Source Taxpayers on hook for $139 million after loan to failed green automaker is sold
Tax Payers to Obama Three strikes and your Out. Obama and his White House Gang are still clueless!
Taxpayers are on the hook for a $139 million dollar tab after the U.S. Department of Energy gamble on a green automaker went into the red $139 million dollars filed bankruptcy.
Obama administration announced it will lose $139 million on a government loan to struggling electric car maker Fisker Automotive Inc.
This transaction brings to an end another effort by the Obama administration to use public funds to stimulate green initiatives. Awarded a $529 million loan guarantee by the administration in 2009 to produce the Karma, a $103,000 luxury hybrid car.
The government lost $528 million in the Solyndra collapse, (An Obama hand picked ‘Green’ Business”) triggering sharp Republican criticism of the loan program and President Barack Obama’s investments in green energy.
Department of Energy lost about $42 million on a loan to a shuttered Michigan company that made vans for the disabled. Vehicle Production Group, or VPG, suspended operations in February and laid off 100 workers.
The venture capital firm Kleiner, Perkins, Caufield and Byers where Al Gore is a partner was a seed investor in Fisker and spent $400,000 in 2009 and 2010 on lobbying. The firm helped push for the stimulus bill that handed out $90 billion in green energy programs.
Rep. Marsha Blackburn, R-Tenn., vice chair of the House Energy and Commerce Committee said” “Once again, American taxpayers are losing out to foreign investors due to the Obama administration’s failed green energy policies.” “Time after time this administration has fumbled the ball with their attempts to pick winners and losers when it comes to American energy.”
Posted in Business, Congress, Country, Democrats, Economics, Economy, Government, News, Propaganda, Society, Stimulus, Taxes, Unemployed