Another freeloader on the green gravy train

obama wind turbineBabcock and Brown was one of 36 companies that went bankrupt, laid off workers or were in critical financial trouble that were offered massive American federal support.

The infamous company, which went belly-up in a cloud of scandal and unanswered questions, received $178 million of US taxpayer money.

This was reportedly the largest grant made under the Obama Government’s 2009 stimulus bill to help support the renewable energy industry through job creation.

The huge handout was given only months before Babcock and Brown went into liquidation.

According to an investigative journalism site, B&B used to money to build a Texas wind farm using turbines made in Japan. (Not to0 many local jobs here, apparently.)

The news highlights the tsunami of money governments have thrown at the renewable energy sector to prop up a deeply flawed technology.

As reported on STT yesterday, a slew of Babcock and Brown and Babcock and Brown Wind Partners executives now run one of Australia’s most high-profile wind developers, Infigen Energy.

When Babcock and Brown went down, it was the nation’s biggest corporate collapse, with losses totalling upwards of $10 billion.

The Sydney Morning Herald business commentator Ian Verrender called it one of the most shameful periods in Australian corporate history.

About stopthesethings

We are a group of citizens concerned about the rapid spread of industrial wind power generation installations across Australia.

Comments

  1. Harry Makris says:

    …The Price of democracy is eternal vigilance ….

    ….It is well enough that people of the nation do not understand our banking and monetary system,
    ……….for if they did,
    ….I believe there would be a revolution before tomorrow morning.

    Henry Ford

  2. It seems that most of the executives of Babcock and Brown now work for Infigen. With all the money paid to the political parties I wonder why Infigen is not collapsing too. Although the company claims they do not donate it seems that they gave $5,000 to one party. So many politicians are for wind power even though turbines need backup 24/7 from coal or gas adding to rising electricity prices. It really makes me angry. Now in Wisconsin the Shirley Wind Turbine Complex has people willing to sue. So maybe the ball will roll on and bring down those who are for these mechanical monsters. They are an industrial machine not a windmill and cause CO2 emissions with their construction and are not “green” renewable energy. They have to go.

  3. Jackie Rovensky says:

    The money misappropriated and taken under false pretences is so enormous how is it these people who were at the centre of this are still walking the streets free. It makes you wonder why it is that you and I can be taken to court for not paying an electricity account, and have our credit rating destroyed, but these people can carry on working with no action taken against them? The only answer I can see is they are VERY VERY lucky with the friends they have.

    • And they all have such VERY VERY BAD KARMA heading their way, compliments of the natural laws of the Universe. And friends Jackie? With friends like them, who needs enemies …… as the saying goes!

Trackbacks

  1. […] the CEO of a REAL energy company – not one drawn up from the bones of a corporate wreck like Babcock and Brown, say, or one that was put together to flog its own turbines like Suzlon RePower – the outfit […]

  2. […] an outfit packed with lunatics and people who find the truth an alien concept – and with a corporate history that would make the boys from Enron […]

  3. […] is the same company that received $174m in US taxpayers funds just before it went […]

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