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  • USEC: What To Do With This Supplier Of Uranium? [View article]
    Nine Groups Support Amendment to Stop USEC Giveaways in Energy and Water Development Appropriations Bill .

    WASHINGTON, July 9, 2013 /PRNewswire-USNewswire/ -- A diverse range of nine groups -- Taxpayers for Common Sense, National Taxpayers Union, Union of Concerned Scientists, R Street Institute, Nonproliferation Policy Education Center, Friends of the Earth, Freedom Action, Competitive Enterprise Institute, and Natural Resources Defense Council -- sent the following letter today to U.S. House Members:

    "On behalf of our members and activists, we urge you to support the amendment offered by Representative Burgess (R-TX) to eliminate the $48 million in the fiscal year 2014 Energy and Water Development Appropriations Bill that is intended for the United States Enrichment Corporation (USEC). USEC's market capitalization is currently LESS than this $48 million subsidy and USEC has already received millions of dollars of federal support. Taxpayers should not be asked to provide any additional dollars to this troubled project.

    Because of low stock prices and deteriorating market capitalization, USEC has faced delisting notices from the New York Stock Exchange and the company received a junk-bond credit rating from Moody's Credit Rating Service in 2009 and Standard and Poor's in 2012. USEC's financials are so bleak the company's market value is below $17 million--nearly $31 million less than the $48 million in funds directed toward it in the bill. In an attempt to save its place on the New York Stock Exchange, USEC recently reverse split their stocks (1 for 25) but even that may not be enough. Its stock price has continued to plummet more than 50 percent since the reverse split took effect on July 1st. USEC has continually asked for lifelines from the Department of Energy (DOE), but its financial stability has not improved. USEC is in dire financial straits, and continuing federal handouts is not the solution to put them back in the black.

    In addition to fiscal troubles, USEC continues to experience technological obstacles. The massive uranium enrichment machines that USEC is trying to deploy have failed in demonstration tests. Recently, the Nuclear Regulatory Commission reported that six of these machines, based on an exotic DOE design, "crashed" in what was supposed to be a validation run. USEC has already spent nearly ten years and more than $2 billion to develop these machines but says it needs another $3 billion to complete the project.

    Some, of course, are now trying to argue that Congress must fund USEC's centrifuge enrichment program because the U.S. cannot legally make tritium needed for its nuclear weapons with uranium fuel made in plants that are not entirely domestic in design and content. According to internal Department of Energy analysis, though, this is an unsound interpretation of our treaty obligations. More important, it's irrelevant: DOE itself has determined that simply using the current uranium supplier to the U.S. Navy's nuclear powered fleet of aircraft carriers and submarines would save taxpayers hundreds of millions of dollars over buying these services from USEC.

    Federal taxpayer financial support for USEC might not end with the $48 million requested for Research, Development & Demonstration funding. Although its application is currently deemed inactive, USEC has said it will continue to seek a $2 billion loan guarantee from the Department of Energy and intends to update its application this year. In July 2009, DOE requested USEC to withdraw its loan application for the demonstration plant on grounds that "the project runs the risk of either major cost overruns or reliability problems or both." But political pressure has kept the project alive, despite the plant's even bleaker prospects for success. It is time the DOE and Congress finally fully cut our financial ties to the failed project.

    We urge you to support the amendment offered by Representative Burgess to reject funding for USEC in the fiscal year 2014 Energy and Water Development Appropriations Bill and also to support other amendments to limit the uranium giveaways to USEC. Taxpayers can ill-afford to be pouring any more money into a fiscally unstable company and questionable project."

    SOURCE Taxpayers for Common Sense, National Taxpayers Union, Union of Concerned Scientists, R Street Institute, Nonproliferation Policy Education Center, Friends of the Earth, Freedom Action, Competitive Enterprise Institute, and Natural Resources Defense Council
    Jul 10, 2013. 06:28 AM | 1 Like Like |Link to Comment
  • USEC's Recent Reverse Split And Share Implosion Present A Speculative Opportunity [View article]
    NOVA Petitions for U.S. EPA to oversee Paducah, Piketon Clean-ups

    Edited by Tony Rutherford from Multiple Reports.

    NOVA Petitions for U.S. EPA to oversee Paducah, Piketon Clean-ups.

    Fluor B&W Portsmouth, which holds a contract for environmental clean up at the former nuclear materials processing facility in Piketon, Ohio, has notified employees of a voluntary work force and a pending reduction in force, according to memorandums obtained by the Portsmouth Daily Times.

    The 21% reduction in the Portsmouth work forces comes concurrently with a petition by Neighbors for an Ohio Valley Alternative (NOVA) to move clean-up responsibilities at the former sites of the Paducah Gaseous Diffusion Plant and Portsmouth Gaseous Diffusion Plant at Piketon, Ohio from Department of Energy (DOE) contractors to control by the U.S. Environmental Protection Agency.

    In a release the NOVA advocacy group alleges gross misconduct and mismanagement at the former nuclear sites by public/private owner United States Enrichment Corporation (USEC) and the Department of Energy (DOE).

    "The distressed communities of Piketon, Ohio and Paducah, Kentucky, home to closed uranium enrichment plants and Superfund toxic waste dumps, face a crisis of nuclear cleanup, grotesquely mismanaged by the U.S. Department of Energy (DOE) and its contractors", said NOVA.

    "Billions of taxpayer dollars have been wasted, with whistleblowers suppressed, criminal acts unprosecuted, conflicts of interest tolerated, job opportunities lost, corruption encouraged, and the "national security" apparatus abused".

    In a posting at Ecowatch, an environmental news service, Geoffrey Sea writes, United States Enrichment Corporation has been moving contaminated equipment from the Piketon site to Paducah, under the rubric of “spare parts”.

    (Editor’s Note: Among previous Piketon allegations have been the shipping of plutonium to Piketon from Paducah at the X-705 structure. After that 1999 allegation, documentation has circulated concerning alleged alteration of dosimeter readings which calculate worker radiation exposure.)

    USEC announced its intention to close the Paducah enrichment facility, but did not count on a DOE contract provision to return the facility in “safe” condition. Power down funds are not included in the federal budget.

    At the community meeting, Terra Hays testified her husband became ill after working for 23 months removing and packaging contaminated materials at the Kentucky site, where Hays stated over 19,000 worker compensation claims have been filed. They relate to cleaning solidified uranium and transuranic radioactive residue from pipes. Additional solidification would likely occur after shut down, since process materials remain in gaseous form while powered, but solidify when heat is shut off.

    The Commonwealth of Kentucky may sue the federal government to compel clean up of the site, according to Sea, citing the Governor of Kentucky, Steve Beshear, and its Attorney General. Whistle blowers and the National Resources Defense Council have sued contractors over past waste handling fraud and legal violations.

    The NOVA petition warns of future plans to go ahead with a planned "gigantic" nuclear waste dumps stating that the Kentucky and Ohio sites “were improperly used for waste storage in the past. Gigantic new radioactive waste landfills are planned against community opposition, and fake "citizen advisory boards" and "community reuse organizations" represent the interests of corporate contractors, not our communities".

    Sea, in a NOVA blog, suggests that a recently signed national security order signed by President Obama relates to protecting Russian weapons grade uranium assets should the United States Enrichment Corporation falls into bankruptcy and the Russian uranium, along with technology encased in uranium centrifuges become subject to seizure by USEC creditor’s such as J. P. Morgan Bank.

    “The "national nuclear emergency" in this case is that the rogue state of J.P. Morgan might acquire tons of stuff that used to be encased in Russian nuclear weapons. Duck and cover!”, Sea wrote.

    Originally, President Clinton issued the relevant part of the order in the year 2000 which reads:

    “Government of the Russian Federation assets directly related to the implementation of the HEU Agreements currently may be subject to attachment, judgment, decree, lien, execution, garnishment, or other judicial process, thereby jeopardizing the full implementation of the HEU Agreements to the detriment of U.S. foreign policy”.

    For a full interpretation of the USEC /American Centrifuge financial meltdown, visit:
    Jul 9, 2013. 04:31 AM | 1 Like Like |Link to Comment
  • USEC: What To Do With This Supplier Of Uranium? [View article]
    Down 12% today and 40% last Friday, looking very bad.
    Jul 8, 2013. 11:42 AM | Likes Like |Link to Comment
  • USEC: What To Do With This Supplier Of Uranium? [View article]
    All I can say is I'd be surprised if you don't work at USEC!
    Jul 8, 2013. 11:31 AM | Likes Like |Link to Comment
  • USEC's Recent Reverse Split And Share Implosion Present A Speculative Opportunity [View article]
    This is a comment I read that seems more than succinct on the matter, in fact I would be surprised if people don't go to jail in regards to the goings on with USEC and the DOE

    "Now if you were approaching a mortgage lender with less than 1 percent of equity in your portfolio and a record of defaults and explicit threats against the lender, would you, just before you submit your application, try to swing the deal by filing a federal lawsuit against the lender on old claims that have already been denied?"
    Jul 8, 2013. 08:24 AM | 1 Like Like |Link to Comment
  • Molycorp Offers Discounted Entry Into Rare Earth Elements [View article]
    Green groups have been targeting the company and Malaysian government with lies and rumours in an attempt to upset shareholders and the company management, everything is still on track for second quarter start up. Buy Lynas now whilst its dirt cheap IMHO.
    Mar 9, 2012. 02:45 AM | Likes Like |Link to Comment
  • Playing The Rare Earths Summit [View article]
    Atrocious that you don't even mention THE number 1 REE stock, Lynas, which BTW has just received its temporary operating licence which will leave most if not all of your picks in the dust.

    Even without the operating licence they were number 1!
    Feb 1, 2012. 08:55 AM | 7 Likes Like |Link to Comment
  • Buy Facebook With Both Hands [View article]
    Got to admit this all pretty funny (though true).

    This is what being an "investor" has become in tech, buy pre IPO and hold for 1/2 an hour.

    BTW how do i get into the IPO?
    Jan 31, 2012. 09:02 AM | Likes Like |Link to Comment
  • Oracle Will Try To Buy The Cloud [View article]
    I like Oracle at around $25.00, screaming buy and plenty of cash in the bank for any takeover, 2012 is looking good IMO.
    Dec 22, 2011. 08:22 PM | Likes Like |Link to Comment
  • Oracle's CEO Discusses Q2 2012 Results - Earnings Call Transcript [View article]
    Appears to be well overdone on the panic button at 12% down pre market.
    Dec 21, 2011. 09:24 AM | 1 Like Like |Link to Comment
  • Russians are voting in elections for the State Duma today, with opinion polls indicating that despite limits on opposition parties and press freedoms, the share of the vote for Vladimir Putin's United Russia party will fall to 53%. This would deprive it of the seats it needs to change the constitution unchallenged.  [View news story]
    Agree, not sure why they vote at all in such a corrupt country.
    Dec 4, 2011. 10:35 AM | Likes Like |Link to Comment
  • Wednesday Whiplash: Coordinated Central Bank Action Traps Bears [View article]
    400+ on the Dow, word is obviously out that Cramer is selling! :)
    Nov 30, 2011. 10:51 AM | Likes Like |Link to Comment
  • The Coming Decade Of Stocks [View article]
    Apparently you are new here and some other readers recognise you from several years back.

    Sounds to me like you have been selling used cars the last few years!

    Seriously though, i have a list of US companies that leave GE for dust, you will need to do much better IMHO than that old dog.

    Even though we are a tough crowd Im going to follow you though. :)
    Nov 30, 2011. 10:29 AM | 3 Likes Like |Link to Comment
  • Adult Films And Pizza: Netflix's Route To Making Me A Bull [View article]
    I don't understand why you are still writing on SA when you should be controlling multi billion $ companies with pizza/porn combo deals.

    Delusions of grandeur maybe?
    Nov 30, 2011. 10:12 AM | 8 Likes Like |Link to Comment
  • Barclays On Oil Prices: 'There Is No Way Prices Can Fall Much' [View article]
    The point is that the higher the oil price stays the worse the economy as a whole will perform, and lets face it, its not performing much ATM!

    Its another part making up the "perfect storm".

    Without doubt oil would be $70 or less by now if all else was equal.
    Nov 28, 2011. 11:27 AM | 1 Like Like |Link to Comment