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Tesla Falls Behind on Production Targets

EV maker's SEC filing outlines plans to meet projections.

by on Sep.26, 2012

Tesla Motors CEO Elon Musk with the Model S.

Tesla Motors, the ambitious electric vehicle start-up company spawned by California billionaire and  entrepreneur Elon Musk, acknowledged in its filing with the U.S Securities and Exchange Commission it was falling behind in its efforts to produce its sleek new EV, Model S, leaving the company in danger of  failing to meet the terms of its $465 million loan from the U.S Department of Energy.

Consequently, Tesla is looking to sell $128 million in new stock, seeking relief from the terms of  its loan from the U.S. Department of Energy and  negotiating new deals with suppliers, the company said in its SEC filing.

Electrifying News!

Tesla’s disclosure comes during what is already a bad week for the builders of electric vehicles. Chrysler Group announced Monday it was suspending testing of more than 100 plugin electric pickup trucks because of unexplained battery fires, while Consumer Reports panned the $107,000 Fisker Karma in its review.

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Car Czar from Wall Street Faces S.E.C. Ban?

Bribes by Democratic contributor Steven Rattner are an issue.

by on Jun.04, 2010

Are you shocked that kickback money played a part in New York politics?

I'm shocked, shocked that money played a part in a Wall Street contract.

A Wall Street financier who was the Obama administration’s Car Czar is apparently fighting a Security and Exchange Commission move to ban him from working in the financial industry for his part in a “pay to play” scheme.

According to numerous press reports, Steven Rattner, who masterminded the Treasury Department bankruptcy filings of General Motors and Chrysler last year, is under investigation by Andrew Cuomo, New York’s ambitious and Democratic attorney general.

Cuomo  looked at his role as part of the Quadrangle Group in a kickback scheme that netted the firm millions of dollars of business from a New York State pension fund.

The problem in trying to sort out this controversy is that the source, or sources, are un-named in the stories claiming that a brouhaha is underway between the Obama Administration, a politically ambitious prosecutor and yet another federal regulatory agency that failed to do its regulatory job.

According to the gossip, the U.S. Security and Exchange Commission wants to ban Rattner from the business for several years because of Quadrangle’s conduct. Rattner resigned his Treasury position shortly after the auto bankruptcies and 363 sales were accomplished, but has since been harshly critical in a series of public appearances  or written pieces of Detroit executives – including Rick Wagoner and Fritz Henderson of GM, who were fired by Treasury as part of the reorganizations that cost taxpayers billions.

Rattner’s former firm, Quadrangle, paid $12 million in fines last spring to settle the charges with state and federal officials. However, Rattner was not part of the plea-bargain deal with Quadrangle, where he was a founding partner-  and where he made millions upon millions – because he, allegedly, resisted the proposed settlement requiring his exile.

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