Three Green Energy Stimulus Recepients hit the skids this week

Discussion in 'Politics' started by tinydancer, Jan 29, 2012.

  1. tinydancer
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    tinydancer Diamond Member

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    This is actually quite amazing. Being a conservationist I have no problem with green energy projects. I believe in multiple sources of energy.

    On the other hand I do have a problem with taxpayer dollars funding failures on the whims of nutjobs in Washington.

    Earlier this week, Stimulus beneficiary Evergreen Energy bit the dust.

    Then, Ener1, a manufacturer of batteries for electric vehicles and recipient of Stimulus largesse, filed for bankruptcy.

    And today, the Las Vegas Sun reports that Amonix, Inc., a manufacturer of solar panels that received $5.9 million from the Porkulus, will cut two-thirds of its workforce, about 200 employees, only seven months after opening a factory in Nevada.


    This is just this week alone.

    Drip, Drip, Drip: Yet Another Green Energy Stimulus Recipient Hits the Skids (the third this week!)
     
  2. kyzr
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    kyzr Gold Member

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    They still pale to comparison to the $500,000,000 wasted on Solyndra. Someone needs to go to jail for that one.
     
  3. tinydancer
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    tinydancer Diamond Member

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    Damn straight.

    What really bothers me about this is that if you study Euro models of green energy, they are actually effective and do able (how do you spell that). The issue is cost effectiveness. I was watching one business program with an awesome finance critic Amanda Lang and she had gone to Germany to interview people who had succeeded in affordable green.

    But all I see over here is the government throwing cash at an issue demanding no results.
    Consequently getting none either.

    Just that deep flushing sound.
     
  4. kyzr
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    kyzr Gold Member

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  5. NYcarbineer
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    NYcarbineer Diamond Member

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    How much did Evergreen get, and from whom?
     
  6. tinydancer
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    tinydancer Diamond Member

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    Hey thanks for that. Sometimes words and acceptable spellings make me crazy.

    A quick aside to my OP. I say labour, from Queens English, but then labor is the acceptable spelling. The U is always in there though for me.
    So it gets whacky on boards when you try to use appropriate spelling but in some one elses world I spell like a fool. :lol:
     
  7. tinydancer
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    tinydancer Diamond Member

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    I'm on the fly today. I'll try to get the figure on $$$ from stimulus.

    But for true they also ran to China after they got the $$$. This is what makes me crazy. They get stimulus bucks and then run to produce in China. YIKES.

    August 15, 2011
    We promise, we didn't plan it this way.

    We reported over the weekend on how Bev. Perdue and our own Economic Developer Tom Thompson totally misread the "ethanol wave." You can read that story here if you missed it.

    Now here's the corollary to Perdue's cheerleading on ethanol. Barack Obama proclaimed solar panels to be the wave of the future. "Green energy" they call it.

    Click here to see how Team Obama spun that one. Straight from the White House website you find: "Evergreen Solar Was Hoping to Hire 90 to 100 People for Its Manufacturing Plant. "Evergreen Solar, the Marlborough-based maker of solar panels, also is hoping to hire 90 to 100 people at a manufacturing plant in Devens, said Gary Pollard, vice president of human resources. The plant, which opened last summer, is expected to employ more than 800 when it reaches full capacity." Note: That was just two years ago.

    Now we learn that Evergreen Solar is filing for Chapter 11 bankruptcy. Click here if you want the sordid details of that imbroglio.

    But wait. It gets worse. Click here to read about how Evergreen Solar intends to use what assets it takes away from the bankruptcy. In China.

    Now for most people, unless you've ever been in business selling supplies and materials to other businesses you may not realize what bankruptcy means. It is not just the taxpayers Evergreen Solar is sticking in Massachusetts, and the banks that loaned them money, it is likely also many American businesses who are holding what accountants call "accounts receivables" from Evergreen Solar. It is unlikely that these suppliers will ever get paid for what they have sold Evergreen Solar. We would not bet that the subsidies Evergreen Solar is getting from the Chi-coms will be used to pay these American suppliers.

    Except for the "green" part of both the ethanol and solar panel stories, it is not a great deal different from the biggest boondoggle ever dumped on the taxpayers of North Carolina…the $350 million "incentive" package given to Dell Computers to build a huge PC manufacturing plant in Forsyth County. The plant didn't operate but a couple of years before Dell announced that it was moving its manufacturing overseas and that the "market had changed." Click here if you want to review that story.

    And we'll spare you the rehash of the Randy Parton fiasco in Halifax County. And the Southside Industrial Park which we just had to have because a plastics company was going to bring economic salvation to Beaufort County? And while we realize it's a touchy subject, how much scrutiny was given to Fountain before incentives were dumped into that black hole?

    Commentary

    What do all these "business deals" that the taxpayers got snookered into have in common? They were all bad business deals. But, you may ask, if they were bad business deals why did the Economic Development gurus lead us like lemmings over the cliff into such unsound business deals? Where were our elected officials when they allowed the Pied Pipers to sink taxpayer dollars into business deals that within months had gone bad?

    Remember, this is the same group of county commissioners who, in their infinite wisdom, recently voted 5-2 (Deatherage & Richardson voting yes and Cayton, McRoy, Klemm, Langley and Booth voting no), rejecting the idea of more oversight of the Economic Development program in Beaufort County. Yep, that's correct less oversight, not more.

    Here's the problem. These people who are so quick to risk taxpayer money have no skin in the game. That is, they are betting other people's money and they have nothing to lose if they pour money into a bad business venture.

    Buzz Cayton, speaking during the county budget hearings for the Beaufort Patriot Tea Party, hit the nail on the head when he said: "if it's a good business deal then economic development incentives may make sense, but if it's not a good business deal then we should not risk taxpayer money." That hits the nail on the head.

    But we would add one more. If your investment advisor, a.k.a, as the Director of Economic Development, makes bad deals he/she should be held accountable for it. Not given a raise. They should be replaced with someone who can make sound business decisions. And if the EDC can't provide sufficient oversight to prevent these bad decisions then the EDC itself needs more oversight. Or it should do like Evergreen Solar is doing
     
  8. NYcarbineer
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    NYcarbineer Diamond Member

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    You can start by refuting this:

    Fox News Creates A "Stimulus Failure" Out Of Thin Air | Media Matters for America
     
  9. merrill
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    merrill VIP Member

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    All of them republican invested brainchilds under BUSHCO = more examples of supreme mismanagement seeking recovery from the taxpayers.
     

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