Obama screws taxpayers again

And in other news, water is wet, the sun is hot and Liberals lie. This time, yet another of Obama’s boondoggles has collapsed and cost the taxpayers millions of dollars. Even better, the “Green” company that has gone bottom up wasn’t even American.

Some of you may recall, the Fisker Karma was supposed to be this super green hybrid/plug in car that everyone would buy. There were just a few problems. Some of the problems were with suppliers. One of them, another “Obama Best buy,” A123 Systems went belly up a year or so ago. They were to be the suppliers for the batteries this thing needed to run. Here are some of the details from the Daily Caller:

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.

Hey, it’s not like it’s Obama’s money after all.

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.

The Obama regime has never been about good government, building the economy and unleashing the free markets. It’s always been about crony capitalism. Making sure that the “Friends of Obama” were taken care of at the expense of the taxpayers. I don’t think we’ve seen a raid on the treasury like this in close to 100 years.

It was reported last month that Li and the Obama administration were ironing out the details of the Fisker loan sale after the Energy Department had completed its auction. Li’s purchase of the government’s loan represents the second acquisition of an Obama-backed green energy company by Chinese investors. Earlier this year, the Chinese auto parts conglomerate Wanxiang Group bought the electric car battery maker A123 Systems, renaming the company B456.

Interesting. All of this is going to foreign owners. None of it is staying in the United States. Granted I don’t know that the new owners are going to transfer everything out of North America, but it does make sense. Labor costs, not to mention regulatory costs are far lower in China. In a quote to Fox News, Fred Upton remarked:

“Fisker’s collapse closes yet another sad chapter in DOE’s troubled portfolio. The jobs that were promised never materialized and, once again, taxpayers are on the hook for the administration’s reckless gamble,” House Energy and Commerce Committee Chairman Fred Upton, R-Pa., and House Oversight and Investigations Subcommittee Chairman Tim Murphy, R-Pa., said in a joint statement.

This is what happens when you let incompetent, doctrinaire morons get hold of the reigns of government. Corruption, suppression of rights, and utter incompetence. Five years of Obama are coming home to roost and the guano is piling up quickly.

Thatisall

~The Angry Webmaster~

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