A look back: Obama admin gives $500+ million to Gore-backed “green” car company
posted at 11:50 am on September 14, 2011 by Howard Portnoy
Solyndra is not the only environmentally-friendly pipe dream in which the president has “invested” taxpayers’ hard-earned dollars. Weasel Zippers provides the following blast from the past, which appeared in the Wall Street Journal. Note the similarity in even the dollar amount.
A tiny car company backed by former Vice President Al Gore has just gotten a $529 million U.S. government loan to help build a hybrid sports car in Finland that will sell for about $89,000.
The award this week to California startup Fisker Automotive Inc. follows a $465 million government loan to Tesla Motors Inc., purveyors of a $109,000 British-built electric Roadster. Tesla is a California startup focusing on all-electric vehicles, with a number of celebrity endorsements that is backed by investors that have contributed to Democratic campaigns.
The Journal further notes that other companies that produce cars for the masses have had their bids for loans rejected, while manufacturers of vehicles whose target market is wealthy fat cats receive the subsidies. The paper quotes Leslie Paige, a spokeswoman for Citizens Against Government Waste, as saying:
This is not for average Americans. This is for people to put something in their driveway that is a conversation piece. It’s status symbol thing.
One supposes a corporate jet won’t fit in the driveway.
Meanwhile, Fisker stock, which had been in decline prior to the White House cash injection, continued its slide following a high of $35.40 a share on September 21, 2009. Currently, the stock is selling for around $3 a share. Tesla has performed somehwat better, achieving a high of $36 a share in November of 2010 before descending to its current price of $25.
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