Two recent stories by ABC News show the extent to which the Obama administration has been wasting taxpayer money on bogus "green energy" schemes. What is remarkable here is not that Obama has made bad investments that benefit his big contributors, but rather that ABC is actually covering the story. It seems that the extent of the scandal has just gotten so large that even ABC could no longer ignore it.
The first story is about the grant to Fisker of over half a billion dollars for use in development of an electric car. That vehicle, a luxury sports car that costs over $97,000 each was supposed to be built in a plant in Delaware. Indeed, when the grant was announced, Vice President Biden proudly told a large crowd that the half billion was "seed money" for green energy that would lead to billions and billions of dollars earned by workers in his home state. Of course, now that Fisker has all the money from the USA, it is finally building the cars.......in Finland. That's right, half a billion dollars in federal money has been used to create jobs in Finland. Fisker told ABC that the Obama administration even agreed to the move of the plant from Delaware to Finland. For this one alone, heads should roll.
The second ABC story deals with the long list of companies that received grants from the federal government for green energy projects only to pay large bonuses to executives and then to file for bankruptcy protection. Of course, the first of this type of scam came from Solyndra where Obama's fundraiser got half a billion dollars for his company, and then filed for bankruptcy shortly after paying out hefty bonuses. Other companies mentioned by ABC include Ener1, Beacon Power, and SpectraWatt which each paid bonuses and then filed for bankruptcy. Other companies are in bad shape (including Fisker) and may soon join the trip to bankruptcy court. One estimate is that close to $20 billion of grants went from the Department of Energy to companies which have either failed or are about to do so.
I guess I am waiting for the story about the successes that the Obama program has had. Where is the company that got government money and then created a growing and vibrant business? Shouldn't there be some successes after giving away close to $30 billion?
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