Taxpayers lose $ 139 million in loan Fisker Automotive The Daily Caller 2
Taxpayers lose 139 million loan Fisker Automotive.
Happy Thanksgiving from the Obama administration's Department of Energy has sold its 192 million loan guarantee to Fisker Automotive to Chinese billionaire Richard Li 25 million for the greatest loss of taxpayer on a green loan since the failure of Solyndra .
The Department of Energy will announce the sale of the promissory note Tech Hybrid, which is owned by the Chinese billionaire Richard Li, according to sources familiar with the sale DOE sold the loan to Li for 25 million after taking the automaker green financial difficulties a total of 192 million since 2009.
Once again, American taxpayers are losing to foreign investors because of the Obama administration's green energy policies Many times has this administration has fumbled with their attempts to pick winners and losers American energy, House energy and Commerce Committee Vice President Marsha Blackburn, a Tennessee Republican, said in a Daily Caller News Foundation statement.
As a result of misguided policies, the Department of Energy loan guarantee program is quickly becoming a widely used stimulus package President Obama for foreign investors, she added.
It was reported last month that Li and the Obama administration have been Flatten the details of the sale of Fisker loan after the Department of Energy has completed its sale to Li auction buying government loan represents the second acquiring a green energy company backed by Obama by Chinese investors earlier this year, Chinese auto parts conglomerate Wanxiang Group bought the A123 electric car battery manufacturer Systems, rename the B456 society.
Including loan sales 25 million, the DOE has recovered only 53 million taxpayers to offset 192 million disbursed original a 139 million loss.
Fisker has received a 529 million loan guarantee from the Obama administration in 2009 to produce a luxury hybrid, the Karma, which sold for 103 000 per unit However, non-compliance with the criteria for Department of Energy receive funding resulted in the company losing its loan guarantee in 2011, the company paid out 192 million before its federal funding pulled the Obama administration has seized 21 million of the company in April to help pay the taxpayers for its loan.
Earlier this year, reports emerged that Fisker had breached its loan agreements several times before being cut by the Obama administration in 2011 Bloomberg reported t hat Fisker technical defects began in 2011 in part because profits lower than necessary before interest, taxes, depreciation and amortization, and not to respond to a step of producing at least 11,000 vehicles sold to dealers for an average of 87500 before 30 September 2011.
Taxpayers lose $ 139 million in loan Fisker Automotive The Daily Caller, taxpayers lose, millions fisker.
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