Corporate Welfare - Obama Style

Posted in the Minneapolis Forum

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“The one and only Smart Liberal”

Since: Aug 12

Former MN Tax Payer

#1 Apr 23, 2013
Another failure of the Obama Administration's Coprorate Welfare program called the Stimulus.

Obama's campaign contributors got $192 million from the US Taxpayers - just like Solyndra.

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Energy Dept. seizes $21M from electric car maker Fisker Automotive

3:42 AM, April 23, 2013

By MATTHEW DALY
Associated Press

WASHINGTON — The Obama administration has seized $21 million from troubled automaker Fisker Automotive Inc. just weeks after the company laid off three-fourths of its workers amid continuing financial and production problems.

Fisker had received $192 million in federal loans before a series of problems led U.S. officials to freeze the loan in 2011.

In a statement Monday, the Energy Department said it recovered $21 million from the company’s reserve account on April 11 as it continues to seek repayment from the car maker for a 2009 loan commitment awarded by the Energy Department. A payment from Fisker was due Monday, but was not made, a DOE official said.

The payment deadline, combined with the company’s financial woes, had increased speculation that Fisker would file for bankruptcy as soon as Monday. No bankruptcy filing had occurred by late in the day.

The DOE awarded the Anaheim, Calif.-based company a $529 million loan as part of an Obama administration program to boost electric cars and other advanced vehicles. Fisker pledged its assets as collateral on that loan.

A DOE spokeswoman called the financial seizure appropriate and noted that safeguards were written into the loan agreement. Combined with the 2011 action to freeze the loan, the DOE has protected more than two-thirds of its original loan commitment, spokeswoman Aoife McCarthy said.

“While this is a hard time for the company’s employees and investors, our overall portfolio of more than 30 projects continues to perform well and more than 90 percent of the $10 billion loan loss reserves Congress established remains intact,” McCarthy said.

The Energy Department has been criticized for failing to protect taxpayers from a failed $529 million loan to solar panel Solyndra, which went bankrupt in 2011 and laid off 1,100 workers.

Fisker, maker of the $100,000-plus Karma hybrid sports car, has not built a vehicle since last summer and has failed to secure a buyer as its cash reserves have dwindled.

A company spokesman declined to comment Monday.
Bushwhacker

Seattle, WA

#3 Apr 23, 2013
Bush's stimulus, which included an extension of jobless benefits and resulted in checks being mailed to millions of Americans, was signed in March 2002.

"We have a lot of laid off workers, and more layoffs are occurring," the congressman continued. "And we know, as a historical fact, that even if our economy begins to slowly recover, unemployment is going to linger on and on well after that recovery takes place. What we have been trying to do starting in October and into December and now is to try and get people back to work. The things we're trying to pass in this bill are the time-tested, proven, bipartisan solutions to get businesses to stop laying off people, to hire people back, and to help those people who have lost their jobs."

While Obama has been in office, Ryan has voted against extending unemployment benefits and against helping laid-off workers pay for health insurance by subsidizing COBRA payments.

Such actions are difficult to square with 2002's Paul Ryan.

"It's more than just giving someone an unemployment check," he said then. "It's also helping those people with their health insurance while they've lost their jobs and more important than just that unemployment check, it's to do what we can to give people a paycheck."
Bushwhacker

Seattle, WA

#4 Apr 23, 2013
A DOE spokeswoman called the financial seizure appropriate and noted that safeguards were written into the loan agreement. Combined with the 2011 action to freeze the loan, the DOE has protected more than two-thirds of its original loan commitment, spokeswoman Aoife McCarthy said.

“While this is a hard time for the company’s employees and investors, our overall portfolio of more than 30 projects continues to perform well and more than 90 percent of the $10 billion loan loss reserves Congress established remains intact,” McCarthy said.

“We have 545 traitors.”

Since: May 11

Parts Unknown

#5 Apr 23, 2013
$529 million to help save a company selling a doomed $100,000 plug in hybrid luxury sports car. They only sold 2,000 by the end of 2012 and had to recall hundreds of them.

This after giving $529 million to a company that collapsed after trying to sell solar panels for half what they cost to make.

Brilliant. Way to go America. Smart investing.
Bushwhacker

Seattle, WA

#6 Apr 23, 2013
90% success rates on loans is pretty good, after the Bushwhacker economy.
LIbEralS

Saint Paul, MN

#7 Apr 23, 2013
A "90% success rates on loans" IS NOT pretty good except in a Slewpid twisted mind. How long does a bank stay in business with such a poor success rate?
Bushwhacker

Seattle, WA

#8 Apr 23, 2013
Banks ??? IT'S NOT A BANK, NEVER WAS, MORON ....
Bushwhacker

Seattle, WA

#9 Apr 23, 2013
"We can put light where there's darkness, and hope where there's despondency in this country. And part of it is working together as a nation to encourage folks to own their own home."

- President George W. Bush, Oct. 15, 2002

Ever since this famous FIASCO, the loan rate failure at banks has INCREASED !!!

“We have 545 traitors.”

Since: May 11

Parts Unknown

#10 Apr 23, 2013
Bushwhacker wrote:
Banks ??? IT'S NOT A BANK, NEVER WAS, MORON ....
The difference, moron, is a bank would research a business plan and deny a loan for a company that was as mismanaged as these were. We need people like that managing our money, not morons like you, moron.
Bushwhacker

Seattle, WA

#11 Apr 23, 2013
I made more YTD, than you'll make gross... LMAOROFU~!
Bushwhacker

Seattle, WA

#13 Apr 23, 2013
Helping "collect"... that "binder full of women".
Conwhacker

Seattle, WA

#15 Apr 24, 2013
I made more YTD, than you'll make gross... LMAOROFU~!

“The one and only Smart Liberal”

Since: Aug 12

Former MN Tax Payer

#16 Apr 24, 2013
Blern wrote:
<quoted text>
The difference, moron, is a bank would research a business plan and deny a loan for a company that was as mismanaged as these were. We need people like that managing our money, not morons like you, moron.
The entire Stimulus program was either Corporate Welfare for campaign donors, or paybacks to unions for "Get Out The Vote" support.

I want my money back.
Bushwhacker

Seattle, WA

#17 Apr 24, 2013
Your family wants their dignity back, both gone ...con...

Seriously, how do you expect to pay our deficit and operating expenses WITHOUT TAXES ?? Oh right, that's not your problem, your "job" is to whine and try to hold onto tax cuts, THAT GOT US INTO DEBT !!! Geez, grow your income/investments and A SPINE !!! LMAOROFU~!
scooby slew

Saint Paul, MN

#18 Apr 24, 2013
We all remember you only pretend to know stuff slew. This is just another example of your pretending to know stuff.
Bushwhacker wrote:
<quoted text>
I hope you pick stocks as well as you pretend to "KNOW" stuff ? Oh right, I do THAT !!! What do you do again ? Childish noises, right ?

Well, you at least admitted by your statement that you only pretend to know stuff. Shouldn't you be getting back to your whacking in the bushes?

There you go Slewby DooDoo, pretending to know stuff again.
scooby slew

Saint Paul, MN

#20 Apr 24, 2013
NSP Phocker wrote:
<quoted text>
What an illiterate phocker you are.
Your definition of illiterate is obviously flawed, you slewchebag syncophant. You might want to look it up and enrich your word power, poser.

“The one and only Smart Liberal”

Since: Aug 12

Former MN Tax Payer

#21 Apr 24, 2013
NSP Phocker wrote:
<quoted text>
What an illiterate phocker you are.
Soooooo...you are for corporate welare, Obama style. Is that correct?
Bushwhacker

Seattle, WA

#22 Apr 24, 2013
IrishMN wrote:
It doesn't work with door to door people, but phone solicitors are always welcome to call me. When I answer the phone and they ask for IrishMN, I respond with:
"Oh, I am sorry. He just died. I am here clearing out the last of his belongings."
The silence is deafening.
And yes, I am that warped.

They ask for your moniker, TROLL ??? Of course, you lie, it's your nature...
Bushwhacker

Seattle, WA

#24 Apr 24, 2013
Smart Liberal wrote:
<quoted text>
Soooooo...you are for corporate welare, Obama style. Is that correct?
WELARE ???

Want a do-over DUMMY ???

Let's see...someone recently accused others of diverting and deflecting. I wonder who that was?

Oh right, the guy who Hertz to read, because you're SO STOOPID !!!
ist

Duluth, MN

#25 Apr 24, 2013
Smart Liberal wrote:
<quoted text>
The entire Stimulus program was either Corporate Welfare for campaign donors, or paybacks to unions for "Get Out The Vote" support.
I want my money back.
What has it stimulated, exactly? Other than personal profits of green company con artists? Shows how gullible liberals are for everyone with a good story.

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