The Washington Times reports:
The Energy Department conceded Friday that the federal government will lose $42 million on a loan to a shuttered Michigan van manufacturer — part of the same program that provided a $529 million loan to an electric car maker that also has gone under.
Vehicle Production Group (VPG), which made vans for the disabled, ceased operations in February and laid off 100 workers, two years after receiving a $50 million federal loan under the same clean-energy program that provided a $529 million loan to electric car maker Fisker Automotive Inc., according to the Associated Press.
Reblogged this on Edonurwayup's Blog and commented:
That’s the plan for cronies and big donors.
“Giving money from the treasury to friends is the program.” Isn’t that why you give big donations? ROI is pretty good for a lot of these folks.
This is why governments should stay out of entrepreneurship.
The program is quite successful.
“VPG’s DOE loan was controversial. In 2011, The Washington Post raised questions about a fundraiser for President Obama and the loan. It reported that VPG was part of the portfolio of companies under Washington, D.C.-based investment firm Perseus, whose vice chairman, James Johnson, was an Obama adviser and fundraiser.”
Giving money from the treasury to friends is the program.
Losers with an agenda trying to pick winners in business, not a good prospect for success.
My grandfather reads the Times, when he’s tired of chasing kid off his lawn.
Let us trust that capitalism will have your flying monkeys eating the poo they do not fling, before our economy collapses.