23 Dec

Elon Musk — Obama’s Triple Dipper [Reader Post]

                                       

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News that the Treasury Department’s Inspector General has opened an investigation to determine whether three solar companies inflated the cost of their work to increase the payments they would receive from the government should send shivers down the spine of the taxpayer-subsidized green energy industry.

The Washington Post reports that SolarCity, SunRun and Sungevity have received subpoenas from the Treasury Department’s office of inspector general for financial records to justify more than $500 million in federal grants and tax credits the firms tapped for performing work. The probe seeks to determine whether the companies accurately reported the market value of their costs when applying for federal reimbursement, which was calculated at one-third of the costs.

The solar companies received money through the Treasury’s $13 billion program, known as the 1603 program, which used funds from President Obama’s stimulus initiative to offer cash grants to clean-energy developers. The three companies, SolarCity, SunRun and Sungevity, have been by far the largest recipients among companies installing solar panels on homes.

SolarCity is the most interesting of the names on the list. Its Chairman, Elon Musk, is an Obama supporter who has used taxpayer funds, not once, not twice but three times to enrich himself. Musk has been able to parlay his political donations and lobbyist contracts with the Obama Administration into loan guarantees and grants. Musk spent $480,000 from 2007 to 2011 to lobby Congress, the White House, EPA and DOE and his company Tesla Motors received a $465 million loan guarantee from DOE’s ATVM program. Tesla’s public offering made Musk nearly $600 million. Likewise, Musk’s company SpaceX has a lifeline of government contracts with NASA that total nearly $1 billion.

Musk’s model for enrichment was replicated this past week as the government-funded SolarCity went public. In a sign that while the public’s appetite for “green investment” may be waning, the stock’s initial price was cut in half in order to hit the

Elon Musk, while brilliant, has become a shining example of crony capitalism in the age of Obama. If you put enough money in the Washington, DC political machine, you can walk out with enough government contracts and loans to enrich yourself greatly. It’s a great gig if you can get it but it certainly not what the Founding Fathers had in mind when they founded the country.

Whether the Treasury Department finds that Musk’s company violated the law remains to be seen. What is more troubling, however, his is continued use to taxpayer funds to make himself rich. That, unfortunately, is not only legal in the world of President Obama, but encouraged.

This entry was posted in Barack Obama, Culture of Corruption, Deception and Lies, Economy, Energy, Environment, Obamanomics. Bookmark the permalink. Sunday, December 23rd, 2012 at 7:00 pm
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22 Responses to Elon Musk — Obama’s Triple Dipper [Reader Post]

  1. Pingback: Anonymous

  2. James Bond says: 1

    I wouldn’t be too hard on Musk; although he is obviously playing the system, he is doing that because that is the hand he was dealt. It’s undeniably true that he and his employees at SpaceX are launching and retrieving cargo at a phenomenally lower price than any previous competitor (even counting all the money that SpaceX has received). His goal is to break the crony monopoly that existed for 40 years which kept launch costs high. He’s making deals with the devil to do it.

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  3. I am not as critical on Elon Musk as I am on many others in the Green Scam Economy.

    A. He is a true venture, risk taker having rolled over much of his own money (from the sale of PayPal) in every venture. He may not be Steve Jobs, but he is the style of high rolling entrepreneur that made this country great. Tesla quickly tapped the private capital markets to raise additional capital and it drew on many private funds before it went public.

    B. Tesla got its government loans under the early Bush-sponsored battery only fund. This was MUCH different animal than the Fisker, Solyndra, A123, Volt sleeze that Obama and his Chicago thugs pulled. The Tesla money was used early on to develop next generation battery (i.e. basic science) technology that was then put into Lotus-supplied shells. I understand this is shades of grey and picking winners and losers is not the role of government, but I am for basic science funding and this fit within the outside of those margins.

    C. Tesla is making the Model S in the United States in a retrofited Toyota plant. Fisker and others were built overseas.

    All in all, Elon is playing the cards that are being dealt to him, and he is put upping a lot of his own money, which is by no means a sure payoff.

    I think it is important for conservatives, libertarians, etc. to look into things a little bit more before dumping all of Obama’s stupidity in one bucket.

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  4. El-lobo says: 3

    @James Bond:

    If you are assisted cheek-by-jowl by NASA, have all the free money from the government you could ever want, why it’s simple to build a rocket to space at a tenth the expected costs– I’m surprised it wasn’t one- hundredth. Take all the engineering support and subsidies away then let’s see how cheap the launch was.

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  5. liberal1(objectivity) says: 4

    Besides, Tesla has developed one of the fastest production cars in the world.

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  6. James Bond says: 5

    @El-lobo: The fact is, that the pre-existing crony monopoly of Lockheed and Boeing got many hundreds of times more of our taxpayer money from NASA than did Elon Musk, and they were not able to deliver cargo to the Space Station for any price.

    Also, Musk is being paid for specific deliverables; if he doesn’t deliver, then he doesn’t get paid. On the other hand, the pre-existing crony monopoly of Lockheed and Boeing have been feeding on “cost-plus” contracts for 40 years, where they get paid for all their “costs”, plus some extra money for profits, whether they actually deliver anything or not.

    All in all, signing small money contracts with small companies like SpaceX with specific deliverables spelled out in the contracts is miraculously already producing space missions such as we haven’t seen from American companies for the past 40 years. This is the better way to go (unless you are a paid spokesman for those companies that are being displaced, of course).

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  7. CML in Maine says: 6

    That’s like the scammer known as Angus King, aka Senator Angus King.

    His buddies at Yale were able to suck extra money from the DOE for their scam wind farm in Roxbury, Maine.

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  8. retire05 says: 7

    Breitbart is reporting that Musk just purchased a $17 MILLION mansion. Guess it pays to play with Barack Hussein Obama, Jr.

    But my God, can you just hear the outrage from the left if Musk was a Romney supporter? At least he wouldn ‘t have gotten all that taxpayer money building cars nobody wants except other wealthy liberals who believe in wealth redistribution, well, that is, except for their wealth.

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  9. SO those are the moneys we hear are circulating and recirculating back to the origin , naming OBAMA,
    it’s a forever pool of money with players such as those named above, all on the pockets of people’s money, he call it yes redistrIbution?
    to my word it is the most criminal actions done within AN WILLING GOVERNMENT AND A FEW LIBERALS COMPANIES, FOREVER PLAYING CRAP GAMES, WHILE THE PEOPLE GET RUIN, JOBLESS AND CHOKES
    BY INTITELMENTS FROM OBAMA POLICIES ON A MULTIPLE SCALE,

    ReplyReply
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  11. jackie cox says: 9

    P R Stunts like this post fill the internet with pro elonmusk-obama misinformation. since obama took office and gave satellite launches to obama we have dropped from 87 % of launches to less than 25 %, forcing the airforce to launch their own satellites—elon musk is a professional swidler, political donor kickback specialist. using fired NASA actual aerospace scientists he has gotten off a few successful launches along the same type as we had in the 60′s with splashdowns and thats it. his installing chinses solar panels on military bases slotted for closure, and tsla spending near 2 billon since 2002 to get near 4,000 cars made selling them for around 100,000 that if the math is correct costs about 500,000 to build, most taxpayer money, or the unwary investor falling prey to P R Stunts like this one.

    Time will take care of both, in a not so pleasant way

    Time will deal with the dynamic duo of criminality regardless of the misinfomation printed here

    ReplyReply
  12. jackie cox
    yes they will have to pay, all this abuse on THE PEOPLE’S MONEY,
    THERE WILL NOT BE ANY COMPASSION FOR THEM,
    BYE

    ReplyReply
  13. jackie cox says: 11

    Stating elon musk is brilliant might be stretching reality because most who work with him see him as an uniformed tyrant, always a shouting match then the disappearing act leaving behind a mess that often leads to real design problems, his claim to be the so-called inventor of Tsla motors is made with a 20 million dollar gag order settlement to its founder Mr Eberhardt. the company stolen in a hostile takeover made popular by bankruptcy artist where toronto is the infamous training ground, where you can hide out after stealing from the USA, the last more famous NYSE investor scam ” sharper image ” who declared bankruptcy, after taking the stock and trade back to toronto, where the idea was hatched. His claim to Pay-Pal is likewise phony as his friends came up with the idea and he put some money in becoming a 16 % share holder when it was worth nothing, he was on the board of directors for near 6 months before being fired by the board. Spacex is a real political donor kickback company, government funded, his self acclaimed rocket designs are russian copies of liquid-oxy rockets dating back to 1916 the first russian design, being successfully launched first in the mid 1920′s, any of the few successful launches spacex has gotten off has been with fired NASA rocket scientists, and NASA launch facilities. Solar city a total government grant program where he simply hires men to install chinese solar panels on military bases some which are slotted for closure—it does not require much intel to be a government grant criminal, backing comes from the mob, currently occupying our nation

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  14. jackie cox says: 12

    criminality has a problem prosecuting themselves, thats why obama and holder are still free, along with elon and virtually all big supporters of obama, who promised to reward his supporters and punish his opponents, all with the mostly poor american taxpayer dollar.

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  15. jackie cox says: 14

    @liberal1(objectivity): 500 thou to produce, selling it for 100 thou, no profit since he took it from eberhardt the designer/founder, what are the odds of an eminent bankruptcy ? eh ?

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  16. jackie cox
    I’m glad you are back here from 2009,so we can answer other
    who claim that OBAMA SPEND BILLIONS ON THE MILITARY,
    WHEN SOMEONE SAID ABOUT THE SOLAR PANNELS INSTALLATION DEAL FROM OBAMA
    AND FRIENDS LIKE ELON MUSK, WHICH DID NOT GIVE ANYTHING TO THE MILITARY
    HIS INVESTMENT WAS TO RETURN TO FILL UP HIS OWN BANK ACCOUNT,
    WE ARE JUST IN TIME TO CLEAR THAT FOR THIS 2013 AUGUST,
    BEST TO YOU

    ReplyReply
  17. jackie cox says: 17

    when they are in jail or at the end of a rope will be a good day

    ReplyReply
  18. jackie cox says: 18

    their end is getting closer

    ReplyReply
  19. JACKIE COX
    HI,
    THEY WON’T BE ACCEPTED IN A BRILLIANT BLUE STAR,
    THEY WILL BE SUCKED IN THE BLACK HOLE,

    ReplyReply
  20. jackie cox says: 20

    Ha Ha Ha. Your probably right more likely than not, phonies last so long

    ReplyReply

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