Wednesday, January 27, 2016

Another $58 Mil for Failed “Green” Car Program

A scandal-plagued “green” auto program that’s fleeced American taxpayers out of huge sums just got another $58 million from the Obama administration to support the development of advanced technology vehicles that meet higher efficiency standards.

The experimental program is known as Advanced Technology Vehicles Manufacturing (ATVM) and it’s one of the president’s many disastrous green-energy investments. The public funds are funneled through the Department of Energy (DOE), which is handing out cash like candy on Halloween. In all, the administration has set aside an astounding $25 billion for the cause and a chunk of it has already been lost on initiatives that have failed miserably. Among them is fly-by-night electric car company called Fisker Automotive that shut down after getting an eye-popping $193 million from the government. The Obama DOE originally pledged $529 million for the California startup but the cash finally stopped flowing when Fisker laid off three quarters of its employees and announced it was on the verge of bankruptcy.

Judicial Watch has an ongoing investigation into the Fisker scandal and has sued the DOE for records detailing the government “loan” that will obviously never be repaid because the company went under. The Obama administration touted it as a great investment in a company that would create thousands of jobs in a region hit hard by unemployment. The administration also promised Fisker would develop two lines of plug-in hybrid electric vehicles that could run up to 300 miles on a rechargeable Lithium-ion battery. None of this ever came close to materializing and instead taxpayers got stuck with the huge loss of this failed experiment.

http://www.judicialwatch.org/blog/2016/01/another-58-mil-for-failed-green-car-program/

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