It looks like the grossly inept saga of Fisker Automotive, one of the Obama administration’s many stimulus-backed, politically-selected pet “investments” and the vehicular cousin of failed solar manufacturer Solyndra, is finally nearing its inevitable conclusion. The relevant portion of the tale began with the Obama Department of Energy dishing out $190 million or so on what was originally a more than $500 million loan guarantee back in 2011; then, somewhere along the way, it turned out that the two thousand or so promised domestic green-energy jobs actually went to workers at their Karma model’s production facility when it was relocated to Finland; and now, after selling the company off to Chinese investors, the DOE has only managed to recover a net $53 million of their loaned funds, putting taxpayers at an almost $140 million loss. Awesome.
The Daily Caller has the scoop:
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.
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.