More Carnage in Obama’s “Green” Energy…
Posted by Andrea Ryan on Friday, January 27, 2012, 1:30 PM
Surprise! The conflagration of Obama’s failed “green energy” stimulus disasters continues…
Another of Obama’s “green energy” stimulus disasters just went belly up. Ener1, an Obama-backed electric car battery-maker, follows the lead of Obama’s other failures, Solyndra and Beacon Power, in the race to squander taxpayer money. This time we get to say ba bye to $188.5 Million.
Fox News reports,
The parent company of an electric car battery maker that received a $118 million grant from the Obama administration filed for Chapter 11 bankruptcy protection on Thursday.
New York-based Ener1 said it has been affected by competition from China and other countries.
Ener1 subsidiary EnerDel received a $118 million stimulus grant from the Energy Department in 2009, and Vice President Joe Biden visited the company’s new battery plant in Indiana last year.
Ener1 is the third company to seek bankruptcy protection after receiving assistance from the Energy Department under the economic stimulus law. California solar panel maker Solyndra Inc. and Beacon Power, a Massachusetts energy-storage firm, declared bankruptcy last year. Solyndra received a $528 million federal loan, while Beacon Power got a $43 million loan guarantee.
Solyndra, of Fremont, Calif., was the first renewable-energy company to receive a loan guarantee under the 2009 stimulus law, and the Obama administration frequently touted it as a model for its clean energy program.
Since then, the company’s implosion and revelations that the administration hurried a review of the loan in time for a 2009 groundbreaking has become an embarrassment for President Barack Obama and a rallying cry for GOP critics of the administration’s green energy program.
The chairman of a House subcommittee that is investigating Solyndra said the latest bankruptcy showed that the administration’s clean energy program has failed.
“Unfortunately, you can now add Ener1 to the growing list of failed companies that went belly up after hundreds of millions of dollars in administration backing,” said Rep. Cliff Stearns, R-Fla.
“One bankruptcy may be a fluke, two could be coincidence, but three is a trend,” Stearns said. “Our investigation continues, and we are working to ensure taxpayers are never again stuck paying hundreds of millions of dollars because of the administration’s risky bets.”
Obama needs to stop “taking trips to Vegas on the taxpayers’ dime“.
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Published May 23, 2012 at 4:57 am - 64 Comments
rathernot@cbs.tv commented:
THIS is what Newt should be talking about. Show the base and the indies he’s the one to take it to obastard. Put mittens on ‘ignore’.
squeaky commented:
[..Obama referenced in his State of The Union Speech on Tuesday as an example of successful energy investments, has just filed for chapter 11 bankruptcy.] the obama kiss of death
http://www.businessinsider.com/the-next-solyndra-president-obama-mentions-an-energy-company-in-his-big-speech-and-it-goes-bankrupt-instantly-2012-1#ixzz1kayxYnj6
Cutlers bad Thumb commented:
Can we IMPEACH this Jug-Eared Loser yet ?
bg commented:
++
GREEN, everything, NWO
nah, unfortunately there’s much much more..
==
bg commented:
++
OT..
where the headline be??
==
Sasja commented:
Most people, using half their brain, have known all along that this green energy push is BS.
From the WSJ:
http://online.wsj.com/article/SB10001424052970204301404577171531838421366.html?mod=WSJ_Opinion_LEADTop
Mannie commented:
These are not disasters. They are deliberate transfers of your money to Zerobama’s political cronies. It’s the Chicago system. Those companies were not supposed to succeed, or at least no one cared if they did. They were just a cover for looting your money.
Shut up and eat your cake.
bg commented:
++
Newt Rips Gore’s ‘Facts’ To Pieces
and if you missed this.. please, take the time
to at least listen or read, as it’s well worth it..
more here..
==
RedGrandma commented:
I assume a big component of this battery makers sales would have been in replacement batteries for the thousands upon thousands of electric cars we were supposed to see out there.
One flaw, that these economic geniuses should have seen is that in order for them to have a successful “after-market” product, there has to be a MARKET first.
kato commented:
This means nothing to Parasite America. They can’t wait to hand their sugar daddy four more years.
Peggy R commented:
FYI Jim Hoft is on KMOX in STL in the 2 pm Central hour. Right now. Hear online kmox.com…local reader here.
Rock commented:
Interest note to this, Moonbattery has a great picture (http://moonbattery.com/?p=7335) of the damage to Mother Earth in the mining of nickle for many of these batteries. So where are the tree huggers yelping like scalded dogs at this travesty, yea just as I suspected another bunch of Socialist loving American hating dregs looking to undermine America. The hits just keep coming and floppy ears is still out there smiling like barnry franks with a new toy.
#1AMERICAN commented:
@#10 kato…..unfortunately you are probably right…I have been saying this for the last year…these scumbags do not want what is good for the country…they just want to fawn over their mooslime mesiah in hopes of getting even more handouts
bg commented:
++
re: Peggy R #11 January 27, 2012 at 2:21 pm
GP is a guest speaker
thanks..
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WillofLa commented:
And what did Obama tell us the other night on the State Of The Union address? Didn’t he say that there were more “clean energy” companies now than there has ever been? Didn’t he say that thousands of American’s were working for these companies? Really? Where? How many exactly are employed for a so called “clean energy” company? And are these so-called “clean energy” companies actually making something that has nothing to do with oil and gas, and everything to do with wind or solar or something else? Or are they companies that are making something that has nothing to do with “clean energy” as their main product and are just happen to make some little switch or something that is used on something that produces somekind of energy on a small scale like a portable generator or a solar pocket radio? You know how liberals lie about industries they claim are “clean energy” industries but the truth of the matter is they are not “clean energy” nothing.
Obama is just as much a liar about industries like described above as any other liberal.
Neo commented:
Here’s a real test for that “all of the above” energy policy of Obama …
jainphx commented:
Redgranny and Mannie both hit grand slams, and see exactly what this cadre is and was up to. I wish everybody did, but if you read bgs links you will learn.
aprilnovember811 commented:
This is criminal. He’s looted the Treasury. Wait until it’s exposed that he’s not even who he says he is. This was all preventable.
hermie commented:
A gambler looks at the game and the odds of winning. This was not gambling because all the signs were there that these businesses were not going to succceed. This was a way for Obama’s bundlers and campaign contributors to syphon off whatever taxpayer monies they could.
As often said describing the Obama Regime…cronyism…the ‘Chicago Way’.
SirGregor commented:
This isn’t about bets. This isn’t about investments. It’s pure money laundering. They are stealing billions of taxpayer money and laundering it through these phantom companies which never intended to actually produce a thing.
Why are so many people so stupid, believing even for a second, that this is anything other than the largest theft of taxpayer money in history?
Gus commented:
Follow the money all the way back to OBAMA’S bundlers, and LIBOCRAT hobknobgobblers.
It doesn’t take a genius. We could spend 100 trillion and get the same results.
Taqiyyotomist commented:
Shell companies were never intended to “succeed” in the first place.
Going “bankrupt” after stealing billions of taxpayer dollars WAS THE POINT.
From the word “go”.
This needs to be investigated, and people need to be jailed.
That will likely never happen, since we are now “without rule of law” to the highest levels of our government.
Patty commented:
It is unconscionable that these debates haven’t concentrated on all of Obama’s inadequacies. The candidates need to hit home with billions of the taxpayers money going down the drain.
The audience is not only Republican but many democrats are watching, also. Names and money spent on failures. These candidate are waste to much time with silliness and not enough time on Obama and what he will do even further if re-elected.
He is doing and saying anything and everything on the campaign trail. Accusations about Congress are lies. They have given their budget but the Senate is at fault for ignoring them.
Bankrupt Energy companies, Bank bailouts, Alienation of our Foreign friends. The world sees Obama has weak now it is the candidates that must drive all this home with viewing audience.
There are great things they could be saying but I suppose the wrong questions are ask but with skill and intelligence the candidate could interject this into the conversation.
Hit Obama harder or you will be sorry and it will be too late.
Patty commented:
The national debt clock is ticking, almost 16 trillion, Obama is not going to stop spending, Obama asks Congress for an additional, $1.2 trillion increase in the nation’s debt, this is so amazing to me that he could ask let alone be given this kind of money.
Failures, upon failures, lack of capacity to reign in spending and tightening the belt. Our nation’s leaders should be horse whipped. Again, the Candidates need set America straight.
And explain also, with clarity income tax and capital gain tax. Call Obama out, stop letting him get away with cheating and lying to America.
Patty commented:
OT
Obama says he will win. How badly when asked, badly. OMG, think about what will happen to America. We need a great VP also.
Molon Labe commented:
Why did the government guarantee these businesses and not the hardware store down the street, or someone starting a gas station? Because these are money laundering schemes. Where was the oversight?
Where are the consequences for the bureaucrats and politicians who wasted billions on these moronic projects?
Where are the Republicans demanding prosecutions. Crickets.
This is a government of the annointed, for the the elites, and about the powerful. The rest of you are proles and serfs who should obey your betters.
They have robbed you, your children and their children to enrich themselves. What are you going to do about it?
Peggy R commented:
bg,
yes, it was his first guest appearance on the Reardon Round Table (w/o Reardon today)
valerie commented:
#23 January 27, 2012 at 3:48 pm
Taqiyyotomist commented:
Actually, you’re right. A battery-driven car gas been on the wish list of the US government for 50 years. The problem as and is that the battery has to, essentially, store about as much energy as a tank of gas. The way the engineers say it, is that the batter with that amount of energy is too heavy. Remember, the car has to carry the weight of the battery, too.
I first encountered this problem twenty years ago, when the US government was letting research contracts to explore battery refinements. I thought it was really cool, until I was told by a person with more experience the outcome: Our researchers would check the literature, find out that the battery technology was not yet ready, write the report, and table the project. And that is exactly what happened. If there had been a battery breakthrough on the scale we needed, it would have been in the regular newspapers, much less the trade journals.
Fast-forward to now: the battery-operated car is almost here, and much desired, but far, far too expensive. Absent a series of technological breakthroughs, the product isn’t there. The people who put together those companies know this. So do the major investors, who would be looking for a company with certain definable technology, and who would have gotten a reply that their company did not have the technology.
The risk was very high, and these investors got the government to take the risk of highly likely failure.
valerie commented:
#28 January 27, 2012 at 4:40 pm
Molon Labe commented:
Some people think the entire program was put together for appearances’ sake.
http://www.realclearpolitics.com/video/2011/09/14/krauthammer_solyndra_was_most_expensive_photo_op_in_american_history.html
bg commented:
++
Crony Capitalism
It’s a fact. The largest banks are actually bigger than they were when
he took office. And earned more in the first two-and-a-half years of his
term than they did during the entire eight years of the Bush administration.
And get this: President Obama’s new best friend, according to The New York Times, is Robert Wolf. They play golf, basketball, and they talk economics when Wolf is not raising money for the President’s re-election campaign. Now, just who is Robert Wolf? Well, <b.he's top dog at the U.S. branch of the giant Swiss bank UBS, the very bank that helped rich Americans evade taxes. Here, Senator Carl Levin describes some of the tricks used by UBS:]
more here, ie:
[Democrats beat the market by 73 basis points per month, compared
to 18 for Republicans. That’s a rout anyway you look at it. Senators
fare even better than house members.]
“a tyranny of the elite”
about sums it up..
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tommy mc donnell commented:
this crony socialism is working out just great like all socialist ideas. these companies aren’t earning money in a free market selling a good product that people want. they are being given money that was confiscated by politicans for political considerations. who cares if they are making a bad product that nobody wants. after all that is how socialism works, the companies that are earning money making and selling a good product should have to subsidize companies making a lousy product nobody wants. its only fair.
tommy mc donnell commented:
i agree with everyone above who says this is the politicans laundering the confiscated income of the american people.
Blacque Jacques Shellacque commented:
Obama needs to stop “taking trips to Vegas on the taxpayers’ dime“.
Where’s the fun in it for him if there’s a chance it’s his own money that he’d lose?