By John W. Lillpop
Whilst those few Americans whom are able to find work in the Obama-devastated economy slave feverishly to hold on to middle-class live styles, our Community Organizer/ Marxist Savant continues to abscond funds from hard-working American taxpayers in order to fun his green pipe dreams–in foreign nations, no less!
As reported at the reference, Obama’s investment myopia has once again dinged Americans in the pocket book to the tune of hundreds of millions of dollars:
The Chinese auto conglomerate Wanxiang Group has bought electric automaker Fisker Automotive, marking the second time they snatched up a failed green firm that received taxpayer dollars.
The bankrupt Fisker was sold to Wanxiang last week for $149.2 million and the sale was approved by the bankruptcy court on Tuesday. Last year, the Energy Department’s $192 million of Fisker was sold of to Wanxiang for $25 million netting taxpayers a $139 million loss.
This is the second time a green energy company that got a loan guarantee from the Obama administration was sold off to Chinese firms garnering criticism from conservatives that hundreds of millions of taxpayer dollars have been wasted for the benefit of foreign businessmen.”
“In 2009, Secretary Chu promised American taxpayers that a $528.7 million conditional loan for Fisker Automotive would create or save 5,000 jobs,” Tennessee Republican Rep. Marsha Blackburn told The Daily Caller News Foundation.
“The height of Fisker’s employment barely reached over 200 employees,” Blackburn added. “The only thing worse than these continued broken promises and lack of accountability from this administration is that yet another company that received taxpayer funding will be sold to China’s Wanxiang goup.”
Early last year, electric car battery maker A123 Systems was sold off to Wanxiang Group, which is owned by Chinese billionaire Richard Li. A123 got $249.1 million from the Obama administration and more than $100 million in grants and tax credits from the state of Massachusetts. But troubles forced the company to file for bankruptcy in October 2012.”
Perhaps BHO should focus on the colors red, white, and blue for a change and leave GREEN to Mexico and other 3rd-world utopians?
And perhaps his majesty should trash his pen and cell phone foolishness, and instead install a Bankruptcy Prevention Czar?