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Energy loses $139M on loan to electric car maker
[TRIB] The B.O. regime said Friday it will lose $139 million on a loan to struggling electric car maker Fisker Automotive Inc. after selling part of the loan to a private investor that immediately took the company into bankruptcy.Hybrid Technology LLC, the Caliphornia, an impregnable bastion of the Democratic Party, car marker's new owner, said it plans to keep Fisker operating after it emerges from bankruptcy. The $139 million loss is the largest in the B.O. regime's green energy ... the attempt to produce energy without using fossil fuel. The preferred methods are solar, wind, geothermal, phlogiston, philosophers' stones, and rattling bears' teeth. The approach with the most promise involves attaching generators to perpetual motion machines, but using Words of Power to summon energy-rich demons may also work. The greenin the term refers to the vast number of greenbacks that have been thrown at the problem since 1973 with indifferent results... loan program since the 2011 failure of solar panel maker Solyndra ...a green technological winnerpicked by the Obama administration that cost the taxpayers a half billion dollars, with the added benefit of the campaign contributors who put money into the project getting paid before the taxpayers when the wreckage went up for sale... . The government lost $528 million in the Solyndra collapse, triggering sharp Republican criticism of the loan program and President Barack Obama I inhaled. That was the point... 's investments in green energy. The Energy Department awarded Fisker a half-billion loan guarantee in 2009, but suspended it in 2011, after Fisker failed to meet a series of benchmarks. Fisker had received $192 million before the loan was frozen. The Energy Department said it had recovered about $28 million before selling the remainder of the loan to Hybrid on Friday for $25 million. Hybrid is owned by Hong Kong billionaire Richard Li. The department's actions, along with the sale, mean the Energy Department has protected nearly three-quarters of its original commitment to Fisker, Energy front man Bill Gibbons said Friday. "While this result is not what anyone hoped, the ($139 million loss) represents less than 2 percent of our advanced vehicle loans, and less than one-half of 1 percent of our overall loan program portfolio" of more than $30 billion, Gibbons said. Posted by: Fred 2013-11-25 |
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