Barack Obama Keeps Campaign Promise – Patriot Coal Corp Files For Bankruptcy

A one man wrecking crew–
Barack Obama promised to bankrupt the coal industry during the 2008 campaign.

“So if someone wants to build a coal-powered plant, they can. It’s just that it will bankrupt them.”

On Monday Patriot Coal Corp filed for bankruptcy.
Barack Obama kept this promise.
Reuters reported:

Patriot Coal Corp filed for bankruptcy on Monday, the first U.S. coal producer to seek court protection since prices began to plummet as electricity producers turned to cheaper natural gas.

The company and nearly 100 affiliates were part of the Chapter 11 filing in the U.S. bankruptcy court in Manhattan. Patriot said it had $3.57 billion of assets and $3.07 billion of debts, and has arranged for $802 million of financing to help it continue mining and shipments during the reorganization.

Coal producers’ shares have plummeted as natural gas prices tumbled to the lowest in a decade this year, and the U.S. Environmental Protection Agency proposed new rules that would make it nearly impossible to build coal-fired power plants.

Patriot said these factors, weaker economies worldwide and the cancellation of customer contracts led to reduced liquidity and financial flexibility.

While still the largest single fuel for electricity, coal’s share fell to 36 percent in this year’s first quarter from 45 percent a year earlier, according to the Energy Information Administration.

Obama warned us this would happen.

Hat Tip Ed

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  • Finncrisp

    Barry is winning the war on coal – we are losing the Freedom our fathers and forefathers fought and died for.

    Recycle Barry – send the Moslem fool packing.

  • Kenny Solomon

    Won’t be long now.

    Tool up.

  • old glazier

    Joe Manchen immediately runs to nearest open mike yelling “Not MY fault”. What a fraud.

  • Pingback: Obama puts another coal plant out of business | Quite Normal()

  • bigkahuna

    I wonder if we could get a few democratic Sen /Congressman to switch parties.

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  • Warthog

    Is Obama going to make a speech to spike the ball?

  • Taqiyyotomist

    Jim, were you going to cover this? It’s big.

    More: copypasted with permission, no changes



    Uh, so do you believe me now?

    When I said, “Get the hell out,” do you understand that I meant to GET. THE. HELL. OUT.?

    When I wrote in my Going Galt Letter that the problem was SYSTEMIC, do you now understand that I wasn’t just typing big, fancy words so that I could hear the soft pitter-pat of my keyboard?

    When I said over and over again in interview after interview that the so-called regulatory system overseeing the futures industry was no such thing, but rather an evil, despicable mafia, administered by politicking psychopaths on the take, and staffed by affirmative action hires to provide plausible deniability and scapegoats, WERE YOU NOT LISTENING?

    How did I see this coming? How could I NOT see this coming?

    PFGBest, which used to be the old Alaron Trading, has stolen at least $220 million of customer funds, which is fully HALF the entire customer asset base. The firm’s owner attempted suicide this morning in the parking lot outside of the corporate HQ in Iowa.

    While claiming to have over $200 million in bank accounts, it turned out that PFGBest only had $10 million at most. And they had been short NINETY-FIVE PERCENT of their seg funds for at least five months, and it may be closer to two years. The reportage on the timelines is very fuzzy.

    Alright. Here’s where we call bulls*it. Action item number one for any auditor is the independent confirmation of bank account balances. When little tiny me was audited both by the regulators AND for my annual Sarbanes-Oxley audit done by a local accounting firm, the first thing I had to do was sign the balance confirmation requests that the auditors then sent to Wells Fargo. This is the fundamental purpose of an audit. Make absolutely sure the flipping money is where they say it is.

    What this PFGBest situation tells us is that the auditors were NOT independently verifying the bank account balances and were instead using internal, falsified, forged documentation provided not by the bank, but by the firm itself.

    Oversight by the auditors? Mistake by the regulators? Oopsie? No flipping way, Jack.

    Try: Premeditated fraud.

    Try: Conspiracy.

    Try: Full knowledge, complicity and cooperation by the regulators in covering the stolen customer funds, and all within mere WEEKS of MFGlobal.

    Try: Capital Economic Treason.

    Try: Life in prison or execution.

    Some of the MF Global rape victims were actually bulk transferred to this firm back in November. The owner (who attempted suicide this morning) pitched a fit back in November and got about 700 of the MFG accounts bulk transferred over to PFGBest.

    So, yes, there are now people, many of whom are agricultural hedgers, who have now been raped by having their equity stolen TWICE in nine months.

    And yet, how much do you want to bet that a significant percentage of these people go back for more? How many of them are so whipped, and so stupid, and so convinced that they just have to be trading futures and options because that’s what all of the cool kids do, that they will go right back to the Penn State gang showers with Mr. Sandusky?

    How many other traders and hedgers are out there telling themselves that this STILL isn’t any big deal, because it didn’t happen to them?

    “First they came for the MF Global customers, but I didn’t say anything because I didn’t clear MF Global. Then they came for the PFGBest customers, and I still didn’t say anything because I didn’t clear through PFGBest . . . . ”

    It seems so familiar.

    Finally, for all of you brokers who cleared PFGBest, not only do I not have any sympathy for you, I actually hold you in contempt, and hope that your clients all sue you personally. You knew that the entire system was suicidally risk-laden and yet instead of being honest with your customers and yourselves and walking away from a known death-trap, you decided to live a damnable lie and pretend like your customers’ funds were safe, because you were too chickensh*t to do the right thing.

    And that goes for every other broker out there right now. You know that it is just a matter of time. You know that your FCM could blow sky-high next week. You know that every assurance of integrity and solvency and “compliance” is bullsh*t, and has been bullsh*t for quite some time. You know that every bank wire and check that comes in from your clients is being deposited into the gaping maw of a living lie. You know the NFA, CFTC, SEC and the CME are lying, thieving psychopathic criminals, and that your clients are viewed as nothing but zeroes and ones on servers that can be “harvested” whenever JPMorgan or Goldman Sachs sees fit to do it, and then Tyqueesha in the back office and LaNeequa the junior auditor and Jamahl the assistant compliance manager/robosigner will be blamed. If you continue to expose your clients to that, then you are no better than the criminals, and will deserve to be sued into the ground for lying to your customers about the safety of the markets.

    The ultimate catch-22: by the very act of being in the futures business, you are by definition breaching your fiduciary duty to your clients, and are thus in violation of the law.

    Welcome to Communism. Welcome to hell.

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  • mcc

    OT — What Team BO and the Dems Don’t Want You To Know:

    For the record, Frank Marshall Davis was introduced to Obama by Obama’s grandfather, Stanley Dunham. Dunham introduced his grandson to Davis in the 1970s — by one (authoritative) account as early as 1970. He did so for the purpose of mentoring. And what a mentor he chose: Davis had been a literal card-carrying member of Communist Party USA (CPUSA). I have the FBI pages that list Davis’s CPUSA number, which was 47544. I reprint the FBI pages in the appendix of my book. Davis did outrageous pro-Soviet propaganda work for CPUSA organs like the Chicago Star and the Honolulu Record. His writings unerringly parroted the Soviet line. Like other CPUSA members, he was a loyal Soviet patriot.

    The liberal Obama biographers who bother to acknowledge Davis frame him as an innocent victim of McCarthyism. That’s nonsense. McCarthy never came anywhere near Davis. No, it was anti-communist Democrats who pursued Davis, at least in part because Davis’s chief target was Democratic President Harry Truman, the man opposing Joe Stalin. Davis’s pro-Soviet/communist activities were first flagged in a 1944 report by the Democrat-run House Committee on Un-American Activities. When he was finally called to Washington to testify for those activities, it was by the Democrat-run Senate Judiciary Committee. It was the Democratic Senate that, in a 1957 report (tellingly) titled “Scope of Soviet Activity in the United States,” stated categorically that Davis was “an identified member of the Communist Party.”

    And this, ladies and gentlemen, was a man who would go on to mentor the current president of the United States of America.

    Read more:

  • mcc

    NOW I read the above post:

    Welcome to Communism. Welcome to hell.


  • Flintstone F.

    Ken Salazar, Barack Obama, Eric Holder, Janet Napolitano and Hillary Clinton will all be gone after November 6, if we remember to vote.

    The US energy economy will comb out the snags soon. Sarah Palin would make a wonderful Secretary of Interior.

    Again, he told us. And again, (ugh) the so called mainstream news media buries the words that would inform Americans. It’s the News’ fault.

  • Taqiyyotomist

    Re: A one man wrecking crew…

    It ain’t just one man, Jim. It’s the whole damn system. It’s Democrats, it’s Republicans, it’s every last freakin’ God-less one of them.

    Like Barnhardt said the other week: what have your precious TEA Party freshmen, let alone the rest of the Republicans in Congress, done about ANY OF THIS S&^T?

    NOTHING. Cowards, every last one of them. Allen West. Marco Rubio. Scott Brown. WHAT THE F HAVE THEY DONE to stem any of this?

    Jack and squat.

  • Tim in Cali

    He tells the people “I will bankrupt coal companies”
    Then many people of these coal regions vote for him.

    A man points a gun at me,then claims he will shoot me
    I don’t offer him bullets

    Thankfully,the Jews didn’t buy it.
    They’d never vote for Oba….whoops,nevermind…

  • Taqiyyotomist

    I mean, besides a few heartening speeches to adoring crowds of 50 or so people.


  • Taqiyyotomist

    F. Flintstone

    Ken Salazar, Barack Obama, Eric Holder, Janet Napolitano and Hillary Clinton will all be gone after November 6, if we remember to vote.

    The US energy economy will comb out the snags soon. Sarah Palin would make a wonderful Secretary of Interior.

    I wish I shared your completely blind and naive optimism.

    We’d be about to elect (but won’t because he’ll take a McCain-Dive like he has given us every indication he will, and — more fraud than ever in US electoral history is about to take place…again) Obama’s White Twin. Who will do absolutely Jack Squat to reverse any of this crap.

    Maranatha! Come quickly, Lord.

  • feduptoo

    We have already been told, that if our electric company has to convert from coal to natural gas, that our rates will go up 35% to 45% more…they already got two rate increases in 2009/2010!

    So you can imagine what our bills will be!

    If the consumer is forced to pay for the conversion with higher rate increases, then natural gas is not cheaper for us!

    In WV, Ky, coal mines are shutting down! More unemployed, more on food stamps, 99 wks of unemployment, more on Medicaid…all when these miners would rather work!

    Yet China keeps getting coal shipped to them from Washington and Wyoming, and bought into a south TX oil and gas field.

    I have no doubt, Obama works more for foreign countries and foreigners, than his fellow citizens!

  • Taqiyyotomist

    Welcome to the New Ukraine.

  • Militant conservative

    Taq, not enough numbers yet.

    That’s changing in November.