Treasury Tosses $139 Million Out The Window After Chinese Buy Fisker For 13 Cents On The Dollar

Happy Thanksgiving from the Obama administration. The Energy Department has sold off its $192 million loan guarantee to Fisker Automotive to Chinese billionaire Richard Li for $25 million — the biggest taxpayer loss on a green loan since the failure of Solyndra. The Energy Department will announce the “selling of the promissory note” to Hybrid Tech, which is owned by Chinese billionaire Richard Li, according to sources familiar with the sale. The DOE sold the loan to Li for $25 million after lending the financially troubled green automaker a total of $192 million since 2009.
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iamdabest1 - 11/23/2013 9:03:25 PM

+2 Boost

sad stuff for the people who invested in this company..

MattDarringer - 11/24/2013 12:54:54 AM

+1 Boost

It's how Liberals launder money

Agent009 - 11/25/2013 8:55:57 AM

0 Boost

The sadder thing is we repeatedly have funded high tech ventures we consider crucial to national security, and then sell them off most often to the Chinese.

So in effect were are funding the Chinese in these areas.