Wednesday, January 4, 2012

How Political Allies Are Making Money On Green Causes

Obama Backers Are Getting Rich On Green Causes -- Don Surber

Over the holidays, the New York Times reported: “Fisker Automotive is recalling all 239 of its 2012 Karma luxury plug-in hybrid cars because of a fire hazard.”

Not mentioned in the report was the fact that the Obama administration had given this tiny car company a Solyndra-sized loan of $529 million. Banks loans the money with the understanding that if the company flops, taxpayers will repay the loan. That Fisker received a loan at all was odd, since Fisker builds its cars in Uusikaupunki, Finland. But the Wall Street Journal reported that Al Gore is a backer of Fisker. That may explain why the Obama administration approved the loan.

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My Comment: Because Green sounds good.... does not necessarily mean that it is good. Unfortunately .... government backed loans to companies that are not structured to pay them back is becoming the legacy of going Green.