Posted on 04/01/2015 7:29:26 AM PDT by afraidfortherepublic
The Department of Energy’s disastrous loan program lost taxpayers at least $780 million as companies like Solyndra, Fisker Automotive, and Abound Solar crashed and burned. But as I write today, after a four-year hiatus, the Energy Department has announced a new fuel-efficient-vehicle loan — a $259 million conditional award to Alcoa.
It’s a pretty sweet deal: The Energy Department touts on its website how this loan program “offers attractive financing for U.S. auto industry,” including no application fees, a closing fee of just 0.1 percent, and interest rates estimated at no more than 4 percent.
Of course, one might wonder why a company like Alcoa, which brought in $23.9 billion in revenue last year, needs government (read: taxpayer) help. But it turns out Alcoa has major Obama administration ties.
One of its top executives was a major Obama bundler; another was recruited by the administration as a counselor to Treasury Secretary Timothy Geithner; and the CEO serves on one of the president’s committees and has also partnered with the Obama administration on a few manufacturing initiatives.
Alcoa’s “green” loan is supposed to fund the production of lightweight aluminum automotive bodies. Of course, the Department of Energy fails to note that aluminum is far more carbon-intensive to extract than iron—but that production occurs in Australia, far beyond the reach of U.S. regulations.
(Excerpt) Read more at nationalreview.com ...
The great in your face theft continues!
The rest of the story:
I wonder if they got as sweet of terms when they borrowed the money from the chinese to lend to their cronys?
All the money p!ssed away on cr@p like this we certainly could have hardened and upgraded our electrical grid. That might even be constitutional, i.e. defense.
...and who gave the Energy Dept the money to give away? The Republicans in congress. Why can’t we go to the source of the problem...congress continuing to fund the administration? That’s the outrage, not what OBAMA does with the money.
We live in a time of many, many criminals.
Same relationship as Krupp had with the Nazis and A. Hitler. I wonder when they start getting the slave labor?
Peanuts compared to all the subsidies, loans and government supports poured into the corn ethanol boondoggle. Corn ethanol is subsidized literally from putting the corn seeds in the ground to pumping the ethanol into your fuel tank.
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