Solyndra

Yet another Obama-backed ‘green’ company fails, takes your tax money with it

Posted on March 2, 2012 by Donald Ferguson

At this point is there ANY company touted by Obama as our future that’s still in business?

“The latest casualty is Abound Solar Manufacturing,” Investors Business Daily writes today.  “The Longmont, Colo.-based recipient of a $400 million federal loan guarantee to expand solar panel production said Tuesday it is laying off 280 workers and delaying a new factory in Indiana. That amounts to a 70% reduction in its workforce.”

“This is a far cry from the bright future painted by the president in his weekly radio address of July 3, 2010. Touting his push for a clean energy economy, Obama said Abound would ‘manufacture advanced solar panels at two new plants, creating more than 2,000 construction jobs and 1,500 permanent jobs’ at plants in Indiana and Colorado.”

“Apparently Abound was not helped by last July’s $9.2 million Export-Import Bank loan to support exports of thin-film solar photovoltaic modules from Abound Solar to Punj Lloyd Solar Power Ltd., a company in India building a five-megawatt solar project on a 62.5-acre site near the village of Bap.

“In a January report, Sharyl Attkisson of CBS News counted at least 12 clean energy companies that were having trouble after collectively being approved for more than $6.5 billion in federal assistance. Five have filed for bankruptcy: the junk bond-rated Beacon, Evergreen Solar, SpectraWatt, AES’ subsidiary Eastern Energy and the infamous Solyndra.”

White House may be slammed with contempt charges in Solyndra scandal

Posted on January 31, 2012 by Donald Ferguson

“Rep. Cliff Stearns (R-Fla.), who is heading the GOP probe of the failed solar company Solyndra, said Republicans are meeting this week to discuss contempt charges against the White House over its response to last year’s subpoena for documents,” The Hill reports.

Obama has been hiding documents that would shed light on his relationship with Solyndra.  Run by one of his campaign’s larger bankrollers, the Obama White House ran roughshod over warnings from the Justice Department and plowed ahead with a political decision to pump a half-billion dollars of taxpayer money into the failing, politically-connected company.

Obama planned to use the cash to jump-start his re-election campaign’s efforts to appeal to wealthy, check-writing environmental activists.  Obama also avoided federal laws requiring that taxpayer be reimbursed ahead of private investors when companies are propped up by taxpayer-backed loans.  Thanks to Obama, his campaign contributors, the California Democrat Party and the SEIU labor union will get be repaid ahead of taxpayers in any Solyndra bankruptcy agreement.

With both Obama and Solyndra mired in a swamp of potential felony criminal convictions, it’s no wonder Obama is hiding evidence from prosecutors.  That’s the Chicago way.

Yet another ‘green’ corporation fails, takes millions of tax dollars with it

Posted on January 5, 2012 by Donald Ferguson

“Range Fuels, the failed wood-to-ethanol factory in southeastern Georgia that cost taxpayers $70 million, was sold Tuesday for pennies on the dollar,” The Atlanta Journal-Constitution reports today.

“The Range fiasco harkens other, failed renewable energy companies that received major taxpayer funding. California solar panel maker Solyndra got $535 million in federal loan guarantees. Beacon Power of Massachusetts, which makes energy-storage equipment, took in $43 million in federal money. Both filed for bankruptcy last year.

“Range cost U.S. taxpayers $64 million and Georgia taxpayers another $6.2 million. Tuesday’s sale netted $5.1 million, which will help offset losses suffered by the U.S. Department of Agriculture. Georgia’s money, which paid for some of the ethanol-making equipment, won’t be recouped outright, but state officials expect LanzaTech to use the machinery.

“The Bush administration’s Energy Department steered a $76 million federal grant to Range. The Department of Agriculture followed up with an $80 million loan guarantee. Georgia officials pledged $6.2 million. Treutlen County, one of the state’s poorest, offered 20 years worth of tax abatements and 97 acres in its industrial park.”

Locals blame California entrepreneur Vinod Khosla, who funded Range and helped it secure over $150 million in taxpayer funding.  He also just happens to be the owner of LanzaTech, which bought his own failed taxpayer-dependent company for pennies on the dollar.

“He takes government money, builds the place and takes the money and runs,” said Jeb Simons, an engineer in Savannah, Ga., “ … and now he’s double-dipping on government funds for round two. That’s taxpayer money that could go toward schools or hospitals or be given back to taxpayers.”

Sam Shelton, director of research programs at Georgia Tech’s Strategic Energy Institute, tells the AJC he was skeptical of the “green” company.

“It was too damn big a risk for an apparently unproven technology, and the due diligence I personally performed on Range would not entice me to invest in it,” Shelton said, “Government should not be in the venture capital business selecting technologies.”

Post investigation: Obama’s ‘green jobs’ spending intended to save only his job

Posted on December 27, 2011 by Donald Ferguson

An ongoing investigation of Barack Obama’s deepening Solyndra scandal finds concern for Obama’s re-election campaign overrrode concern for the taxpayers who have to repay his failed loans, or the employees of doomed “green” companies.

Since the failure of the company, Obama’s entire $80 billion clean-technology program has begun to look like a political liability for an administration about to enter a bruising reelection campaign.

Meant to create jobs and cut reliance on foreign oil, Obama’s green-technology program was infused with politics at every level, The Washington Post found in an analysis of thousands of memos, company records and internal ­e-mails. Political considerations were raised repeatedly by company investors, Energy Department bureaucrats and White House officials.

The records, some previously unreported, show that when warned that financial disaster might lie ahead, the administration remained steadfast in its support for Solyndra

…They show that as Solyndra tottered, officials discussed the political fallout from its troubles, the “optics” in Washington and the impact that the company’s failure could have on the president’s prospects for a second term. Rarely, if ever, was there discussion of the impact that Solyndra’s collapse would have on laid-off workers or on the development of clean-
energy technology.

“What’s so troubling is that politics seems to be the dominant factor,” said Ryan Alexander, president of Taxpayers for Common Sense, a nonpartisan watchdog group. “They’re not talking about what the taxpayers are losing; they’re not talking about the failure of the technology, whether we bet on the wrong horse. What they are talking about is ‘How are we going to manage this politically?’ ”

Go here to read the full story.

Obama’s “Green Graft” buffet

Posted on November 21, 2011 by Donald Ferguson

Dear friend,

This Thanksgiving Barack Obama is serving up heaping helpings of taxpayer cash and political payoffs to his cronies, and now one of the Left’s biggest bankrollers is piling up his plate.

As you remember last week, I wrote to you telling you Barack Obama had just announced he was waiting until after the election to decide on whether to permit the Keystone XL jobs pipeline.

He thinks this backroom political deal will take political heat off him by handing a major victory to Gang Green groups.

But it turns out there may be more than a political payoff.

“Killing the Keystone XL pipeline may help one of the world’s richest men get richer. North Dakota’s booming oil fields will now grow more dependent on a railroad the president’s economic guru just bought,” Investor’s Business Daily write.

Interestingly, another billionaire, Obama economic inspiration Warren Buffett, stands to benefit from the Keystone XL pipeline delay,” writes IBD in its Nov. 16 editorial “Billionaire Buffett’s Bakken Boom.”

“As oil production ramps up in the Bakken fields of North Dakota, plans to use the pipeline to transport it have been dashed.  As a result, North Dakota’s booming oil producers will have to rely even more on the Burlington Northern Santa Fe (BNSF) railroad, which Buffett just bought, to ship it to refineries.

“Buffett’s Berkshire Hathaway has agreed to buy Burlington Northern Santa Fe in a deal valuing the railroad at $34 billion. Berkshire Hathaway already owns about 22% of Burlington Northern, and will pay $100 a share in cash and stock for the rest of the company,” IBD writes.

It’s Buffett’s largest-ever investment – so you know he’s pulling out all the stops to make money off it.

Now, I love profit.

But I’m a dedicated free marketer.

Using the power of the Oval Office to eliminate your campaign funders’ competition, knowing full well they’ll share the profits with your re-election campaign, that is crony capitalism.”

Or “Green Graft” to be exact.

And Obama is serving up a Thanksgiving buffet of it.

By moving to delay, and eventually kill, the pipeline Obama is forcing companies to move the oil on a railroad now owned by one of his campaign bankrollers.

IBD lays out the specifics.

“Rail shipments accounted for up to 65,000 of the nearly 343,000 barrels of oil produced daily in North Dakota in December. That percentage is likely to increase.  Many of the rail shipments from the Bakken fields are being handled by BNSF Railway Co., which has more than 1,000 miles of tracks in the region,” IBD writes.

I won’t stand for it.

And I won’t rest until the Keystone pipeline is approved, and built.

Ronald Reagan so respected the Oval Office he refused to take off his suit jacket.

But now Barack Obama is using it as a sump pump to funnel cash to his Gang Green campaign bankrollers.

We’ve just seen Obama ignore warnings and hand half a billion dollars to a doomed company owned by campaign bankroller George Kaiser, on the condition federal law be ignored and private backers like Kaiser, the SEIU and the California Democrat Party be repaid first.

IBD also points to more Obama policies that appear to be focused on pumping cash to his benefactors.

“About the time George Soros — Hungarian billionaire and key donor to leftist groups and the Democratic Party — invested heavily in the stock of the state-run Brazilian oil company Petrobras, President Obama was curbing U.S. offshore oil production and the U.S. Export-Import Bank announced a $2 billion loan to Petrobras to finance deep-water drilling off the pristine beaches of Sao Paulo and Rio de Janeiro,” IBD writes.

“As he was imposing curbs and moratoria on U.S. offshore drillers, President Obama wished the Brazilians well in the hope we would someday be Brazil’s best oil customer.”

But while Obama’s Gang Green policies are making his campaign bankrollers rich, the rest of us are suffering.

Within days of Obama’s Keystone announcement the price of oil shot up to $100 a barrel, putting upward pressure on the prices of gasoline and virtually every consumer good.

Now we’re getting reports the number of oil rigs in the U.S. is dropping, and economic experts are betting on further job and economic losses tied to Obama’s Keystone “delay.”

Gang Green, and Obama’s campaign account, gets fatter on this Thanksgiving feast of Green Graft.

We get the cold leftovers — pink slips and dwindling family budgets.

It’s time to take away Obama’s Green Graft serving fork.

That starts with forcing a hearing on the politics and finances behind Obama’s move to delay any decision on Keystone until after the election.

Who did he talk to?

Who profits?

“Sen. Bob Corker (R-Tenn.) is pressing Senate Foreign Relations Committee Chairman John Kerry (D-Mass.) to convene a hearing on the Obama administration’s decision to punt final action on the proposed Keystone XL oil sands pipeline until after the 2012 election,” The Hill reports Nov. 18.

“This decision is disturbing and appears to put election year politics ahead of economic growth and energy security,” Corker, a member of the committee, wrote to Kerry on Thursday. “With the unemployment rate at 9%, I have serious concerns about the impact this deferral may have on job creation.”

House hearings on Obama’s shady Solyndra backroom deal are already uncovering disturbing information.  Enough to possibly force the resignation of Energy Secretary Steve Chu.

Who knows what graft and wheeling-dealing a hearing on Obama’s Keystone deal will uncover?

Especially with Warren Buffett and multi-million dollar Gang Green groups pigging out at the White House.

But those hearings won’t happen unless we get one Democrat to vote with all Republicans, and that won’t happen without tremendous grassroots pressure on key senators.


I want to turn up the heat on folks like Pennsylvania’s Bob Casey, New Mexico’s Tom Udall and New Hampshire’s Jeanne Shaheen, among others.

Can you help me put together that campaign by going here and chipping in at least $10 or more?

We must also undertake our own efforts to secure documents, filing the needed lawsuits and document requests to uncover evidence hidden from House and Senate investigators.

That’s exactly how a private organization, much like ATP, blew the lid off Bill Clinton’s Chinese fundraising scandal, crippling the White House and leading the criminal conviction of key White House figures.

Can you please go here and chip in at least $10 or more to help me make that happen with Obama’s “Green Graft” scandals?

Between Solyndra, other “green” loans and now the information seeping out regarding his decision to cripple the Keystone pipeline, Obama is serving up a Thanksgiving-sized buffet “Green Graft” to his political cronies.

I can’t stop it unless I hear from you today.

Please go here and chip in at least $10 or more to help me hold Barack Obama accountable.

Sincerely,

Donald Ferguson
Executive Director
American Tradition Partnership

P.S.  Last week I told you Obama hatched a deal with Gang Green to “delay” a decision on the Keystone pipeline until after the election, a move that eliminated 20,000 jobs and will cost the builder $1 million a day.  Obama is trying to choke the life out of the project.

But it turns out Obama is serving up a Thanksgiving buffet of Green Graft.  By choking off the pipeline oil will be forced onto the BNSF railroad, which Obama campaign bankroller Warren Buffett just bought in his largest-ever deal.

Along with Solyndra and the loans to Soros-connected Brazilian Petrobras, it’s the latest example of Obama’s “green” policies generating only green cash for his campaign funders.

It’s time to end Obama’s Green Graft feast.  Go here to chip in $10 or more to support ATP’s investigations of Obama’s green political payoff schemes.

Policy for profit?: Obama Keystone delay may pump cash into Buffett’s pockets

Posted on November 17, 2011 by Donald Ferguson

As the White House fights to stop investigations into allegations Obama green-lit the doomed half-billion dollar taxpayer-backed Solyndra loan in order to enrich donor George Kaiser, another “green” policy finds itself swirling in scandal and allegations of policymaking-for-payoffs.

“Killing the Keystone XL pipeline may help one of the world’s richest men get richer. North Dakota’s booming oil fields will now grow more dependent on a railroad the president’s economic guru just bought,” Investor’s Business Daily writes.

“…Interestingly, another billionaire, Obama economic inspiration Warren Buffett, stands to benefit from the Keystone XL pipeline delay.

“As oil production ramps up in the Bakken fields of North Dakota, plans to use the pipeline to transport it have been dashed.

“As a result, North Dakota’s booming oil producers will have to rely even more on the Burlington Northern Santa Fe (BNSF) railroad, which Buffett just bought, to ship it to refineries.

“Buffett’s Berkshire Hathaway has agreed to buy Burlington Northern Santa Fe in a deal valuing the railroad at $34 billion. Berkshire Hathaway already owns about 22% of Burlington Northern, and will pay $100 a share in cash and stock for the rest of the company,” IBD writes.

“This is just more proof so-called ‘green’ policies are nothing more than brazen attempts to funnel taxpayer money into politically-connected pockets,” said American Tradition Partnership Executive Director Donald Ferguson.  “The only environment Obama’s ‘green’ policies protect is the health of his campaign account.”

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