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
Hey Alaska, How’s That Obama, Democrat beholden “green” energy Senator stuff working out for ya?
Sarah Palin has been making a lot of news lately and opened the doors to many opportunities. The former Alaska governor told Sean Hannity during an appearance on his radio show that the door is open to her running for the US Senate in Alaska in 2014. Currently, Democratic freshman Sen. Mark Begich holds the office which borders on the absurd for Alaska, a state so rich in oil and resources, while they have a Senator who is beholden to the radical LEFT, anti-fossil fuel Democrats in the Senate and President Barack Obama. At present, two Republicans have already announced challenges to Democratic Sen. Mark Begich, Lt. Gov. Mead Treadwell and 2010 GOP nominee Joe Miller. Anything is possible, but Palin would have to battle the LEFT as she would have a political target on her and the establishment GOP as well. However, one thing is for certain, in a state like Alaska where Romney beat Obama in 2012 Presidential election, 55% – 41%, there is no way that Alaska should have a Democrat representing their best interests. Sarah Palin recently also commented that she would be open to start a third party if Republicans continue to not act like Republicans. Well, who wouldn’t?
Sarah Palin’s interview on the Sean Hannity Radio Show
Sarah Palin opened the door Tuesday to running for Senate next year in Alaska.
“I’ve considered it because people have requested me considering it, but I’m still waiting to see what the lineup will be and hoping that … there will be some new blood, some new energy,” the former governor told Sean Hannity during an appearance on his radio show.
Two Republicans have already announced challenges to Democratic freshman Sen. Mark Begich: Lt. Gov. Mead Treadwell and 2010 GOP nominee Joe Miller.
“We’d meet with any Alaskan interested in challenging Mark Begich,” National Republican Senatorial Committee spokesman Brad Dayspring told POLITICO, “and Governor Palin is right in that Begich abandoned his campaign promises — most notably by being the deciding vote on ObamaCare — and must be repealed and replaced.”
A poll conducted by Harper Polling in May 2013 found Sarah Palin leading other Republican primary contenders to face Begich in 2014. Don’t let the liberal MSM BS you, Palin would win the Senate election for Alaska.
More from The Hill:
“I’ve considered it because people have requested me considering it,” she said. “But I’m still waiting to see what the lineup will be and hoping that … there will be some new blood, new energy, not just kind of picking from the same old politicians in the state.”
Palin said she has a “heart for service” and would consider returning to politics if she could “help the cause.”
When Green Energy Kills … Rare White-Throated Needletail Bird Last Seen in Britain 22 Years Ago Reappears Only to be Killed by Wind Turbine
Where is the Green Peace, PITA outrage … Animals needlessly killed in the name of energy?
War against oil and coal, eh? Looks like green energy wind turbines may be more deadly. As reported at the Daily Mail, as bird enthusiasts flocked to the Hebrides to catch a glimpse of the brown, black and blue rare white-throated Needletail bird last seen in Great Britain 22 years ago. Then suddenly, the rare bird became even more rare as it flew into the “green” energy wind turbines and was killed. Below is the VIDEO of the onlookers gushing over the sight of the rare bird before its most unfortunate demise. Listening to them before, I can only imagine what they sounded like when the bird was killed by the evil, big “green” wind turbine.
There had been only eight recorded sightings of the white-throated needletail in the UK since 1846. So when one popped up again on British shores this week, twitchers were understandably excited.
A group of 40 enthusiasts dashed to the Hebrides to catch a glimpse of the brown, black and blue bird, which breeds in Asia and winters in Australasia.
But instead of being treated to a wildlife spectacle they were left with a horror show when it flew into a wind turbine and was killed.
John Marchant, 62, who had made the trip all the way from Norfolk, said: ‘We were absolutely over the moon to see the bird. We watched it for nearly two hours.
‘But while we were watching it suddenly got a bit close to the turbine and then the blades hit it.
Another Obama “green” energy company fails miserably … Another One Bites the Dust.
According to the WSJ, electric car maker Coda has filed for chapter 11 bankruptcy. The company’s lone passenger car, the CODA sedan debut in March 2012 went poorly; less than 100 units were sold. 100!!! Or what we like to call Obamanomics in action. The company blamed the car’s flop on a variety of factors, including stunted demand for electric vehicles, adverse macroeconomic conditions and insufficient capital to effectively market the car. The fact of the matter is no one is going to pay $38,000 for am electric car. There is no demand for them and if there were the price would have to be cut in half and that does not men by getting a federal government rebate.
Electric car maker Coda Holdings Inc. filed for Chapter 11 protection from creditors after pronouncing its $38,000 sedan “a commercial disappointment” and failing to sell its assets outside of bankruptcy.
The company’s lone passenger car, the CODA sedan, was plagued by delays. Its eventual market debut in March 2012 went poorly; less than 100 units were sold, “falling well short of the company’s expectations,” according to the Los Angeles company’s bankruptcy filings.
A group of lenders led by an affiliate of Fortress Investment Group FIG 0.00%is offering about $25 million for the assets and may use debt to cover that price, according to documents filed in a Wilmington, Del., bankruptcy court. The group also is providing the company with a $5 million loan intended to keep Coda afloat as it navigates Chapter 11
Obama White House Knew “Green” Electric Car Maker Fisker Automotive was Failing and Still Gave them More Tax Dollars
CBS News is reporting that the Obama White House knew that the electric car maker Fisker Automotive Inc. was failing and still gave the “green” company even more money. According to documents, the Obama administration knew as early as 2010 that the company was not meeting standards, yet did nothing to halt the government loan. Fisker had received a total of $192 million of the $529 million loan before it was suspended. I guess Obama would call that a success that his administration did not give them all of the loan. This administration was hell-bent on funding their pet green energy companies at all cost, regardless of the cost and the failings of this companies.
Newly obtained documents show the Obama administration was warned as early as 2010 that electric car maker Fisker Automotive Inc. was not meeting milestones set up for a half-billion dollar government loan, nearly a year before U.S. officials froze the loan after questions were raised about the company’s statements.
An Energy Department official said in a June 2010 email that Fisker’s bid to draw on the federal loan may be jeopardized for failure to meet goals established by the department.
Despite that warning, Fisker continued to receive money until June 2011, when the DOE halted further funding. The agency did so after Fisker presented new information that called into question whether key milestones — including the launch of the company’s signature, $100,000 Karma hybrid — had been achieved, according to a credit report prepared by the Energy Department.
It is just endless, the number of green energy failures and the wasted tax payers money that the Obama administrations has spend down a “green” energy rat hole. Whether it be Fisker, Solyndra, Abound Solar, A123 Systems, Ener1 and list goes on and on and on.