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Thread: Another Energy Company Goes Bankrupt, $39 Million Borrowed From Taxpayers

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    Re: Another Energy Company Goes Bankrupt, $39 Million Borrowed From Taxpayers

    Quote Originally Posted by AdamT View Post
    These sorts of energy companies are a high risk, high reward proposition. No one realistically thinks that ALL of these companies are going to succeed. It isn't a scandal if one or two of them fail.
    It isn't a scandal anymore, though it once would have been.

    It seems that a large segment of the American public has become accustomed to their tax dollars being used by their president as venture capital, despite his well known lack of experience in either business or management. Why this is so is difficult to say but it's definitely there.

    Of course, now that the precedent has been set and the people approve these wildcat investments, all presidents will feel they can use public money for their pet projects and will never have to face the consequences. Even if they are not re re-elected they and their associates will still be set for life.

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    Re: Another Energy Company Goes Bankrupt, $39 Million Borrowed From Taxpayers

    Quote Originally Posted by Grant View Post
    It isn't a scandal anymore, though it once would have been.

    It seems that a large segment of the American public has become accustomed to their tax dollars being used by their president as venture capital, despite his well known lack of experience in either business or management. Why this is so is difficult to say but it's definitely there.

    Of course, now that the precedent has been set and the people approve these wildcat investments, all presidents will feel they can use public money for their pet projects and will never have to face the consequences. Even if they are not re re-elected they and their associates will still be set for life.
    You mean like, Halliburton?
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    Re: Another Energy Company Goes Bankrupt, $39 Million Borrowed From Taxpayers

    Quote Originally Posted by EagleAye View Post
    You mean like, Halliburton?
    Did the government supply venture capital to Haliburton?

    If so how many millions were involved and do you agree with them doing that??

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    Re: Another Energy Company Goes Bankrupt, $39 Million Borrowed From Taxpayers

    Quote Originally Posted by drz-400 View Post
    Your right, how many people actually owned a home prior to the governments involvement?
    Most people who lived in one.

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    Re: Another Energy Company Goes Bankrupt, $39 Million Borrowed From Taxpayers

    Quote Originally Posted by AdamT View Post
    These sorts of energy companies are a high risk, high reward proposition. No one realistically thinks that ALL of these companies are going to succeed. It isn't a scandal if one or two of them fail.
    Something that the government has no business being involved in.

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    Re: Another Energy Company Goes Bankrupt, $39 Million Borrowed From Taxpayers

    Quote Originally Posted by MaggieD View Post
    Here we go again . . .


    This is out-and-out theft from the taxpayers. When do the prosecutions start??

    This is getting real suspicious...and needs to be investigated...I dont care if its dems or gop all crooks look alike....and this energy company crap is starting to stink to high heaven

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    Re: Another Energy Company Goes Bankrupt, $39 Million Borrowed From Taxpayers

    Quote Originally Posted by Grant View Post
    Did the government supply venture capital to Haliburton?

    If so how many millions were involved and do you agree with them doing that??
    Well, let's see. Halliburton could never have set up shop in Iraq if the American military didn't pacify Iraq first.

    So...

    How does $757.8 billion grab you?
    Financial cost of the Iraq War - Wikipedia, the free encyclopedia
    The report disavowed previous estimates of the Iraq War's cost as being under $1 trillion, saying the Department of Defense's direct spending on Iraq totaled at least $757.8 billion, but also highlighting the complementary costs at home, such as interest paid on the funds borrowed to finance the wars and a potential nearly $1 trillion in extra spending to care for veterans returning from combat through 2050
    And since I'm a generous guy, I'll give you that 80% of that cost from American taxpayer money went towards freeing the world of a dangerous tyrant and spreading the concept of freedom and democracy to another nation.

    So then the remaining 20% of 757.8 Billion = $151.56 Billion outlayed by the American taxpayer so companies like Halliburton are free to do their business. Should I be expecting my dividend check from Halliburton anytime soon? I mean my taxes helped pay for their contracts, right?
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    Re: Another Energy Company Goes Bankrupt, $39 Million Borrowed From Taxpayers

    I think the difference between these two projects is that loans were guaranteed. That's completely different from "funding research." Here's the Master Government List of Federally Funded Research and Development: Master Government List of Federally Funded Research and Development Centers

    Covers these areas:

    Department of Defense
    Department of Energy
    Department of Health and Human Services
    Department of Homeland Security
    National Aeronautics and Space Administration
    National Science Foundation
    Nuclear Regulatory Commission
    Department of Transportation
    Department of the Treasury

    In all of this research, almost every single project is managed by a nonprofit, university, or government agency. I could find only three industrial companies receiving research money from the U.S. Government:

    Idaho National Engineering and Environmental Laboratory -- (Battelle Energy Alliance, LLC [7]), Idaho Falls, ID
    Sandia National Laboratories -- (Sandia Corporation, a subsidiary of Lockheed Martin Corp.), Albuquerque, NM
    Savannah River Technology Center -- Westinghouse Savannah River Co.), Aiken, SC

    So. The research program is by-passed and industrial winners/losers are picked. With -- so far -- two losers standing tall. I'm not blaming this on one party or the other, but if the Executive Branch hand-picked these firms, then we have to look at the wisdom of allowing that to happen. Waaay too much room for political payback, stock market investment gains, etc.

    In the early 2000's, Beacon's share price was around $20. In August, 2010, when our government guaranteed their loans, their stock price was under $5.00. In just over one year, with that wonderful influx of capital, this company's stock is now trading at just over 8 cents per share. Who picked it? Who shorted it??
    Last edited by MaggieD; 11-01-11 at 05:28 PM.
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    Re: Another Energy Company Goes Bankrupt, $39 Million Borrowed From Taxpayers

    The Fed plowed billions into Wall Street. Did they use it to invest in these high risk/high rewards companies? No. They used it to invest in oil and other commodities.

    Seems fair doesn't it? We pay higher prices so Wall Street can pick off the low hanging fruit and then we get to lose who knows how much more on the ventures they won't touch.

    And some people still believe that people have nothing to be pissed over.

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    Re: Another Energy Company Goes Bankrupt, $39 Million Borrowed From Taxpayers

    Quote Originally Posted by AdamT View Post
    These sorts of energy companies are a high risk, high reward proposition. No one realistically thinks that ALL of these companies are going to succeed. It isn't a scandal if one or two of them fail.
    You gotta be kidding, right? Any company that can't realistically succeed shouldn't be gettng a government loan.

    "high reward"!
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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