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-You know, ain't that corporate world crawled.
Last year at this time, Siemens Chief Executive, Peter Loscher was an international rock star.
Now, just on the rocks, out after earnings report said never measured it up.
But we are getting more details why Loscher got shown the door? It wasn't that he wasn't making enough green, it was-- that he was pushing too much green, too many green technology initiatives.
So, oftentimes, at the best of President Barack Obama, who prays his efforts and Siemens highly favored technologies.
Even those technologies that never paid off and also them that cost Loscher his job.
So does President Obama actually held this kind of apology and [unk] American taxpayers who had been burned on these investments as well.
Let us ask Washington Examiner Columnist, Timothy Carney.
Well, you know, I can remember Tim, to your point on it, you know, the President holding Siemens up as an example, leaving the charge on all of these green stuff and now this guy's just in stuff.
-Well, yes, in 2009, 2 years after Loscher came into the CEO job, he said we're going to transform Siemens into a green infrastructure giant, green energy giant, and he succeeded in getting a vast majority of the market share and things like the European win market.
But guess what, that didn't turn out to be profitable.
It depended on more subsidies, more help from European governments that haven't been able to pay because of their problems.
He got U.S.
government subsidies for exporting gas power turbines to Saudi Arabia.
And Obama held them out in the set of the union address but chasing subsidies it turns out might not be a very sustainable business model.
-You know, I always think it's the [unk] the President than holds you up as an example.
There were some embarrassment when he popped up at this Amazon facility to talk about how Amazon is a great role model and whether you agree or disagree but unions were bemoaning the fact that it doesn't pay those jobs enough and whether it's cylinder or popping up at a plan and showing how great its technology is and the planet goes [unk], if you're getting high price to the President or is inviting you or key members to State of the Union Address, you should run the other way.
-I wonder if you could start an investment from shorting the things that President Obama praises.
But the real problem here is what is President Obama looking for? Companies that can get subsidies and then profit in the short term after that, I think again and again that didn't work.
It didn't work with President Bush with his mandates for Ethanol.
All the new Ethanol companies had spread it up.
A lot of them failed, had to sell out to the bigger guys or turn into oil refinance.
-And by the way, it only prompted a run up in corn related prices and showed up at zero to prove right.
-And so the inputs, yeah, the inputs became really expensive for this Ethanol guys.
So, for me, the lesson-- I'm not gonna take the Obama's I got the opposite of the golden touch lesson.
I'm going to say that if you are investing in something because governments now are favoring in it, are favoring that technology that that's not sustainable.
All sorts of things could happen.
In 2009, when Siemens went this way, invested in all these solar companies, Obama was the rock star.
2010, we got the Tea Party and we got cylinders collapse.
So, don't-- -You know, you could-- here's what they're argument is in favor of this type of government push.
That is our government pushing this.
The China is pushing it.
-And that Siemens was up against the wall because everytime it was getting into these technologies and gaining markets here, the Chinese would simply buy more and finance their efforts and the response Washington was while we do as a government, have to be bigger than this because the Chinese are big into this.
That is the response and then you just go ahead and let them buy their way into these markets and dominate these markets.
-Yeah, and I'll add-- Siemens is a German company.
In fact, it's a national sort of industry champion for Germany and General Electric executives often point to Siemens and saying the U.S.
should sort of champion GE in the same way that Germany champions Siemens.
And my answer is, you know, the North Koreans are beating us in the race to have really tall buildings and we don't think we need to match them.
Just because another country is investing in something doesn't mean we have to and if they need government subsidies, that's a sign that maybe we should back our way from that industry.
Very good having you, Tim.
-Timothy Carney, of the Washington Examiner in DC.
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