Safety Admin station has closed its investigation into vehicle fires in the Chevrolet Volt, General Motors is left to clean up the public relations damage. The media counter-attack started Wednesday with newspaper and television advertisements. In a TV ad, which was also broadcast Wednesday, Chevrolet Volts are shown being built on an assembly down the middle of a suburban American street. Since Volt sales are so small, to begin with, and GM executives have admitted that the car isn't profitable, the automaker's ad campaign will cost it more than it will ever...