Yet Another Obama Energy Boondoggle...

Well we are just finding out about another failed energy investment by the Obama Administration.

This one happened a couple of years ago but apparently was hush hush until a recent TV report.

It is about a big loan that went bust to a car maker.

There were convenient mistakes made by the company that somehow allowed more loan money to get there.

Even the Energy department had warning flags flying, but the "Administration" evidently ignored them as usual.

CBS News reported:

The Energy Department did not realize for four months that troubled automaker Fisker Automotive Inc. had missed a crucial production target that was required as part of a half-billion dollar government loan, documents released Wednesday show. The mistake allowed Fisker to obtain an additional $32 million in government funding before the loan was suspended in June 2011.

The Obama administration did not make the suspension of the $529 million loan public until early last year, nearly eight months after it stopped making payments to Fisker and long after the Energy Department first warned that Fisker was not meeting milestones to protect taxpayers.

The administration’s actions – or failure to act – came under sharp criticism from Republicans Wednesday at a hearing before the House Oversight and Government Reform Committee. GOP lawmakers accused the Obama administration of negligence and worse while Democrats dismissed the hearing as a “show trial” intended to embarrass the president.

More fuel for the junk yard.

Breaking: Obama Administration Loaned Millions to Fisker Carma Despite Fact It Was Going Bust


here's the video of the report:

CBS Story

:shk:

Another private sector failure.

And yet we're constantly told that private companies always do it better than the government...

This country is bleeding out from so many sources. I wish they would stop funding the private sector, put the money into public projects. I have to suck it up when im broke, why do they get hand outs left and right?

How is giving millions and millions to the failing auto industry going to help us get jobs and put food on the table?

Im so tired of the state this country is in. Washington has no problems handing out the big bucks...well where is my bailout?

Seriously though, when can the taxpayers foreclose on Washington....im tired of bailing out industries when they keep sending jobs away. 100MN to pay for Obama's vacation and other NECESSITIES vital to the protection of the most hated man in US history? 100mn for a week an kenya? wow and i thought 2 grand for me to go to Florida was bad.


Well that last part may be an exaggeration but i think you all feel me.

Originally posted by Sankari
Another private sector failure.

And yet we're constantly told that private companies always do it better than the government...

NO

Many of these energy con game companies were set up to receive ObamaMoney.

Most had big time political connections to Him and his lackeys.

They get the dough and run.

Nothing ventured, much gained.

Obama simply promised.....they gave big donations.....He paid them back with taxpayer money.

Simple.

We got dinged again.

That's how street hustlers do it.

Originally posted by Sankari
Another private sector failure.

And yet we're constantly told that private companies always do it better than the government...

NO again.

Many many private energy companies that took NO ObamaMoney are very successful.

Many actually have successful green products also.

reply to post by shaneslaughta


Government has always backed the private sector on large scale projects such as energy and transportation. Gas, oil, coal, nuclear, the railroad... none of those would have gotten off the ground, at least not as quickly as they did without the government. I'm no fangirl of government but investing in such things as energy innovation, especially the right kind (IMO), things that will move us away from fossil fuels, I have very little problem with. There will be failures, there always is, it's how we learn and grow.

Government also supports large oil and gas companies and while their profit margins may look good, they cost us far more, in clean up and long term environmental damage.

To me this is like crying over a scraped knee when the person next to me has a gaping wound.

We cant being to even broaden our horizons as far as energy is concerned, when big bro got their hands in the cookie jar.
The last thing we need is more greedy people taking the rights to hydrogen power and solar and all the clean stuff........too late, thanks big oil and gubberment.

reply to post by xuenchen

Even the Energy department had warning flags flying, but the "Administration" evidently ignored them as usual.

Hmm.. the article states that the company didn't make a target milestone (happens a lot, doesn't mean the company was a fraud) and the energy department didn't notice for 4 months, once they did, the loan was suspended.

I'm struggling to understand how this is Obama's fault. I guess I'm just ignorant of what departments the president has direct total control over 24/7. My bad.

The Energy Department did not realize for four months that troubled automaker Fisker Automotive Inc. had missed a crucial production target that was required as part of a half-billion dollar government loan, documents released Wednesday show.

reply to post by phishyblankwaters


The Energy Department takes Ordaaz from Obama Inc.

The "oversight" was all part of the plan.

The con company got more MONEY.

reply to post by Kali74

Government also supports large oil and gas companies and while their profit margins may look good, they cost us far more, in clean up and long term environmental damage. To me this is like crying over a scraped knee when the person next to me has a gaping wound.

I agree. It's either invest in green, or continue to be under the thumb of the Saudis. And it's more than just cleanup, you've got to look at the geopolitical atmosphere as of late and how that relates to the oil industry, there is a direct connection.

Moving away from burning limited fossil fuels has to happen, maybe not tomorrow, but it has to happen, this way of life is not sustainable, and as the reserves get lower, the Saudis will exert more pressure on the us, and the US will inevitably be drawn into more regional wars to protect their assets: i.e. oil.

But I digress, no other administration would ever give handouts to their campaign supporters, this is all Obama because he has direct and complete control over every department and agency in the government. That's how he spends his days, micromanaging every detail of American life.

No, wait, that's a lie. He's only micromanaging the things that go bad.

reply to post by xuenchen

The "oversight" was all part of the plan. The con company got more MONEY.

So Obama, personally, set this up to fail, so he'd look bad?

I award you the gold medal in mental gymnastics.

Originally posted by phishyblankwaters
reply to post by xuenchen

 

The "oversight" was all part of the plan. The con company got more MONEY.

So Obama, personally, set this up to fail, so he'd look bad?

I award you the gold medal in mental gymnastics.

well perhaps he did but I doubt it.
He ain't that smart.

His campaign aids and advisers did.

Add up the billions in all the energy deals and guess what?

They don't call it "Green" for nuthin.

Originally posted by xuenchen

Originally posted by Sankari
Another private sector failure.

And yet we're constantly told that private companies always do it better than the government...

NO

Many of these energy con game companies were set up to receive ObamaMoney.

Most had big time political connections to Him and his lackeys.

They get the dough and run.

Nothing ventured, much gained.

Obama simply promised.....they gave big donations.....He paid them back with taxpayer money.

Simple.

We got dinged again.

That's how street hustlers do it.

Exactly. This is not a company in the private sector responding to market demands, this is simply a way to pay off big donors with taxpayer dollars and look "green" doing it.

Originally posted by xuenchen
Well we are just finding out about another failed energy investment by the Obama Administration.

This one happened a couple of years ago but apparently was hush hush until a recent TV report.

You really should check your facts before whining about Obama....

Here is a report in February 2012

after the U.S. Energy Department blocked access to its federal loan, citing unmet milestones.

So it was hush hush by publishing it....
www.businessweek.com...
www.carscoops.com...
home.topnewstoday.org...
socialize.morningstar.com...
features.rr.com...
www.inautonews.com...
www.financialnewsfocus.com...
etc etc.

Reply to post by shaneslaughta

The most hated man in US history. That's pretty harsh. The fact of the matter is that Obama is doing the same thing all of past presidents did. Why all the hate?


Posted Via ATS Mobile: m.abovetopsecret.com

Originally posted by Sankari
And yet we're constantly told that private companies always do it better than the government...

Private companies do much better than the government.
The government nearly always fails.
Private companies aren't constricted like the government and nearly always do better.

Originally posted by Sankari
Another private sector failure.

And yet we're constantly told that private companies always do it better than the government...

Are you ignorant, or just playing a certain character?

Fisker would have never gotten past certain ramp up points, if not for the Govt stepping in and giving them Tax Payer Money.

The Free market would work, if Govt and Progressives would get their grubby little hands out of it.

And yet we're constantly told that private companies always do it better than the government...

Don't see too many 'private companies' 17 trillions in debt, and borrowing more from foreign countries, oh thats right that is what that 'successful' Government does.

Then after blowing that money, and not having anything to show for it their solution is to print more money, and raise taxes.

Private companies are far better off than government for those who are paying attention

Originally posted by macman

The Free market would work, if Govt and Progressives would get their grubby little hands out of it.

edit on 18-6-2013 by macman because: (no reason given)

The ONLY reason the government had to intervene in the first place way back when, was because it did NOT work.

You guys really don't like facts, do you?


I'd rather have a president who invests in clean renewable energy than one who does not. No matter how successful the investments are.

Originally posted by Ghost375

Originally posted by macman

The Free market would work, if Govt and Progressives would get their grubby little hands out of it.

edit on 18-6-2013 by macman because: (no reason given)

The ONLY reason the government had to intervene in the first place way back when, was because it did NOT work.

You guys really don't like facts, do you?


I'd rather have a president who invests in clean renewable energy than one who does not. No matter how successful the investments are.

Actually, the facts are that government intervention prolonged the suffering way back when and has limited teh market and economy ever since...but let's not let facts get in the way of ideology.