Euphemismania: 'Non-Performing' Federal Green Tech Loan To Be Auctioned
The U.S. Department of Energy will put up for auction this week a $50 million loan awarded to the now-closed Vehicle Production Group LLC, an unusual move by the DOE that may give U.S. taxpayers a chance to recoup a portion of their investment.
The auction may also mark a path for the government to offload non-performing loans made to other troubled, taxpayer-backed companies, including hybrid sports car maker Fisker Automotive, which owes the DOE $192 million and has so far failed to secure a buyer.
The auction will be held on Thursday, according to a auction notice posted on govsales.gov, which tracks government asset sales. (here)
A DOE spokeswoman did not respond to requests for comment.
Of course she didn't.
We sometimes get so caught up in the ongoing parade of FAIL that is Obamacare that we forget about what may end up being an even bigger stain on his legacy: the criminal amount of money wasted on green insanity that couldn't even survive with the government artificially propping it up. In this economy, no less.
Every time a blubbering prog calls you heartless ask him how many poor people cold have been fed with the Solyndra money alone.
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