Breaking: Obama Administration Loaned Millions to Fisker Carma Despite Fact It Was Going Bust
Barack Obama had a dream.
He wanted one million electric cars on the streets in America by 2015.
(Further proof that he’s a community organizer not a businessman)
But, his electric car dream has hit roadblock after roadblock starting with the failed multi-million dollar Fisker Carma boondoggle.
80% of Obama’s green energy loans went to donors – at least 19 companies went bust.
Obama spent at least $5 billion on electric cars.
That’s not all…
Today we found out that the Obama Administration knew that Fisker was in financial trouble but loaned them more money anyway.
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.