Obama Gave More to Campaign Donors Than Hurricane Will Cost

November 1, 2012 09:13

Billions will have to be borrowed to fund hurricane rebuilding. Obama wasted even more giving to big campaign donors.



By Michael Whipple, Editor usACTIONnews.com


Most of Obama’s billions given to big campaign contributors has been largely ignored by his sycophant media. Politicians used to be run out of office and even jailed for bribery and corruption of a few hundred thousand dollars. If you do it in a big enough way and disguise it as “jobs” you can get away with tens of billions of theft and bribery.

One of the first was Solyndra. It only came to light after the company file for bankruptcy after receiving almost half a billion dollars in Obama’s “green jobs” scam. The biggest investor in Solyndra turned out to be Tulsa billionaire and Obama fundraiser George Kaiser. Team Obama reversed denial of the loan shortly after Obama took office and ignored the law in restructuring the loan to protect Kaiser’s private investment instead of the taxpayer funds.

Here is a list from Green Corruption which shows $15 billion wasted on Obama’s green scams which mostly went to companies connected with Obama and other Democrat campaign supporters:

UPDATE: New calculations, October 23, 2012: 23 bankrupt, 27 troubled, equals a new “Obama green-energy failure” list total of 50. At least $15 billion of “green” taxpayer money is either gone or still at risk, and the majority was funneled to Obama and Democrat cronies –– percentage of cronyism is hoovering around 60% (29 of the 50), until I have time to dig further.

  1. Solyndra*: Received $535 million DOE loan and $25.1 million in California tax credit. Bankrupt: September 2011
  2. Abound Solar*: Received part of a $60 million grant under the Bush administration, and was awarded a $400 million loan under Obama in December of 2010. Abound was awarded a $9.2-million loan from the Export-Import Bank in July 2011. Bankrupt: June 2012
  3. Beacon Power*: Received more than $25 million in DOE grants and a DOE loan for $43 million. Bankrupt: October 2011 
  4. A123 Systems*: Received $390 million, of which $249 million of it was a Recovery Act Grant. Filed for Bankruptcy October 16, 2012, and two companies are seeking to buy A123; Johnson Controls and the Chinese firm Wanxiang Group Corp.
  5. AES Eastern Energy/Energy Storage*: Received $17.1 million DOE conditional commitment on August 2, 2010. Bankrupt: December 31, 2011.
  6. Amonix*: Received $6 million in federal tax credits a $15.6 million grant from the DOE for research and development. Bankrupt: July 18, 2012 
  7. Azure Dynamics*: Received millions in stimulus funds and over $1.7 million in Michigan state tax credits. Bankrupt: March 27, 2012 ––  HF ADDITION: states $120 million
  8. Babcock & Brown: Received $178 million in the largest federal (1603) stimulus wind grant in December 2009. Placed into voluntary liquidation: March 13, 2009
  9. Energy Conversion Devices Inc./Uni-Solar: Received a $13.3 million Stimulus tax credit. Bankrupt: February 2011.
  10. Ener1*: Received a $118.5 million DOE Stimulus grant. Bankrupt: January 26, 2011.
  11. Evergreen Solar, Inc.*: Received Stimulus funds, grants, tax-credits, low-interest loans and subsidies. Bankrupt: August 15, 2011
  12. Konarka Technologies Inc.: Received $20 million in grants from government agencies such as the DOE and the Pentagon. Bankrupt: June 4, 2012.
  13. ADDITION Range Fuels*: Range Fuels: $162.25 million in government commitments since 2007, of which $64 million came from a USDA Biofuel loan in 2010 alone, despite financial and technical difficulties, and opposition inside the USDA.
  14. Raser Technologies: Received $33 million Treasury Department Stimulus grant. Bankrupt: May 2, 2011. 
  15. SpectraWatt*: Received $500,000 grant from the Renewable Energy Lab via the Stimulus. Bankrupt: August 23, 2011
  16. Stirling Energy Systems: Received $7 million from a federal renewable-energy grant and was eligible for nearly $10.5 million in manufacturing September 28, 2011.
  17. Thompson River Power LLC: Received $6.5 million in Stimulus funds from Section 1603. Bankrupt: July 2, 2012.
  18. HF ADDITION: Mountain Plaza, Inc. ($2 million); in our unconfirmed list
  19. HF ADDITION: Olsen’s Crop Service and Olsen’s Mills Acquisition Company ($10 million);
    in our unconfirmed list
  20. HF ADDITION: Nordic Windpower* ($16 million)
  21. HF ADDITION: Satcon ($3 million) As reported by the Heritage Foundation October 18, 2012, “A solar company that got a multi-million-dollar grant from the Department of Energy earlier this year announced Wednesday that it will file for Chapter 11 bankruptcy protection, making it the second taxpayer-backed green energy company to file for bankruptcy this week.”
  22. HF ADDITION:Willard and Kelsey Solar Group ($700,981) ($6 million); in our unconfirmed bankrupt list 
  23. ADDITION, October 23, 2012: Cardinal Fastener & Specialty Co.: Received $480,000 through the Section 48C Advanced Manufacturing Tax Credit Program. During Obama’s visit to Cardinal Fastener, he took a “green Recovery Act victory lap,” and touted it as means for “Made-In-America Jobs” for Ohio. Yet, just two weeks after the Obama visit, Cardinal laid off 12 percent of its staff, and in June 2011, Cardinal Fastener filed for Chapter 11 bankruptcy protection. Lastly, in January 2012, Cardinal Fastener was acquired by Germany’s Wurth Group for just $3.9 Million.


But the biggest scam on taxpayers is the Obama campaign’s claim to fame – the “auto bailout.” What Obama really bailed out was the unions that provided over $300 million and hundreds of thousands of man hours in campaign support to get him elected. There was still a thriving non-union auto industry in America and Ford survived without $50 billion in taxpayer money. Obama set aside the rule of law in giving unions preference ahead of the legal claims of creditors to assets of GM and Chrysler. Those creditors are made up of many mutual funds, pension investments and retirement funds that lost money for millions of middle class Americans to give GM and Chrysler to the unions.

Unions are a political money laundering scheme for Democrats. Mandatory union dues are used to elect and reelect Dem politicians who then pass laws to limit rights of nonunion workers and give corrupt unions power and money. Never has it been done with such blatant disregard for the law and in such staggering amounts of theft of taxpayer funds as Obama’s giveaway of GM and Chrysler. Easy to understand when you see Obama passionately proclaim that he will make the union agenda America’s agenda.

And what did we get for Obama’s “bailout”? 70% of GM products are made in China. Chrysler which is now partly owned by a foreign company Fiat is considering moving Jeep production to China. GM is still failing and taxpayers are still on the hook for billions. All to pay off the union campaign support.

It should be noted that the United Auto Workers union (UAW) is one of the most politically active of all unions. The union gave $2,119.937 to the 2008 campaigns 99% of which went to Obama and the Democrats. They gave another $1,106,500 in this past 2010 election cycle 100% of which went to Democrats. That is a total of $3,226,437 in just the last two election cycles. That does not include the phone banks, neighborhood canvassing and get out the vote efforts. Since 1990 the UAW has donated $26,510,252 of which 99% went to Democrats.

Not a bad return on investment when you consider they received billions back in ownership and benefit funding.

The government is subsidizing purchases of the GM Volt to the tune of $7,500 each. By the way that $7,500 is being supplied by you the taxpayer and is not being considered in the overall loss figures on the GM union payoff scam.

The UAW also spends about a million and a half a year lobbying for important issues like card check, pension bailouts and the Buy America Act. So in reality taxpayer money was used to pay off unions so that they could then campaign for Democrats and lobby for special favors from those same Democrats. This is change alright. An increase in arrogant corruption that is off the Richter scale.

If we still had the $15 billion Obama blew on failed green companies and the $25 billion lost in the auto union bailout, maybe we wouldn’t have to borrow another $20 or $30 billion from China to rebuild from hurricane Sandy.

And almost half the country will still vote for this charlatan? Insane! An Obama second term will mean national suicide. Obama has already bankrupted the country. Even electing a team who can add and won’t steal from us may not be enough to overcome the damage hurricane Obama has wrought.


By Michael Whipple, Editor usACTIONnews.com


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Also please consider:

Has Obama Already Bankrupted America?

Steve Jobs and the anti-jobs president

More people realizing Obama IS a socialist

Mark Levin: Obama is a Marxist

Obama Has Stolen $5.3 Trillion From Our Children In Order To Make Himself Look Good

Obama’s Achievement – Gov’t Has Become Gigantic Wealth-Transfer Machine

People who will vote for Obama still believe what he says

Return to Debt Mountain

15 Trillion Dollars In Debt, 45 Million Americans On Food Stamps And Zero Solutions On The Horizon


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