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Taxpayers lose $139 million on Fisker Auto loan

Home - by - November 24, 2013 - 11:00 America/New_York - 6 Comments

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Taxpayers lose $139 million on Fisker Automotive loan

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.

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» 6 Comments

  1. Anonymous

    November 24th, 2013

    Enough with this administration It’s impeachment time.

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  2. Carlos The Jackal

    November 24th, 2013

    Where’d the other 167 million go?
    Because somebody made a killing on that deal, and it wasn’t the taxpayers.

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  3. Cynic

    November 24th, 2013

    They should’ve named the business Fister, because we got reamed in the end.

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  4. Anonymous

    November 24th, 2013

    It’s time to start docking pensions. There needs to be consequences for bad government employee business decisions.

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  5. wildman

    November 24th, 2013

    Ah but the important question is: How much did fiskers contribute to the democrats?

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  6. Dumb Ass Liberal

    November 24th, 2013

    But we had to make the loan to find out how much we would lose.

    Thumb up +1