Staff Reports
US Energy Secretary Jennifer Granholm recently sold $1.6 million worth of holdings in the electric bus company Proterra. This move came shortly after President Joe Biden visited the company. However, The Daily Fetched reported that Proterra has since filed for bankruptcy.
Granholm became a member of Proterra’s board of directors in 2017 but resigned once she was confirmed as Secretary of Energy. Michael Chamberlain, the director of Protect The Public’s Trust, raised concerns about the sale of Granholm’s holdings and claimed it reflected the ethics issues within the Biden administration. Chamberlain stated that Granholm held onto her stock options for an extended period of time, even under media pressure, before finally selling them. He also pointed out that President Biden and Vice President Kamala Harris had been promoting the company during this time, which raised ethical concerns.
KAMALA HARRIS gushes over electric school buses: "The bus has Wi-Fi and even USB outlets next to every seat. I mean, come on, imagine — you could charge your phone!" pic.twitter.com/bbvwc2xQs7
— RNC Research (@RNCResearch) February 11, 2023
Furthermore, it was revealed that Granholm violated stock disclosure laws called The STOCK Act multiple times. The act aims to prevent insider trading by government officials in the Legislative, Executive, and Judicial branches. Granholm’s actions raise questions about her adherence to ethical standards.
On Monday, Proterra Inc announced that it was filing for Chapter 11 bankruptcy protection due to market and macroeconomic challenges. The company plans to work out future financing options in Bankruptcy Court. Proterra CEO Gareth Joyce acknowledged the difficulties they faced in scaling their opportunities and highlighted their focus on becoming a leading EV battery technology supplier.
It’s disconcerting to see high-ranking government officials involved in questionable financial activities. Granholm’s decision to sell her holdings right after Biden’s visit raises suspicions. The bankruptcy filing by Proterra adds another layer to this story and raises concerns about the company’s overall health. This situation highlights the need for transparency and ethics within the Biden administration.
