Green Energy Really Is a Ponzi Scheme

Some stories are just perfect. As reported by the Washington Free Beacon, this is one of them: “Green Energy Execs Praised by Clinton Foundation Indicted for $54M Ponzi Scheme.”

Executives of a Pennsylvania green energy company singled out for praise by Bill Clinton were arrested on fraud charges on Thursday in connection with an alleged Ponzi scheme.

The individuals are facing charges of wire fraud, securities fraud, and conspiracy over their roles in running a green energy company that authorities say was an elaborate $54 million Ponzi scheme, the Associated Press reported.

The endorsement from the Clinton Foundation was still on the website:

Mantria Corporation commits to help mitigate global warming through the use of its Carbon Fields site, where Mantria will perform trials on their product BioChar, a carbon-negative charcoal, to prove how this product can sequester carbon dioxide, improve soil quality when buried, and reduce emissions in developing countries.

It was all a lie. They told investors they were making profits while they never saw any real earnings. Instead they used later investor money to pay themselves and earlier investors.

A carbon-negative charcoal that can sequester carbon dioxide? Why would anyone believe such a thing is real. It is ridiculous to think that keeping a natural element out of the air that plants need to live (and, therefore, that humans need so that plants can keep putting oxygen in the atmosphere) is desirable.

But much of Green Industry, instead of being a rational investment in the future, is more like a ponzi scheme. It is an unsustainable plan based on false information and mythical assumptions about the future. The entire solar panel industry is going to soon need a bailout because none of it was ever sustainable. Just like Mantria executives used later investors to pay off earlier investors, the entire industry is going to require a bailout from taxpayers.

These executives are charged with a crime for doing what the government does all the time.


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Comment by Kathy Sherman on September 11, 2015 at 1:09am
This is a somewhat better coverage from AP. Points are when: 2005-2009 and thankfully no bailout by ARRA. What: Really a huckster, unlicensed, selling at investment seminars - don't go to get-rich quick seminars. Good: SEC did its job. Basic problem: the homes in TN that supposedly backed the securities sold were either unbuilt or unsellable/uninhabitable. Actually, I don't know that many, many investments are not backed by even less, and that is what has my pitiful 401k and IRA in trouble. Sounds like swampland in Florida that folks bought in the 70s.

Carbon capture, on the other hand is something being pursued. Couldn't they sequester it as dry ice and dump it to cool warmed waters (apparently happening along New England coast to an extent that nuclear powered generators recently did not meet requirements for intake temp.).
Waste to energy is pretty big too. On the ISO-NE grid, municipal waste has been the second largest "renewable" all summer, only wood is greater and wind pitiful, PV nearly non-existant. Hopefully PV was being used on-site and reducing demand, but we will be paying a premium for it anyway - up to 100x the wholesale price of electricity, thanks to state mandated solar carveouts, not the federal tax credit.

That is the bubble that has, in some ways, already burst. In the rush, companies went under and sub-contracters were not paid or did not perform so there are a lot of lawsuits. No doubt it will be saved.

But the main reason to eliminate tax credits is to eliminate another, less obvious huckster - tax equity financing. It is huge and I bet that is what the Clinton Foundation endorsement is really about, or was about. They do need to update their records.

Hannah Pingree on the Maine expedited wind law

Hannah Pingree - Director of Maine's Office of Innovation and the Future

"Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine."


Maine as Third World Country:

CMP Transmission Rate Skyrockets 19.6% Due to Wind Power


Click here to read how the Maine ratepayer has been sold down the river by the Angus King cabal.

Maine Center For Public Interest Reporting – Three Part Series: A CRITICAL LOOK AT MAINE’S WIND ACT


(excerpts) From Part 1 – On Maine’s Wind Law “Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine if the law’s goals were met." . – Maine Center for Public Interest Reporting, August 2010 Part 2 – On Wind and Oil Yet using wind energy doesn’t lower dependence on imported foreign oil. That’s because the majority of imported oil in Maine is used for heating and transportation. And switching our dependence from foreign oil to Maine-produced electricity isn’t likely to happen very soon, says Bartlett. “Right now, people can’t switch to electric cars and heating – if they did, we’d be in trouble.” So was one of the fundamental premises of the task force false, or at least misleading?" Part 3 – On Wind-Required New Transmission Lines Finally, the building of enormous, high-voltage transmission lines that the regional electricity system operator says are required to move substantial amounts of wind power to markets south of Maine was never even discussed by the task force – an omission that Mills said will come to haunt the state.“If you try to put 2,500 or 3,000 megawatts in northern or eastern Maine – oh, my god, try to build the transmission!” said Mills. “It’s not just the towers, it’s the lines – that’s when I begin to think that the goal is a little farfetched.”

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