GE guts wind power plans after collecting $125 million tax dollars for wind power projects.

GE was awarded 44 contracts totaling over $46,000,000 and 44 grants totaling more than$79,000,000 from the Obama-Pelosi $757 billion dollar stimulus package.
Millions of dollars in stimulus funds were used by GE in green energy projects.

Today GE announced that it was going to gut its offshore wind-power plans.

dailybail.com

GE received $125 million in tax dollars, after paying no taxes.
Coincidentally, GE's CEO, Jeffrey Immelt heads President Obama’s Economic Advisory Panel.

After receiving the $125 million, GE decided there was no future in wind power.

General Electric, the U.S.-based industrial giant and leading manufacturer of wind-power turbines, is scaling back efforts to expand its presence in the offshore wind power market.

The rationale: there is no meaningful offshore wind market to speak of – at least not yet.

forbes.com

So taxpayers are screwed out of hard earned dollars to fund GE's market research.

O man...Project Gun Runner... Now under investigation for Solarindra or w/e...AND more shady dealings with tax payer $ to GE? I smell impeachment and prison time on the horizon for a few people...at the top..

This comes on the heels of the growing Solyndra scandal.
Taken together, it might seem Obama has been rewarding his cronies with stimulus funds!

Surprise, Surprise!!

reply to post by Old77

I smell impeachment and prison time on the horizon for a few people...at the top..

God, how I wish!
Somehow I doubt either will happen, though.

Gotta run, DWTS is on! (j/k)

well i don't think its such a bad thing although it wasn't my tax dollars spent on it....but they said scaling back and getting out of off shore....it doesn't mean they are NOT going to continue to look into it but atm there isn't any money to be made so you guys have a choice....and also id like to add they didn't say there were firing or laying off people so...to the choices..

1. they waist all that money on something they already know isnt going to make the money back and it will just be a waist...or
2. pull back and spend the money somewhere else that will bring money in and possibly more long term jobs...or
3. take the money and claim bankruptcy....and walk away with your money....haha like the solar power place did.


but then again it was for green energy off shore is the only place there stopping....and scaling back....so they n ever said that they were completely stopping all green power research and what not...