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Our Administrations Pick & Choose Companies to Support with Money.
Should they? The short answer is No! It's not in their job description and they have proved they continually fail in this endeavor with our tax dollars.
The Biden administration has awarded Intel Corporation approximately $7.865 billion in funding through the CHIPS and Science Act. This funding supports Intel's semiconductor manufacturing projects across several states, including Arizona, New Mexico, Ohio, and Oregon.
Initially, the administration proposed up to $8.5 billion in direct funding for Intel and an additional $11 billion in loans announced earlier in 2024. However, the final amount was reduced due to Intel's receipt of a $3 billion military contract for semiconductor production, which affected the total federal support it could receive under the CHIPS Act.
In response, Pat Gelsinger, CEO, has concentrated on cost-cutting, leaving the revenue side of the equation blank. This included the layoff of 15,000 employees, or about 15% of its total employees. Without the effort of achieving additional revenue, Gelsinger lost a staggering $16.6 billion in the most recent quarter and had a 60% stock decline.
The board of directors presented him with the option to resign or be dismissed. He resigned effective 12/1/2024 with a total severance package estimated to be between $7M and $10 million. It's an educational plan on how to fail and make millions, then get a welfare check from the administration paid for by taxpayers. This was a welfare check, not a loan.
This is not a one-time event from our current and former administrations.
Failures bankrolled by taxpayers.
In almost all cases CEO's severance packages were generous.
1. Paycheck Protection Program (PPP) - Recipients: Between $228 and $509 million.
2. General Motors (GM) - $51 million.
3. Chrysler - $12.5 million.
4. Consilient Technologies (a Canadian firm) Estimated millions of dollars.
5. Solyndra - $535 million and months later went bankrupt but not before CEO received a lucrative severance package.
6. Abound Solar - $400 million.
7. Fisker Automotive - $529 million (electric vehicle went bankrupt)
8. Beacon Power - $43 million (bankrupt and awarded bonus to executives shortly before collapse)
9. Calisolar - $275 million.
10. SpectraWatt - $(Green energy failed)
Considerations:
The money given to companies becomes inflationary with a cause and effect of people being able to buy a home or increase their disposable income.
Should these practices be part of the Department of Government Efficiency (DOGE) review? Is it possible we can save some taxpayer dollars?
Should they? The short answer is No! It's not in their job description and they have proved they continually fail in this endeavor with our tax dollars.
The Biden administration has awarded Intel Corporation approximately $7.865 billion in funding through the CHIPS and Science Act. This funding supports Intel's semiconductor manufacturing projects across several states, including Arizona, New Mexico, Ohio, and Oregon.
Initially, the administration proposed up to $8.5 billion in direct funding for Intel and an additional $11 billion in loans announced earlier in 2024. However, the final amount was reduced due to Intel's receipt of a $3 billion military contract for semiconductor production, which affected the total federal support it could receive under the CHIPS Act.
In response, Pat Gelsinger, CEO, has concentrated on cost-cutting, leaving the revenue side of the equation blank. This included the layoff of 15,000 employees, or about 15% of its total employees. Without the effort of achieving additional revenue, Gelsinger lost a staggering $16.6 billion in the most recent quarter and had a 60% stock decline.
The board of directors presented him with the option to resign or be dismissed. He resigned effective 12/1/2024 with a total severance package estimated to be between $7M and $10 million. It's an educational plan on how to fail and make millions, then get a welfare check from the administration paid for by taxpayers. This was a welfare check, not a loan.
This is not a one-time event from our current and former administrations.
Failures bankrolled by taxpayers.
In almost all cases CEO's severance packages were generous.
1. Paycheck Protection Program (PPP) - Recipients: Between $228 and $509 million.
2. General Motors (GM) - $51 million.
3. Chrysler - $12.5 million.
4. Consilient Technologies (a Canadian firm) Estimated millions of dollars.
5. Solyndra - $535 million and months later went bankrupt but not before CEO received a lucrative severance package.
6. Abound Solar - $400 million.
7. Fisker Automotive - $529 million (electric vehicle went bankrupt)
8. Beacon Power - $43 million (bankrupt and awarded bonus to executives shortly before collapse)
9. Calisolar - $275 million.
10. SpectraWatt - $(Green energy failed)
Considerations:
The money given to companies becomes inflationary with a cause and effect of people being able to buy a home or increase their disposable income.
Should these practices be part of the Department of Government Efficiency (DOGE) review? Is it possible we can save some taxpayer dollars?
Budget
Policy
Posted 15 d ago
Responses: 3
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SPC Jeff Daley, PhD This government funding of corporations is beyond my comprehension. Business are in business to provide a product or services. Aren’t they? If their product or service does not earn money, maybe the business is no longer viable and they should not be in business?
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SPC Jeff Daley PhD : STAGGERING!
INSIGHTFUL POST TO SAY THE LEAST. WELL DONE.
INSIGHTFUL POST TO SAY THE LEAST. WELL DONE.
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SPC Jeff Daley, PhD
SrA John Monette Elon Musk's companies have received substantial financial support from the U.S. government through various channels, including contracts, loans, and subsidies. This funding has played a critical role in the development and success of his ventures, particularly SpaceX and Tesla.
Department of Energy Loan: Tesla received a $465 million loan from the Department of Energy in 2010 to support electric vehicle production, which was repaid in 2013.
Environmental Credits and Tax Incentives: Tesla has benefited from selling environmental credits and federal tax credits for electric vehicle buyers, totaling over $517 million by 2015.
Pandemic Relief: During the COVID-19 pandemic, Tesla accepted payroll-related benefits as part of federal relief efforts.
SolarCity (now part of Tesla):
SolarCity received approximately $497.5 million in direct grants and tax credits from the U.S. Treasury Department for solar energy projects.
Most of the money was provided to promote the Green initiative of the administration. Musk was not mentioned because he did not go bankrupt and he paid off the loans he received from the government. However, he does fall into the category of getting government funding (grants) to push administrations ideology. Is taking taxpayer money to pick and choose winners and promotes losers in the purview of the government. The simple answer is no.
Department of Energy Loan: Tesla received a $465 million loan from the Department of Energy in 2010 to support electric vehicle production, which was repaid in 2013.
Environmental Credits and Tax Incentives: Tesla has benefited from selling environmental credits and federal tax credits for electric vehicle buyers, totaling over $517 million by 2015.
Pandemic Relief: During the COVID-19 pandemic, Tesla accepted payroll-related benefits as part of federal relief efforts.
SolarCity (now part of Tesla):
SolarCity received approximately $497.5 million in direct grants and tax credits from the U.S. Treasury Department for solar energy projects.
Most of the money was provided to promote the Green initiative of the administration. Musk was not mentioned because he did not go bankrupt and he paid off the loans he received from the government. However, he does fall into the category of getting government funding (grants) to push administrations ideology. Is taking taxpayer money to pick and choose winners and promotes losers in the purview of the government. The simple answer is no.
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MSgt Michael Bischoff
As much as his grubby little hands can hold. you know the tax money he doesn’t pay.
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