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I blame Justin Bieber. That "tool" drives one speeding through residential neighborhoods giving Fisker a bad reputation. Maybe they would still be in business if they weren't associated with the Canadian Mr. Massengill.
We're talking about yet another Dept of Energy failed loan.
Did AIG get their money through the Energy Dept using 2009 stimulus money with laxed guidelines ?
The CBO calculated the risk of failure was above 50% for Energy Dept loans.
The GAO found the Dept of Energy had inadequate documentation and a process of award that put fairness into question.
The article on the CBO that I read was back in 2010 and it indicated the failure rate on reactor construction loans was 50% but nuclear energy accounts for a large part of the loans. This program has been around for around 10 years.
Tesla on the other hand paid off it's $ 485M loan this year 9 years ahead of schedule. Fisker was originally approved for a similar amount as Tesla but they cut them of when they didn't meet their goals, it could have been worse. Musk the CEO for Tesla doesn't believe the government should be administering the program in this manner even though he was the beneficiary, he would rather see carbon taxes.
The government does a poor job at times of administering these programs but the free market also may not move us into the future at the pace that is needed, not entirely against government investment just needs to do a better job.
Mr. Fisker said it was the Bush administration that encouraged them to apply for a loan.
Another casualty of the Bush administration I guess.
Electric-Car Maker Says U.S. Official Urged It to Seek Loan - WSJ.com
Henrik Fisker, the company's co-founder who is no longer with the company, said that John Mizroch, an Energy official in President George W. Bush's administration, approached him at a California conference in 2008 and suggested the company apply for a U.S. loan.
Mr. Mizroch said in an email that he didn't recall encouraging Mr. Fisker to apply for the loan. He said the program was well-known by the time it began receiving applications in late 2008 and he "didn't have to encourage anyone to apply."
It doesn't matter who told him to apply, but that it was available at the time.
Government built that failure. If you had money to invest would you let Obama or Biden invest for you? I wouldn't but I do involuntarily, and every investment they make fails.
Every investment they make fails? Well that is a false statement.
That is why people who think about investing in a startup do research so they do not lose their money.
Obama doesn't care because the money is not his and there is no recourse to recover it. Obama has used green energyscams to launder money and divert it to supporters.
Oh, Obama called and he needs to raise your taxes, because a startup he invested in went belly up.
You do know Obama isn't personally going around investing tax dollars into companies, also this isn't something Obama just started doing that no other president or Congress has done.
The article on the CBO that I read was back in 2010 and it indicated the failure rate on reactor construction loans was 50% but nuclear energy accounts for a large part of the loans. This program has been around for around 10 years.
Tesla on the other hand paid off it's $ 485M loan this year 9 years ahead of schedule. Fisker was originally approved for a similar amount as Tesla but they cut them of when they didn't meet their goals, it could have been worse. Musk the CEO for Tesla doesn't believe the government should be administering the program in this manner even though he was the beneficiary, he would rather see carbon taxes.
The government does a poor job at times of administering these programs but the free market also may not move us into the future at the pace that is needed, not entirely against government investment just needs to do a better job.
Tesla investment paid off and the result is private industries advancing the technology in this area, and I don't see that being a bad thing at all.
Fisker Automotive Inc. filed for Chapter 11 bankruptcy on Friday and the Energy Department sold its green-energy loan for $25 million to investor group Hybrid Tech LLC.
Taxpayers will lose $139 million on the $192 million loan to the failed electric vehicle startup, the Energy Department confirmed let Friday.
What a deal to play games with other people's money. The investment goes kaput - oh well, the people in government lost nothing.
Do you have any idea how much money is spent and wasted by our defense dept? It just makes this and solodyne look silly in comparison.... I mean the new fighter plane itself has cost overruns of tens of billions... But since some red states are building these planes they remain silent on defense while criticizing waste in other states...
Do you have any idea how much money is spent and wasted by our defense dept? It just makes this and solodyne look silly in comparison.... I mean the new fighter plane itself has cost overruns of tens of billions... But since some red states are building these planes they remain silent on defense while criticizing waste in other states...
The U.S. military has been unable to submit to an audit (required by law) while concealing waste and fraud totaling billions of dollars. But that's OK. If they whine loud enough, they will be rewarded.
It's a long article and it is part two, but if you really want to get mad, read part one. After more than a decade of development and more than $1 billion of taxpayer money spent on a payroll system, it was scrapped.
Last edited by plannine; 11-29-2013 at 09:37 PM..
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