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Fisker Karma
This is the same program that funded Fisker Automotive

South Dakota's Republican senator wants to terminate the federal loan program that gave millions of dollars to Fisker Automotive -- an automaker that has failed to produce a car in over a year and is now missing loan payments to the U.S. Department of Energy (DOE). 

According to The Detroit News, Sen. John Thune (R-S.D.) wants to get rid of the $25 billion Advanced Technology Vehicle Manufacturing loan program due to failures like Fisker Automotive wasting taxpayer money. He has already proposed an amendment that would “permanently end the ATVM program and save taxpayers from paying for more of President Obama’s bad green-energy bets.”

Thune's amendment comes after the DOE said it would auction off Fisker Automotive's $168 million unpaid loan earlier this week. DOE plans to launch the auction in early October. 

Fisker Automotive is an auto startup that received $529 million in DOE loans back in April 2010. However, Fisker fell a little behind on its production schedule, and in May 2011, DOE froze the loans due to "unmet milestones." Fisker had only drawn $193 million of it at that point. It hasn't been able to build a car since July 2012, and started looking for a buyer so it doesn't have to claim bankruptcy.

But Fisker isn't the only auto company that failed after receiving money from the Advanced Technology Vehicle Manufacturing loan program. Vehicle Production Group LLC -- which is a Michigan-based startup building wheelchair-accessible compressed natural gas vehicles -- was awarded $50 million in loans back in March 2011, but has since halted production.

Senator John Thune

DOE sold its unpaid $50 million loan for Vehicle Production Group LLC to AM General for $3 million earlier this month. According to The Detroit News, taxpayers lost about $42 million on that sale.

The Advanced Technology Vehicle Manufacturing Program was created by Congress in 2007 in an effort to reach the goal of 1 million EVs on U.S. roads by 2015, but the program hasn't made a new loan since March 2011. This is mainly due to the fact that two of the five companies (Fisker and Vehicle Production Group) that received government loans stopped production. 

The Obama administration received a lot of flak for these failures, but the program wasn't all bad. The other three loans -- $5.9 billion to Ford, $1.4 billion to Nissan and $465 million to EV startup Tesla Motors -- proved to be successful. Tesla even managed to pay its full sum back nine years early, which was a great feat for a startup. 

U.S. Energy Secretary Ernest Moniz said last month that the Obama administration is interested in reviving the $25 billion Advanced Technology Vehicle Manufacturing Program. He noted that it plans to draw a new round of loan requests (but is not actively considering any applications for retooling loans) and reexamine its lending criteria in order to avoid problems it encountered in the past. 

Source: The Detroit News

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RE: Bad Loans
By EricMartello on 9/26/2013 11:04:33 PM , Rating: 2
Given that you cannot reply without constant insults, and you seem to believe you have a right to your own facts rather than only a right to your own opinion, I am not going to bother to respond to this mess.

Everything I stated is fact, and as such is independently verifiable. Me stating facts that you disagree with does not magically convert my statements into "opinion"...and I didn't insult you, again, a simple statement of fact. You're obviously not that smart but maybe you're pretty. Work with what you got.


Period. And anyone who tries to change this I will oppose. This is basic human decency. This kind of thinking is a war against the people who built this country. My father worked in construction his whole life because he wanted to be one of those people you talk about as making America great. Unfortunately that kind of work has a great toll, especially physically. Combined with unlucky genetics, he is in a situation that would cost me more than a hundred grand a year. That burden is too great for me, even at my income level, and it is certainly nothing he could have ever prepared for.

I like how you think that merely working hard, and doing so for a living - not out of charity, somehow qualifies him for taxpayer-funded handouts. It doesn't, and you're not making a logical case. You're making a dumb-witted emotional plea.

You've obviously wrapped yourself in a thick layer of bogus justifications and you've also failed to state why your own family is unable to take care of themselves. You claimed that you were 'raised conservative' implying that your family was conservative - if they were, they'd be contributing to the care of your grandfather.

It really seems like you lied about that too, just like you're trying to hide the fact that you're a dumba55 liberal parasite by claiming to be a "moderate".

Like I said, your family members' health issues are YOUR problem not mine - you making it mine because of you trying to impose your idea of "decency" at my expense is what makes you an enemy of the state.

What you fail to grasp is that if you supported local community groups, church, charities rather than having the government steal more money from peoples' paychecks only to hand it over to you, then you would likely have been able to get the support you need from people around you that know you.

Society can afford to take care of situations like this. Otherwise there is no point to a society at all.

No point to society if it's not giving losers handouts?

What an asinine statement. Pure stupidity condensed into a short string of words...

In America, society was intended to provide a general structure that offered all citizens equal opportunity - something that still exists today despite being steadily eroded by selfish liberals like you.

Your idea that society only exists to give the failures "free stuff" by taking it from the people who are motivated to succeed is about as anti-American as anyone can get.

Why are you still in this country? Just leave and go back to Europe where your way of thinking is generally accepted.

I would say that I am sorry that the country is not going in the direction you would prefer, but I'm really not. The nation you would like would cripple me financially and penalize people like my father who built the things you get to enjoy every day.

Your contrived anecdotal tale, which is was overused during the 2012 campaign, is a load of crap that you're hoping makes your point for you. It doesn't because it's devoid of logic.

First of all there are many people who participate in the construction industry and do so as small business owners or independent contractors. They did not do so because of a government mandate - they did it to pursue one of the many opportunities available to Americans.

A lot of these people were and are making a respectable living with construction work, but apparently the stupid gene that you carry now was present with your grandpa since he wasn't able to move up from the ranks of "rookie" in the world of construction.

You're also overstating your imaginary grandpa's contribution to society. He did his job like millions of other people used to do (before the obamaconomy) - his existence or lack thereof would not have had any appreciable impact on the development of the USA. Now you have millions collecting food stamps, disability and welfare checks - I guess that's the "new" jobs he promised.

Your personal financial solvency is again your problem - not society's responsibility. There are state-run institutions that could offer care for people who cannot afford it. Short of that, ask yourself, what's the point of keeping someone around who can't remember anything? Let nature run its course and do the world a favor and don't reproduce and spread your fail genes.

The notion that just because someone is wealthy, that they should be obligated to prop up people who don't is inherently flawed. People need options to move up and those who do should be rewarded. Those like you, who give up when faced with a challenge, should be penalized and should be allowed to fade into oblivion. The FEWER people like you that exist in society, the better society is.

"We shipped it on Saturday. Then on Sunday, we rested." -- Steve Jobs on the iPad launch

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