The House Oversight Committee is holding a hearing today on “Green Energy Oversight: Examining the Department of Energy’s Bad Bet on Fisker Automotive.”
We’ll be live tweeting beginning at 2pm.
1. According to the DOE Loan Program Office, $34.5 billion of loans have created about 60,000 jobs, which is $575,000 per job.
2. Cause of Action analysis determined that 95% of those who received a loan gave political contributions, while only 31% of those who were not chosen gave contributions.
3. Fisker Automotive continued to receive money for almost a year after the Obama administration found out it was failing to meet conditions set in the loan.
In 2010, the Obama administration gave a $529 million loan to Fisker. Fisker would only receive $192 million before it was cut off.
4. Fisker never finished construction on its factory or produced any cars backed by the government loan.
5. Taxpayers are looking at a potential loss of $171 million. The largest loan failure since Solyndra.
Via REACTION GIFS