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First yet another firm that got a government Green energy load is in serious trouble.
Battery manufacturer and -- -- that now delisted from the NASDAQ even -- received a grant for 118.
Million in taxpayer money.
Vice president Joseph Biden visited the Ener1 battery plant back in January -- more ammunition for my next guest is Republican congressman cliff Stearns.
He's the chairman of the subcommittee investigating Green loans like this one and of course there is Solyndra congressman and chairman good to see a thank you for coming yet.
What do you know about -- -- one.
I don't know -- too much about that when David obviously were disappointed.
You know over the weekend also beacon power upstate New York has stayed in town New York also went bankrupt so.
You can see there's a train here so I think it's very very.
Enlightening to see that the president.
Herb Allison was appointed by him to look at all these energy loans -- department of energy and I welcome that.
But unfortunately David I think they should've been done before the horsemen of out of the bar.
Well -- the question is what they're gonna do now why is specifically this group got a grant for 118 million dollars.
They've already drawn down 55 million dollars and they may get more today we heard from the Energy Department at any additional funds received from the government.
Would need to be matched dollar for dollar -- their own investment talking about and -- one.
I would say just you know cut the money right now whether or not they get private investment or not what would you say you.
I I agree with you because a lot of these loans are in areas that.
We're at an unfair advantage with China because they're flooding the market with -- Frankly solar manufacturing -- and wind turbines and also they have access to this very low.
Labor rate as well as raw materials and we have so much regulation over here so I think the president should look carefully at all these.
Green energy Department of Energy loan guarantees which as you know understand David they're not a loan guarantee there's no private investor.
Other than the government cutting a check out at treasury given the DO we ideally gives it to these companies so taxpayers actual loses money directly.
And I just think with the deficit what it is it's not a good sign to continue to fund these type of loan guarantees.
Well into your point about expertise of this particular company and -- -- again I want an American -- succeed.
But there are a lot of analysts and there's one in particular -- -- son who's in an analyst specifically on battery -- says.
The electric battery market at the moment is a highly competitive one smaller players like Ener1 will struggle in such a competitive market.
Again the government's betting on the wrong -- Well I think.
Think the government saying we've got to stay competitive in -- alternative energy.
Policy and I understand that but at the same time I think if you give it to the R&D section.
This country through university through institution like -- Sandia labs in New Mexico and let them define the competitive advantage we have then.
Commit let private investment committee and not the taxpayers I think we're better off instead of committing money into the manufacturing cycle and picking winners and losers let the free market do that in this country.
All right well let's let's get down talking about the granddaddy years so Linder at least so far the granddaddy half -- half a billion dollars down the tubes.
Thursday is is when you expect the government to respond the White House.
To responded to your subpoena for information about -- did you get any word yet from the White House as to whether they're gonna respond.
Well no but.
We assume that what's gonna happen is -- issue the subpoena this Thursday.
It'll be an up or down vote with the Democrats Republicans.
I'm voting for and I hope most of -- Democrats will support us because all we're we're saying is the inner circle of the White House the west -- we just like to see.
The email to communications of these folks having -- -- -- we have.
Valerie Jarrett who is a senior advisor to the president it was on one of the emails we -- have so we know that.
The inner circle is already communicating back and forth and so and with the department energy.
So all we're asking is for these now the president obviously take executive privilege here but frankly I don't think this is national security.
Well what happens though if if on Thursday get some Democrats on board you the issue the subpoena.
And a White House doesn't respond or they try to stone -- and some other way what do you do that.
Well the procedure is.
Then the president has to delineate which ones are.
Executive privilege he doesn't have to shown to us but he has to delineate every one of those and show which ones that he wants to protect or shall we say.
So we get a chance to see what he's talking about but at the same time we're gonna point out there's many many others that are not in this.
Delineated file that you gave us Mr.
President that we want to see so he asked him feeling defend his executive privilege he just can't have a blanket.
Executive privilege he's got to actually -- -- and show which -- he's talking.
About odd that the risk -- second guessing the present before it's happened and it isn't it fair to say that there is no executive privilege there's no.
National security issues involved here.
Now I mean we're just talking about what happened on cylinder.
It's nothing to do with NASA security were asking where the taxpayers' money went and and frankly we're just trying to understand -- the White House actually pushed this out knowing that was gonna fail.
And they -- -- that know -- that was gonna fail.
What was the reason why they did this and so I think the American taxpayer deserve an answer so -- and the flip -- wanna protect that information because it it's really.
-- we say transparent information that taxpayers deserve to know.
Have you tried to reach out to the White House to avoid any -- constitutional -- And say look at it well how do you plan to responded as if it's issue.
It well we had -- David we've sent letters and -- call over there.
We've got to have pretty much a Stonewall on this case they feel that the inner circle of the west wing is off bounds we have no right to ask this information.
We disagree under the constitution is the chairman of the oversight.
I have the responsibility in fact to have oversight of the executive branch.
As John just asking for this little loan in their opinion is little because the president said it's just one of those loans.
It's anomaly that I don't think so I think -- half -- billion dollars as the size Obama about a money and I just wanna get to the bottom out how this actually.
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