The White House entered into really strange financial transactions. Under normal circumstances, each instance, “what looks like million dollar hand-outs”, would not only raise the eyebrow, but have the Department of Justice looking into it. However, that is unlikely to happen, since US Attorney General Holder is a White House appointee.
Last week, electric car maker “Fisker” received a $529 million federal government loan to produce electric cars in Finland. It is amazing to hear the car manufacturer state: “we were unable to locate a facility capable of manufacturing electric cars in the U.S.” The latter is even more doubtable, knowing we have dozens of idle, as well as scuttled manufacturing plants throughout the country.
Furthermore, Fisker has not produced a single car, yet, became eligible in the eyes of the Energy Department (DOE) to receive the aforementioned $529 million and produce the car outside the United States. This is taxpayers money that is handed out like money growing on trees. We have people going hungry every night, despite, millions of U.S. dollars are handed out to a project outside the U.S. and having no control over it. This looks like another Solyndra, the California solar manufacturing company with excellent White House connection, receiving $535 million of taxpayers money from the Energy Department and filing for bankruptcy six weeks ago.
There are more money hand-outs to companies that exist on paper only. Just three weeks ago the DOE, finalized a $737 million loan guarantee to Tonopah Solar Energy, a start-up solar energy company that says the loan will create 645 jobs in the Nevada desert. Translated, that means, the Nevada project hopes to create a single job at a cost of more than $1 million. The DOE also gave a $337 million loan guarantee to Arizona Mesquite Solar 1, expected to provide 300 jobs, or, more than $1 million for one job..
The list of handing out taxpayers money goes on and on. A $1.46 billion loan to Desert Sunlight , Riverside, CA. expected to generate 550 jobs. Another $646 million loan to AV Solar Ranch 1, Antelope Valley CA. (expecting 350 jobs). A $1.4 billion loan guarantee for Project Amp providing installation of solar panels on 750 existing roof tops (this project supposedly creates 1,000 jobs over four years). Finally, the Energy Department handed out a $1.237 billion loan guarantee to SunPower Inc to support the California Valley Solar Ranch Project and an eventual 350 jobs.
As with Solyndra Inc, the DOE has no oversight over loans made to the energy companies. The companies received federal loan guarantees mainly for projects that exist on paper, and after Solyndra, the taxpayer is certainly entitled to know how the money is being spent?