Energy Secretary Jennifer Granholm made $1.6 million from an electric car company the Biden administration boosted that just went bankrupt.
Proterra, an electric bus and battery company that President Joe Biden touted as a success of his green energy initiative, filed for bankruptcy in August. Last week, it finally sold its embattled battery business at a rock-bottom price as part of the bankruptcy proceeding. The rise and fall of Proterra demonstrates once again that politicians should refrain from betting taxpayers’ money on business ventures to advance their political agenda.
According to the Wall Street Journal, Proterra has sold only 550 electric transit buses since its founding in 2004. Most of the sales were underwritten by government agencies with federal grants. Proterra’s electric buses were plagued with mechanical defects and other performance issues, such as limited range and long charging times. Besides government subsidies, the company only survived as long as it had due to powerful political connections. Former Michigan governor Jennifer Granholm, Biden’s energy secretary, served on its board.
Despite all the quality issues of its EV buses, Proterra went public in January 2021 and raised $650 million, more than three times its annual revenue. A month after the company’s IPO, Biden tapped Granholm as his energy secretary. Proterra’s political connection to the Biden administration paid off in many ways.
A shining example of using government for personal gain
roterra, an electric bus and battery company that President Joe Biden touted as a success of his green energy initiative, filed for bankruptcy in August. Last week, it finally sold its embattled battery business at a rock-bottom price as part of the bankruptcy proceeding. The rise and fall of Proterra demonstrates once again that politicians should refrain from betting taxpayers’ money on business ventures to advance their political agenda.
According to the Wall Street Journal, Proterra has sold only 550 electric transit buses since its founding in 2004. Most of the sales were underwritten by government agencies with federal grants. Proterra’s electric buses were plagued with mechanical defects and other performance issues, such as limited range and long charging times. Besides government subsidies, the company only survived as long as it had due to powerful political connections. Former Michigan governor Jennifer Granholm, Biden’s energy secretary, served on its board.
Despite all the quality issues of its EV buses, Proterra went public in January 2021 and raised $650 million, more than three times its annual revenue. A month after the company’s IPO, Biden tapped Granholm as his energy secretary. Proterra’s political connection to the Biden administration paid off in many ways.
Granholm sold her Proterra shares for $1.6 million last year. They would have been worth nothing if she had held on to her Proterra shares until this August. The biggest loser of the whole Proterra saga is American taxpayers.
One of the biggest problems that the West faces is governance corruption in the UK me and you could buy hospital equipment cheaper than the NHS and if we run a private hospital we could employ staff cheaper than the NHS and pay the agencies less Nancy Pelosi is a better Trader than Warren Buffett I mean how transparent can you get! We need term limits and we need to get rid of political inside a trading and all lobbying groups
50 percent of Congress is made up of millionaires, compared with only 1 percent of America as a whole. Term limits? Jail time for insider trading. If we did what they do in congress we would be in jail.
But nothing will change until Americans stop supporting the corrupt politicians.
My opinions on corrupt politicians is a little bit harder than just jail time they are ruining countless people’s lives they should have all of their financial assets confiscated and just thrown towards government debt not because it would actually affect government but as a symbol of their complete corruption it’s not just the inside a trading they give their family members lucrative contracts with companies that the politicians have financial interests in recently in Ireland it was discovered the hotels housing the migrants were politician owned they flood the country with international undesirables and charge the taxpayer a inflated price for the hotel rooms and coincidentally the only hotels to get the contracts are owned by politicians and they wonder why people are getting fed up
I understand your anger however the law is the law and doesn’t allow confiscation. This will continue until the majority demands change. Half the country isn’t enough as they remain in power. Pigosi is a perfect example of a politician lining their pockets.
The invasion on the southern border is costing hundreds of billions a year.
Americans could pay up to $451 billion to care for migrants who entered the US illegally, but have been released into the country or escaped from custody, according to a new report due out Monday from House Republicans and obtained exclusively by The Post.
“Every day, millions of American taxpayer dollars are spent on costs directly associated with illegal immigration and the unprecedented crisis at the Southwest border sparked by Department of Homeland Security (DHS) Secretary Alejandro Mayorkas’ policies,” the House Homeland Security Committee interim staff report states.
Compiled from federal and state records, media reports and other public information, the 50-page document outlines the taxpayer costs incurred in medical care, housing, education and other welfare benefits for tens of millions of migrants — to say nothing of the additional costs for law enforcement.
Slurring Biden Says Trump supporters want to ‘cut the Internet.’
“They’re proposing cuts in investments in roads and bridges… The internet… and, uh… hyia high speed internet… The very things… that provy-da-frummah… Anyway… Ish-ish cross the board.”
I don’t know exactly how the law works in America but in the UK we have a proceedings of crime act if you made a million pounds from crime and invested that into property and made 10 million of properties the proceedings of crime act will just take 11 million off of you basically surely you can do something similar to your politicians when Jeremy Corbyn was running to become Prime Minister he’s shadow chancellor was a guy called John McDonald and he wanted to make new laws and prosecute people under those laws before the laws were made I know it’s a slippery slope but these politicians and their family should not all be multi-millionaires due to corruption they should be in the poor house all of them
Insider and several other news organizations have identified 78 members of Congress who’ve recently failed to properly report their financial trades as mandated by the Stop Trading on Congressional Knowledge Act of 2012, also known as the STOCK Act.
Congress passed the law a decade ago to combat insider trading and conflicts of interest among their own members and force lawmakers to be more transparent about their personal financial dealings. A key provision of the law mandates that lawmakers publicly — and quickly — disclose any stock trade made by themselves, a spouse, or a dependent child.
But many members of Congress have not fully complied with the law. They offer excuses including ignorance of the law, clerical errors, and mistakes by an accountant. Insider has chronicled this widespread nature of this phenomenon in “Conflicted Congress,” an ongoing reporting project initially published in December 2021.
While lawmakers who violate the STOCK Act face a fine, the penalty is usually small — $200 is the standard amount — or waived by House or Senate ethics officials. Ethics watchdogs and even some members of Congress have called for stricter penalties or even a ban on federal lawmakers from trading individual stocks.
A Republican-controlled House and Democrat-controlled Senate would need to work together in 2023 and beyond to reignite a congressional stock-ban effort.
Even if you get them to stop inside a trading they will still end up with cushiony jobs with companies in Industries they have no experience in or failing that they’re just do speeches for 100,000 dollars a pop it will definitely be hard to root out corruption from the politicians but it needs to happen Western societies could not continue with this level of corruption
Hopefully not hopefully we can bring in some grassroot politicians because the mainstream political parties have become stale and stagnant and they no longer answer to the people that vote for them
All true. Who are the grassroot politicians that can be brought in… that can actually win an election? Elections are a fraud. We vote. We (most of us) know it doesn’t matter. No grassroot politician stands a chance of being elected (selected) even if they get 90% of the vote. It’s all a sham, and most of us have come to the realization that voting is just basically going through the moves.
All good and necessary… how? “We” have no control or say in anything. “They” have all the controll and say in everything.
The good Dr _M has the only solution as far as I can see… the ammo box. I truly believe it will come to this before there is any changes made for the good of the country. Our politicians are corrupt beyond fixing.
After they stole the election from Donald Trump and absolutely nothing happened other than January 6 which I think we can all agree now was an inside job the reality is the only way out of this is political the American population does not have the belly for a fight/revolution anymore
I am going to disagree with you on that one. Americans still have guns and didn’t manage to sell out like the cucks in the UK and Australia where they gave up their rights to bare arms without a fight.
We’ve had this conversation before, and let me state this once more so you clearly understand. Revolution in the modern age isn’t going to be as simple as North and South with clear defined lines of a shooting war. But one when States take over and stop observing the Federal Government. Once that happens a revolution is fairly easy to achieve. It starts on the local and state levels and we are beginning to see it with Red states verses Blues states and commerce being one aspect that will be used as leverage.
Will shots be fired? Yes but not in same context as most of you arm chair pontificators will envision. It will be a slow grind over time. We are almost there, you just don’t know it because you are not American and can’t possibly understand what it is that I am talking about!