Following up on Joe Biden’s promise that Fisker Auto would be a multibillion dollar return on investment for taxpayers
Here’s a flashback to Joe Biden talking about the taxpayer “investment” in Fisker, the “green” auto company that was going to build a factory in Delaware and then headed to Finland after getting the U.S. loan:
Biden: This is seed money that will return back to the American consumer in billions and billions and billions of dollars in good new jobs.
Fast forward to last Friday:
Fisker Automotive Inc. filed for Chapter 11 bankruptcy on Friday and the Energy Department sold its green-energy loan for $25 million to investor group Hybrid Tech LLC.
Taxpayers will lose $139 million on the $192 million loan to the failed electric vehicle startup, the Energy Department confirmed let Friday.
“Billions and billions and billions” of dollars in return on taxpayer investment is federal green loan pusher-speak for “hundreds of millions of dollars down the crapper.” Also, the actual cost to taxpayers could end up being much higher than $139 million.
Shocking coincidence, said with extreme sarcasm:
Joe Biden’s son is listed as a Fisker creditor on its bankruptcy filing http://gigaom.com/2013/11/25/fiskers-long-awaited-bankruptcy-filing-reveals-high-profile-creditors-from-washington-the-valley-hollywood/ …
If this is anything like many other federally-backed “green” bankruptcies, private investors will be repaid before taxpayers aren’t. Especially when those “investors” are Dem friendlies, as evidenced by this October 2011 article:
One of Fisker’s biggest financial supporters, records show, is the California venture capital firm Kleiner Perkins Caufield & Byers. The firm financially supports numerous green-tech firms, records show.
Kleiner Perkins partner John Doerr, a California billionaire who made a fortune investing in Google, hosted President Obama at a February dinner for high-tech executives at his secluded estate south of San Francisco. Doerr and Kleiner Perkins executives have contributed more than $1 million to federal political causes and campaigns over the last two decades, primarily supporting Democrats. Doerr serves on Obama’s Council on Jobs and Competitiveness. Doerr has not replied to interview requests since March.