So another Obama "Green" job taxpayer funded company goes BK. A123 battery?
manufacturer for Fisker & Chevy Volt. So just how many of these dicey ventures did Obama invest in and LOSE? The companies cited were: (Money listed is how much was offered, and does not include other state, local or federal tax credits and subsidies. Asterisk notes that the company has filed for bankruptcy) Evergreen Solar ($24 million)* SpectraWatt ($500,000)* Solyndra ($535 million)* Beacon Power ($69 million)* AES’s subsidiary Eastern Energy ($17.1 million) Nevada Geothermal ($98.5 million) SunPower ($1.5 billion) First Solar ($1.46 billion) Babcock and Brown ($178 million) EnerDel’s subsidiary Ener1 ($118.5 million)* Amonix ($5.9 million) National Renewable Energy Lab ($200 million) Fisker Automotive ($528 million) Abound Solar ($374 million)* A123 Systems ($279 million)* Willard and Kelsey Solar Group ($6 million) Johnson Controls ($299 million) Schneider Electric ($86 million) Brightsource ($1.6 billion) ECOtality ($126.2 million) Raser Technologies ($33 million)* Energy Conversion Devices ($13.3 million)* Mountain Plaza, Inc. ($2 million)* Olsen’s Crop Service and Olsen’s Mills Acquisition Company ($10 million)* Range Fuels ($80 million)* Thompson River Power ($6.4 million)* Stirling Energy Systems ($7 million)* LSP Energy ($2.1 billion)* UniSolar ($100 million)* Azure Dynamics ($120 million)* GreenVolts ($500,000) Vestas ($50 million) LG Chem’s subsidiary Compact Power ($150 million) Nordic Windpower ($16 million)* Navistar ($10 million) Satcon ($3 million)* The total? More than $10 billion. Previously, it was reported A123, the maker of electric car batteries, sought bankruptcy to allow “the company to provide for an orderly sale of the automotive business assets and and all other assets and business units,” the company said. About the same time, the Washington Times found a series of emails from solar power giant BrightSource Energy Inc. showing how the company “applied political pressure and used behind-the-scenes cajoling to win a $1.6 billion loan guarantee.” And the IRS has argued regarding Solyndra that the bankruptcy plan “amounts to little more than an avenue for owners of an empty corporate shell to avoid paying taxes.” “The undeniable conclusion is that tax benefits drive this plan,” attorneys for the IRS told the bankruptcy court.
Asked By: bluelotussmellslikebananas - 10/20/2012
Best Answer - Chosen by Asker
Anybody STILL think it is a function of the federal government to be a venture capitalist? With YOUR money???? Especially in industries where the technology has not gotten anywhere close to what it needs to be to be feasible? And especially with federal bureaucrats who know absolutely NOTHING about the field making... More
Answered By: Robert - 10/20/2012
Additional Answers (8)
These are all great ideas and experiments. But it seems it would be better we invest in these on a private level and use tax dollars towards certainties.
Answered By: Baritt Obamney 2012 - 10/20/2012
Why will Obama not recognize these failures of his? Was this Bush's fault too?
Answered By: Smoochie - 10/20/2012
Obama should pay back American from his private bank account. Those are American hard earned tax money.
Answered By: MM C - 10/20/2012
Renewable Energy jobs are outpacing petroleum jobs... More
Answered By: VoteVoteVote - 10/20/2012
The Bush recession caused by excessive Republican spending in Congress and Republican financial firms on Wall Street has caused many companies to declare bankruptcy. Oil keeps getting more expensive and will no longer be an affordable energy resource in the future, so we need to support firms attempting to create new... More
Answered By: Rikard - 10/20/2012
I just disagree with your premise for youre implying that just because these companies lost money, that they were bad investments. We could invest in more coal plants and oil pipelines and they would make money, but that doesn't solve the long term problem. We have to learn how to have a more symbiotic... More
Answered By: Seabiscuit - 10/20/2012
You may not agree with technology or energy investments, but here's an interesting fact. The president cannot spend money unless congress allocates it - so let's see where this money actually came from... More
Answered By: apeweek - 10/20/2012
I keep hearing vague rumors that these companies make political contributions. It's kinda like money laundering, in that taxpayer $ goes in, campaign contributions complete the circuit and then they go BK. But I can't prove it. Pretty good scam.
Answered By: who is #1? - 10/21/2012
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