Friday, November 22, 2013

Oh, good: Energy Department finally sells of Fisker auto loan, and at only a $139 loss « Hot Air

Oh, good: Energy Department finally sells off Fisker auto loan, and at only a $139 million loss « Hot Air: "It looks like the grossly inept saga of Fisker Automotive, one of the Obama administration’s many stimulus-backed, politically-selected pet “investments” and the vehicular cousin of failed solar manufacturer Solyndra, is finally nearing its inevitable conclusion. The relevant portion of the tale began with the Obama Department of Energy dishing out $190 million or so on what was originally a more than $500 million loan guarantee back in 2011; then, somewhere along the way, it turned out that the two thousand or so promised domestic green-energy jobs actually went to workers at their Karma model’s production facility when it was relocated to Finland; and now, after selling the company off to Chinese investors, the DOE has only managed to recover a net $53 million of their loaned funds, putting taxpayers at an almost $140 million loss. Awesome."

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