And another Obama crony goes belly up

RIP Green Companies

Good afternoon one and all, and yes, since it is Friday, it must be time for more bad news from the Office of Obama coverups. In this case, yet another of his cronies has just gone Chapter 11.1

The company, Ener1, which was the recipient of $118.5 million dollars in taxpayer money filed for Protection under Chapter 11 of the bankruptcy code. Once again we see how good at “The One” is at picking winners. I’ve lost count of the number of failures this makes. The biggest one I’m aware of was Solyndra.

Ener1 was a lithium battery maker and was touted by Obama and visited by Slow Joe Biden last year right after Obama’s last pack of lies State of the Union address. In that speech, Obama said he wanted 1 million electric cars on the road by 2015. Of course there were several problems with this. The big one is that no one wants these things.

Of course, President Tin Ear didn’t notice that another one of his “Children” was about to suffer a crib death. Here’s a few details from Investors.com:

President Obama’s green jobs effort has suffered two more black eyes, as one federally backed company filed for bankruptcy and another laid off two-thirds of its workforce.

Ener1, which got a $118 million federal matching grant to develop electric car batteries, filed for Chapter 11 on Thursday. The Indiana-based company has been in dire condition, having been delisted from Nasdaq last November.

Meanwhile, solar panel maker Amonix laid off 200 people on Wednesday. It had received a $6 million tax credit in 2009 to build its Las Vegas facility.

So, for the wonderfully low price of $124.5 MILLION DOLLARS, the taxpayers of the United States of America got…BUPKIS! Shafted! Screwed, Blued and Tattooed!

They are the latest embarrassments in the White House’s efforts to boost the green technology industry. Loan recipients have gone bankrupt, green jobs numbers have stalled and sales of electric cars have been sluggish.

Would you like to know why all these wonderful green products have not generated massive sales and profits? It’s really very simple. They cost to much and THEY DON’T WORK! You average solar cell is about 25% efficient and that’s when it isn’t cloudy out. They never pay for themselves. Those cute little electric powered golf carts they like to call cars?

They might go 50 miles on a charge on average and take hours to recharge. A gas powered car, depending on things like size, weight etc, might go 300 mile and takes about 10 minutes to refuel. Also a fossil fueled car is generally heavier then a battery powered car and can take more of a “hit” in an accident. Oh, while gasoline is flammable, we have 100 years of experience in keeping cars from spontaneously igniting.2

So, what about the timing of the bankruptcy announcement? Was Obama warned ahead of time?

Two days before in his State of the Union address, President Obama took credit for the electric battery industry’s success.

That would be a “No” I think. :D

“In three years, our partnership with the private sector has already positioned America to be the world’s leading manufacturer of high-tech batteries,” he said. “Because of federal investments, renewable energy use has nearly doubled, and thousands of Americans have jobs because of it.”

Yeah, for bankruptcy attorneys and accountants maybe, for the rest of us? Not so much.

Left unsaid was that the president had originally promised the green energy investments would create five million jobs, not thousands.

Why would anyone expect Obama to tell the truth about anything? All he’s interested in is the trappings of the Presidency and handing out my money to his friends and cronies. He has no clue about how the free enterprise system works and has no interest in learning, which makes sense, since he is a communist.

Do you know why all these “Green” companies are looking for taxpayer money from Obama? It’s very simple. They can’t raise the funds they need privately. Why can’t they raise private money? Because Investors and Venture Capitalists3 are looking to make money, not throw it down a rat hole. They’ve watched all the renewable and green energy programs in Europe fail miserably. They see no reason to emulate Europe or that ScoaMF4 in the Oval Office.

While researching this post, I came across a report on the House Oversight Committee web page. It’s titled Oversight Committee Releases Report on Obama Green Jobs Program Failures and it isn’t kind to Obama’s and his minions Administration:

Facing the worst economic recession since the Great Depression, President Obama has responded with a green jobs agenda as a major component of his recovery strategy. Combined with restrictions on domestic energy production, the net effect has been jobs lost and a failure to even approach his promised goal of creating five million jobs within ten years. That is the conclusion of a new report released today by the House Committee on Oversight and Government Reform.

Ouch! That’s going to leave a few marks.

“With unemployment at a staggering 9.2 percent, President Obama’s green energy subsidy experiment has done little to create jobs or speed recovery. In fact, by many measures, it has destroyed jobs,” Committee Chairman Darrell Issa (R-CA) said.

“When you combine heavy federal promotion of alternative energy with a concerted campaign to restrict domestic energy production, you have a recipe for what we are experiencing right now: a stagnant economy,” Issa added.

What did you expect when those 52 percenters put Jug Ears into the White House? Actual competence?

The report documents President Obama’s efforts to follow many European nations down a path of heavy subsidization to promote alternative energy at the expense of traditional, carbon-based sources. The report outlines how these efforts have failed abroad and in the U.S., and at what cost to the economy.

Gee, what a surprise. Obama and all the other left wing idiots are so in love with Europe that they want to emulate them in every way, including utter economic collapse. You can get a copy of the Committee report here. Information on a related hearing is available here.

I wonder when the next shoe will drop? Personally, I’m also wondering if the next president who is not Obama will do in regards to investigating the ScoaMF’s administration.

Thatisall

~The Angry Webmaster~

[ratings]

 

Weasel Zippers » Blog Archive » Flashback: Obama Touts Now …

Flashback: Obama Touts Now Bankrupt “Green” Energy Firm Ener1… This feel-good speech cost the American taxpayers $118 million. Posted by ZIP on Friday, January 27, 2012, at 2:20 pm | Like Tweet. « Previous Post. Comment. Click here …
http://weaselzippers.us/ — Fri, 27 Jan 2012 11:20:52 -0800
The latest candidate is lithium battery company Ener1, Inc., which just declared Chapter 11 bankruptcy as part of a long-term debt restructuring deal. Ener1?s subsidiary EnerDel received a $118.5 million grant as part of the stimulus bill. Rep.
http://grist.org/ — Fri, 27 Jan 2012 11:06:53 -0800

Another Week, Another Green Energy Bankruptcy

Here we go again. Another recipient of Obama’s “stimulus” funds for green technology has filed for Chapter 11 bankruptcy. This time, it’s a company called Ener1, which received $118 million tax dollars from the Department of Energy in 2010.
http://www.christianresponsealerts.com/ — Fri, 27 Jan 2012 11:06:40 -0800

NetRight Daily » Biden: Enron1 leads the way

After yesterday’s news that Ener1, a green company that was kept afloat by the taxpayers, was filing for bankruptcy, this video of Biden surfaced on a visit he paid to the company in 2011: …
http://netrightdaily.com/ — Fri, 27 Jan 2012 10:58:35 -0800
“This was a difficult, but necessary, decision for our company,” Ener1 CEO Alex Sorokin said in a news release. “We are extremely pleased to have the strong support of our primary investors and lenders to substantially reduce the company’s …
http://thedaleygator.wordpress.com/ — Fri, 27 Jan 2012 10:31:32 -0800
delaware politics, delaware government, joe biden, tom carper, mike castle, jack markell, john carney, bill lee, charlie copeland, thurman adams, delaware republican party, delaware democratic party, first state, delaware legislature.
http://www.delawarepolitics.net/ — Fri, 27 Jan 2012 10:29:24 -0800

Obama’s Black Thumb Strikes Again – Grendel Report

(CNSNews.com) – Ener1–a company that manufactures batteries for electric cars, and that received $118.5 million in federal stimulus money, and that Vice President Joe Biden visited last year the day after President Obama’s State of the …
http://grendelreport.posterous.com/ — Fri, 27 Jan 2012 09:42:23 -0800
Ener1 subsidiary EnerDel received a $118 million stimulus grant from the Energy Department in 2009, and Vice President Joe Biden visited the company’s new battery plant in Indiana last year. Ener1 is the third company to seek bankruptcy …
http://sadhillnews.com/ — Fri, 27 Jan 2012 09:42:16 -0800
  1. Chapter 11, Title 11, United States Code []
  2. Chevy Volt problems []
  3. Venture Capital []
  4. Stuttering Clusterfuck of a Miserable Failure []
  • http://twitter.com/angrywebmaster/status/395604332944850944/ angrywebmaster (@angrywebmaster)

    And another Obama crony goes belly up – #angercentralarchives http://t.co/NnRLPq1uax

  • http://twitter.com/angrywebmaster/status/336152404892467200/ angrywebmaster (@angrywebmaster)

    And another Obama crony goes belly up – #angercentralarchives http://t.co/MxAVS4kfyk

  • http://twitter.com/angrywebmaster/status/235820159674224640/ angrywebmaster (@angrywebmaster)

    And another Obama crony goes belly up – #angercentralarchives http://t.co/BH7sus4k

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  • Questionman

    Kodak filed for bankruptcy, too. Is that also the President’s fault? 
         Like many businesses, this one proceeded on the assumption that it understood the market. It didn’t. That’s why it, like many businesses, foundered. The company failed to anticipate the “competing battery developers in China and South Korea, which generally have a lower cost manufacturing base [and lower labor and raw material costs]” (according to Alex Sorokin, CEO).In other words, the company made the classic mistake of not getting to know its competition.The investors – including the Government – are entitled to be livid. However, risky start-ups are just that: risky.If you want to complain about politicians who throw money at problems, start by talking about the F-22 Raptor…     

    People say all these awful things about Obama b/c at it’s core they HATE the fact that a Black man (technically bi-racial, but by Amerikkka’s racial calculus, one drop of Black blood makes you Black) is in the White House.

    • http://www.angry.net/blog2 Angry Webmaster

      You know, you were doing so well until that last sentence. You just demonstrated that you are a typical liberal as opposed to a thoughtful liberal. (Typical liberals scream “RACISTS” when they don’t have an argument. Thoughtful liberals don’t)

      Regarding the F22. We need a replacement for our current fighter force. The designs are over 40 years old. Technically, the F22 is terrific, but it ran into the standard problem of design. A committee got a hold of it and instead of a race horse, we got a camel. The F35 is even worse.

      Take the basic airframe, strip off everything not needed to get it into the air and then start adding only what is required, (Rather than nice to have), for the mission.

      Now back to your left win racism. You obviously, like most trolls from the left, haven’t bothered to go through this site. Mrs. Webmaster is Chinese. I was hoping Herman Cain might win the presidency. Gee, I think he might be black?

      I like Rep. Allen West and do see him as a potential president. Then there is Bobby Jindal, governor of Louisiana. I would like to see him in the White House too.

      But, none of these men are are on the liberal democrat plantation so of course in your mind, they are nothing.

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