Green Energy Compaines Used to Launder Tax Dollars

Does Mr Obama give a rip that the entire green industry has been found to be just a money laundering operations for the progressive Democrats? Absolutely not, as this was the intention from the very beginning.

What a great way to get taxpayer dollars out of the treasury and into the hands of Democrat bundlers and then back into the campaign coffers. Wala - clean money for the Democrats. And does anyone care that this has been going on for decades where public sector union bosses have used dues to fund Democrat elections, but only now the scale of abuse at the federal level has been raised to new heights and dollar amounts. Where is the outrage from the media?

Ah, wait a minute, the media is on board with the progressive Democrats in the theft of national treasure. They're not about the investigate anything that might expose corruption. 

The media's job is to provide cover by not investigating the stories of mismanagement or corruption, or by placing misleading headlines to explain why the campaign coffers are bulging and the green energy companies that are run or owned by the bundlers for the progressive Democrats have all gone bankrupt. Who knew? How can this be? 

Who voted for more theft and corruption last November? What universe do they live in?

The Domino Effect of Green Energy Failure
January 15, 2013
Source: Andrew Evans, "The Domino Effect of Green Energy Failure," The Free Beacon, December 20, 2012.

The collapse of a government-subsidized battery manufacturer has caused the production of a government-subsidized electric car company to halt, raising questions about the government's decision to support the two companies, says The Free Beacon.

• Fisker Automotive received approval for a government loan totaling $529 million in 2010 to make an extended-range electric luxury car called the Karma.
• The Karma uses a battery pack made by A123, which received a grant from the Department of Energy in 2009.
• A123 filed for bankruptcy in October, leaving Fisker, at least temporarily, without a battery manufacturer.
• Fisker has suspended production of the Karma until A123's sale is complete.

Meanwhile, documents obtained by the Free Beacon indicate Fisker has its own financial issues. But the Department of Energy had reason to worry even before then. An internal email dated Feb. 26, 2010 --almost two months before the department announced Fisker's finalized loan -- says Fisker was "undercollateralized."

A123 added to Fisker's woes when it recalled many of their batteries, including the ones manufactured for the Karma. Fisker does not have a battery manufacturer now that A123 is bankrupt. It will restart manufacturing once A123's sale is finalized and it is able to renegotiate with A123's new owner, according to Yahoo! News.

A123's bankruptcy is not the first time that a government-subsidized company has collapsed and hurt another government-subsidized company.

• The company Prologis received a $1.4 billion partial loan guarantee for its Project Amp from the Department of Energy in September 2011.
• Solyndra's collapse delayed Project Amp, however, raising concerns among Republican lawmakers of favoritism within the Energy Department for Solyndra.

William Yeatman, an energy expert at the Competitive Enterprise Institute, described the Obama administration's funding of green energy companies as "vertical monopoly-type subsidy," where a company owns an entire industry's supply and production chain.

 He said that the government, under Obama, has subsidized the entire green industry, from suppliers of car parts, to manufacturers of the cars themselves, to buyers through tax credits for purchasing hybrids.