Obama’s Failed Green Energy Policies: American Taxpayers Lose $139 Million on Fisker Automotive Loan
The Obama administration fumbles the ball again in picking Fisker Automotive and giving them our hard earned money …
What else could we expect from Barack Obama, but yet another failed policy costing the American tax payers millions in wasted money. This time it is Obama’s failed so-called green energy policies like Fisker Automotive and a $139 million loss. Great, now we are selling off $192 million defaulted loans to the Chinese for $25 million. Thanks Barack Obama.
Happy Thanksgiving from the Obama administration. The Energy Department has sold off its $192 million loan guarantee to Fisker Automotive to Chinese billionaire Richard Li for $25 million — the biggest taxpayer loss on a green loan since the failure of Solyndra.
The Energy Department will announce the “selling of the promissory note” to Hybrid Tech, which is owned by Chinese billionaire Richard Li, according to sources familiar with the sale. The DOE sold the loan to Li for $25 million after lending the financially troubled green automaker a total of $192 million since 2009.
“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,” House Energy and Commerce Committee vice chairman Marsha Blackburn, a Tennessee Republican, said in a statement to The Daily Caller News Foundation.
“As a result of President Obama’s misguided policies, the Department of Energy Loan Guarantee program is quickly becoming a highly utilized stimulus program for foreign investors,” she added.
Including the $25 million loan sale, the DOE has recovered only $53 million of the original $192 million disbursed — netting taxpayers a $139 million loss.
Fisker was awarded a $529 million loan guarantee by the Obama administration in 2009 to produce a luxury hybrid car, the Karma, which sold for a $103,000 per unit. However, failure to meet Energy Department benchmarks to receive funding resulted in the company losing its loan guarantee in 2011
Posted November 23, 2013 by Scared Monkeys
Bankruptcy, Barack Obama, Campaigner in Chief, Chicago-Style Politics, China, Community Agitator, cronyism, Democrats, Energy, Epic Fail, Government, Green Energy, Green Jobs, Misleader, Obamanation, Obamanomics, Outsourcing Jobs, Socialist in Chief, Wasteful Spending, WTF | 2 comments
Daily Commentary – Thursday, August 22, 2013 – As Humans Leave, Stray Dogs Take Over Detroit Streets
- As many as 50,000 stray dogs roam the streets, menacing the few humans left
Daily Commentary – Thursday, August 22, 2013 Download
This is what happens when you put liberals in charge … the complete destruction of a US city in 50 years.
Welcome to crony capitalism … The city of Detroit is in financial ruin, has become the largest city in the United States to declare bankruptcy, yet the $444 million hockey arena for the NHL’s Detroit Red Wings goes forward. Re you kidding me. Detroit cannot keep their streets lit and it takes nearly an hour for police response, yet its some how a priority to spend another $400 million of tax payer dollars on a hockey stadium whose owners are worth billions. How does this make sense in the face of a complete and colossal financial collapse? 40% of streetlights remain dark, fire and police forces are cut, schools are a disgrace, 79,000 empty buildings need to be dealt with, and the public pension system is bleeding the city but a shiny new hockey stadium in the middle of an impoverished war zone is a priority. UNREAL!
Detroit’s financial crisis hasn’t derailed the city’s plans to spend more than $400 million in Michigan taxpayer funds on a new hockey arena for the Red Wings.
Advocates of the arena say it’s the kind of economic development needed to attract both people and private investment dollars into downtown Detroit. It’s an argument that has convinced Michigan Gov. Rick Snyder and Kevyn Orr, the emergency manager he appointed to oversee the city’s finances, to stick with the plan. Orr said Detroit’s bankruptcy filing won’t halt the arena plans.
“I know there’s a lot of emotional concern about should we be spending the money,” said Orr. “But frankly that’s part of the economic development. We need jobs. If it is as productive as it’s supposed to be, that’s going to be a boon to the city.”
But critics say the project won’t have enough economic impact to justify the cost, and that it’s the wrong spending priority for a city facing dire economic conditions.
Who wants to go to a hockey game in the middle of hell? Seriously, in lieu of spending funds on police and firefighters, the money goes to a sports stadium instead. What is something happens to one of the patrons of the sporting event, will the police ever show? As opined by the American Thinker, “do these people have a death wish?”
- Like 73yr old Gloria Killebrew who worked for the City of Detroit for 22 years
Daily Commentary – Tuesday, July 23, 2013 Download
Barack Obama Says at Fundraiser for Democratic Senatorial Campaign in Palo Alto, CA … “We Don’t Want to Tax All Businesses Out of Business”
THE COMMUNITY AGITATOR IN ACTION, HE SAID WHAT?
You just can’t make this stuff up. As reported at CNS News, President Barack Obama said at a Democratic Senatorial campaign fundraiser in Palo Alto, CA that, “We [Democrats] don’t want to tax all businesses out of business.” HUH? Taking Obama at his word, his own words, that would mean that he is admitting he wants to tax some business out of business. And we wonder why the economy in the United States has just been awful and has not gotten any better since Obama has been president. Welcome to the non-existent Obama job recovery which has been the worst job recovery ever. Is it any wonder why so many Americans are unemployed, so many Americans are on food stamps and so many Americans have just given up looking for employment. Obama actually wants to tax some businesses out of business. This is just unreal.
President Barack Obama says Democrats “don’t want to tax all businesses out of business.”
“I know that there are a few Republicans here in the audience,” Obama said Friday at a fundraiser for the Democratic Senatorial Campaign in Palo Alto, Ca. “If you talk to us, it turns out we’re pretty common-sense folks.
“We don’t think government can do everything,” he said. “We don’t think that top-down solutions are the right way to go. We believe in the free market. We believe in a light touch when it comes to regulations.”
“We don’t want to tax all businesses out of business,” Obama said. “But we do think that there’s a role to play for government.”
So America, how’s that “Hopey-Changey” stuff working out for you?