Green Room

A look back: Obama admin gives $500+ million to Gore-backed “green” car company

posted at 11:50 am on September 14, 2011 by

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 JournalNote 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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How come bho can ‘give’ taxpayers money to any person or company without congress or the senate approving this? Is this legal? Oh, I forgot, bho doesn’t think he has to obey the laws here in American!
L

letget on September 14, 2011 at 12:06 PM

Well at least our $529 billion dollar investment will be creating some jobs . . . in Finland.

AZCoyote on September 14, 2011 at 1:22 PM

Howard, this is a 2009 story?

darwin on September 14, 2011 at 1:55 PM

Howard, this is a 2009 story?

Yipes! It sure is! I picked it up from Weasel Zippers.

My apologies to all.

Howard Portnoy on September 14, 2011 at 2:16 PM

Yes, old hat news that was misrepresented by Fox by the way. Pisses me off

CriticalUpdate on September 14, 2011 at 2:42 PM

Get rid of this stupid s–t now, got me in a ringer.

CriticalUpdate on September 14, 2011 at 2:42 PM

Get rid of this stupid s–t now, got me in a ringer.

Post has been updated—as has your comment. Profanity is off-limits in my threads.

Howard Portnoy on September 14, 2011 at 3:02 PM

It’s a good reminder, HP. I remember something about this now, but I didn’t until you brought it up. It’s a pattern.

J.E. Dyer on September 14, 2011 at 9:44 PM

Loan guarantees should be accounted for as straight expenditures.

cthulhu on September 14, 2011 at 11:44 PM

Oh, I forgot, bho doesn’t think he has to obey the laws here in American!
L

letget on September 14, 2011 at 12:06 PM

Why would he? He’s Muslim, and not a US citizen anyway…

stacman on September 15, 2011 at 5:07 PM