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
Hypocrisy, Look Who Has Investments in Companies like Apple, GE & IBM that Outsource Jobs Overseas … Barack Obama of Course
HYPOCRISY ALERT …
For all his bad mouthing, for all his condemnation of Mitt Romney, Bain Capital and the misrepresentations and lies of outsourcing of jobs overseas, guess who has investments in some of the biggest US companies that outsource jobs overseas? Why that would the the “Carnival Barker” in Chief Barack Obama of course. Obama has accused Mitt Romney of profiting from companies that shipped jobs overseas, yet our dear leader has done the exact same thing. More than 30% of his income comes from overseas.
As reported at the Washington Examiner, Barack Obama has profited greatly from companies that have shipped jobs overseas. What’s your response to this Barack, cat got your tongue? There is actually nothing wrong with investing in the Vanguard 500 Index Fund that contains outsourcing companies, the problem is you do not get to be two-faced and accuse another of something that you are doing yourself.
But Obama’s own portfolio shows a willingness to invest in American corporations that have shifted employment overseas.
In his most recent financial disclosure from 2011, Obama and his wife reported having between $200,000 and $450,000 in the Vanguard 500 Index Fund, which invests in the largest U.S. corporations. According to a filing with the Securities and Exchange Commission, as of Sept. 30, 2011, the fund’s biggest holding was 8,272,039 shares of Apple Inc., then valued at $3.2 billion.
The mutual fund that the Obamas have invested in also held 94,582,281 million shares of General Electric, valued at $1.4 billion, as of the SEC filing. The multinational conglomorate has a long history of outsourcing – according to a new book cited by the New York Times, in 1989, “G.E. became the first U.S. company to outsource software work to India.” Obama also has close ties to GE’s CEO, Jeffrey Immelt, who was appointed as chairman of his outside panel of economic advisers last year.
In addition to Apple and GE, the Obamas’ fund listed 10,655,961 shares of International Business Machines, valued at $1.9 billion. As the Wall Street Journal reported in 2009, “The technology giant has been steadily building its work force in India and other locations while reducing the number of workers based in the U.S. Foreign workers accounted for 71% of Big Blue’s nearly 400,000 employees.
Barack Obama Slams Romney about Bain Capital and Outsourcing, Then Outsources his Campaign with Fundraisers in Switzerland, Sweden, Paris and Communist China
Barack Obama, the Outsourcer in Chief is at it again.
So what does an incumbent, hypocrite President do who is in trouble on the domestic front with the economy, jobs and debt, and who continuously ans falsely attacks his opponent Mitt Romney on outsourcing do … why Obama outsources his campaign with fundraisers in Switzerland, Sweden, Paris and Communist China of course.
Check out the Gateway Pundit for all the specifics and details for Obama’s fund raising in Switzerland, Sweden, Paris and Communist China. Who finsd it just a wee-bit ironic and laughable that Obama, whose campaign has attacked Romney for Swiss bank accounts, is having a fund raiser in Switzerland? I wonder how many of those Obama donors have Swiss bank accounts themselves?
Just curious, with the advent of the Internet, Paypal, and on-line donations, why would a campaign really have to go to foreign countries to to get campaign funds from Americans living abroad? There still is International mail with those “par avion” letters that individuals can send a check, right? Better yet, as stated at I’m 41, begging for donations in Red China, really? Check out the link to the Shanghai beg from the official Elect Barack Obama/Biden web page. Of course all of the donations funds come from Americans living abroad, wink, wink, nod, nod.
If both candidates hold fundraisers overseas as we are told, one has to answer two following questions, one, why is there a huge difference in donations and two, if outsourcing is so bad, why is Obama going after monies from Americans living and working abroad?
Look for that
union Chinese label … C’mon man, you mean we can’t even make the damn USA Olympic uniforms in the USA? File this one under, imagine what the news cycle would be like if it were a Romney donor?
You just can’t make this stuff up … President is so quick to attack Mitt Romney for outsourcing jobs, but mums the word when it comes to the USA Olympic uniforms that were outsourced to China to be manufactured by an Obama donor’s company. That donor, Ralph Lauren of course. Not only will USA Olympic athletes be walking in the opening ceremonies of the London Olympics in cheesy outfits, but ones made in China. Why not seeing that they own so much of our debt. Under this President I am surprised we are not made to wear the same outfits as the Chinese.
Can you imagine what the MSM would be screaming if it were Bain Capital that outsourced the USA Olympic uniforms to China?
Lawmakers were livid to discover that the United States’ Olympic team uniforms were made in China. Senate Majority Leader Harry Reid (D., Nev.) even suggested “they should take all the uniforms, put them in a big pile and burn them and start all over again.”
The company who designed the uniforms, Ralph Lauren, has received less scrutiny. Few outlets have noted that Ralph Lauren himself is a prominent contributor to President Obama and the Democratic Party.
According to the Center for Responsive Politics, Lauren has given $7,300 to Obama since 2008, and more than $35,000 to the Democratic National Committee.
Harry Reid says the uniforms should be put in a pile and burned, what about the campaign donations as well?
Senate Democrats Introducing ‘Team USA Made in America Act of 2012? but no word on whether they will return the donations from the outsourcing donor. No word from Senate Majority Leader Harry Reid about still wanting to burn the uniforms outsourced to China by a Democrat donor.
“I think they should take all the uniforms, put them in a big pile and burn them and start all over again,” Senate Majority Leader Harry Reid, D-Nev., said when asked by ABC News Thursday. “If they have to wear nothing but a singlet that says USA on it, painted by hand, that is what they should wear.
From Michelle Malkin.com, how come President Obama is not ripping Ralph Lauren over outsourcing jobs to China and especially the manufacturing of the USA Olympic outfits? Hmm? Oh, looky there, could it be those nice donations? Where is the hue & cry to give back this money?
While we are on the topic of outsourcing and shipping jobs to China, where is the liberal, corrupt MSM complex and their reports of Barack Obama’s jobs czar, GE’s Jeff Immelt, who gets a massive tax break from Obama, yet shipped thousands of jobs over to China?
Mitt Romney Fires Back on Obama Deceitful Ads and Slams Obama for Lying … “When a President Does not Tell the Truth, How can we expect him to Lead?” (Video)
THE LYING KING …
Mitt Romney fires back at President Barack Obama and his deceitful, misleading and out right lies in the most recent political ad, “When a President Does not Tell the Truth, How can we expect him to Lead?” Obama lied about Hilary Clinton, he lied about Obamacare being a tax, he lied that he would keep unemployment under 8% with a $787 billion stimulus, he lied about the number of jobs he would create, he lied about the cost of Obamacare and now he is lying about Mitt Romney’s business past and outsourcing.
All this to distract from the present reality that Obama cannot run for reelection based on his actions and policies for the past 3+ years.
BARACK OBAMA … THE LYING KING
President Barack Obama, The Outsourcer in Chief … Obama’s Record on Outsourcing draws Criticism from his Base
Who is outsourcing jobs?
As President Barack Obama accuses Mitt Romney of outsourcing jobs in his days at Bain Capital, it would seem that Obama has some explaining to do as he has been president in outsourcing American jobs. The WAPO discusses another Obama broken campaign promise from 2008 … “Barack Obama promised voters four years ago that he would work to slow the outflow of American jobs to other countries.”
What say you Mr. President … cat got your tongue?
The issue of overseas outsourcing has returned to the center of the presidential campaign, with Obama hammering the record of Mitt Romney’s financial company. The debate intensified in recent weeks with Obama’s campaign attacking his Republican rival after a Washington Post article reported that Romney’s private-equity firm, Bain Capital, had invested in companies that specialized in helping other firms relocate work overseas.
American jobs have been shifting to low-wage countries for years, and the trend has continued during Obama’s presidency. From 2008 to 2010, U.S. trade with China alone cost about 450,000 American jobs because of the growth of Chinese exports, said Robert E. Scott, a pro-labor advocate at the liberal Economic Policy Institute. That figure was less than in previous years, but the decrease was probably tied to the U.S. economic slowdown, which crimped demand for imports.
According to a study by the U.S. Bureau of Economic Analysis, large American companies in 2010 barely added any workers in the United States, increasing their numbers by 0.1 percent, while they expanded their foreign workforce by 1.5 percent. That was business as usual — between 2004 and 2010, the bureau reported, foreign affiliates hired 2 million workers while 600,000 were added by the companies at home.
Are Obama’s Bain Negative Ads making Inroads Against Romney … Too Bad Fact Check.org Says “Obama’s Outsourcer Overreach” … Barack, What About Your GE Outsourcing Jobs Advisor Immelt?
Far be it from Barack Obama and his reelection minions to lets facts get in the way of a smear political ad.
The New York Times continues the story of Barack Obama’s negative attacks on Mitt Romney and Bain Capital stating that they are making inroads against Romney. However, too bad that they are false, but why would the truth ever get in the way of the Obama administration and especially his reelection team. FACT CHECK.ORG states that the “outsourcing” claims by Obama’s political ads a a stretch …”The president’s campaign fails to back up its claims that Romney ‘shipped jobs’ overseas.” Does anyone really think that Obama and Democrats care much about presenting the truth when Obama just perpetrated the greatest hoax and “bait and switch” on the American people with Obamacare? Obama misrepresented his health care plan to the People as not a tax, then defended it to the Supreme court as a tax.
WAKE UP AMERICA, IT IS PRESIDENT OBAMA WHO HAS OUTSOURCED GREEN JOBS TO OTHER COUNTRIES WITH YOU TAX DOLLARS. Barack Obama is the real “Outsourcer” in Chief.
Propelled by a torrent of blistering television advertisements, President Obama is successfully invoking Mitt Romney’s career at Bain Capital to raise questions about his commitment to the middle class, strategists in both parties say, as the candidates engage in a critical summer duel to set the terms for this fall.
Despite doubts among some Democrats about the wisdom of attacking Mr. Romney’s business career, Obama commercials painting him as a ruthless executive who pursued profits at the expense of jobs are starting to make an impact on some undecided voters, according to strategists from both sides, who differ on whether they are causing any substantial damage.
Legal Insurrection is 100% correct, the Obama- Bain attacks are poorly done and false. However, even when something is poorly states and a falsehood is said enough by the liberal MSM complex, it becomes its own truthful narrative.
More from FACT CHECK.ORG regarding Barack Obama’s false ads against Romney regarding Bain Capital.