Covered California has not been much in the news of late, but that does not mean that all goes well with the Golden State’s wholly owned subsidiary of Obamacare. As we noted last year, Emily Bazar of the Center for Health Reporting wrote that Covered California’s computer system is “responsible for countless glitches and…
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Fisker Automotive has laid off most of its employees, a sign of impending doom for a company some called Solyndra on wheels, with good reason. Fisker got a federal Advanced Vehicle Technology Loan of $529 million, about the same amount Solyndra received before laying off its employees and going bankrupt. The $529 million came…
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Among her many devastations, Hurricane Sandy swamped the port of Newark and managed to submerge 16 Fisker Karma electric hybrid automobiles, which then caught fire and exploded. Fisker could not explain the sudden combustion, not the first problem for the company touted by President Obama, and which received federal loan guarantees of $529 million…
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“Solyndra’s power solutions offer strong return on investment and make great business sense.” That is a rather strange claim for the website of Solyndra Inc., accessed on August 29, 2012 no less. Some history is in order. Solyndra was the first renewable energy firm to get federal stimulus money and bagged $535 million in…
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A revolving door between green energy firms and the Department of Energy is a prime example of crony capitalism in full swing. As the Washington Post reports, rent-seeking businessmen like Sanjay Wagel are going where the money is. Following an enduring Washington tradition, Wagle shifted from the private sector, where his firm hoped to…
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In an Associated Press article in the San Jose Mercury News, “Parent of Obama-backed battery maker goes bankrupt,”Matthew Daly reports that yet another “green” company that received corporate welfare from the Obama administration has now gone bankrupt. In this case, the electric car-battery company Ener1 received $118 million from the Department of Energy in…
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Crony capitalism is the theme of tonight’s “State of the Union” address. Warren Buffet’s longtime secretary, Debbie Bosanek will be seated next to Michelle Obama at tonight’s speech. Bosanek has recently become the White House’s new symbol for higher taxes and what the administration terms “economic fairness”. But fairness couldn’t be farther from the…
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Christopher Jensen reports in the New York Times on yet another disaster from the massive U.S. corporate-welfare (i.e., pork) for “green” cars, this time luxury vehicles for the uber-rich: Fisker Automotive is recalling all 239 of its 2012 Karma luxury plug-in hybrid cars because of a fire hazard, according to a report filed with the…
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Brent Budowsky of The Hill has called for Cong. Ron Paul to hold hearings before the subcommittee he chairs on the news of secret Federal Reserve bailouts of the the biggest banks. The news comes from an article by Bob Ivry, Bradley Keoun and Phil Kuntz at Bloomberg Markets Magazine that the Federal Reserve…
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