The Return of the Living Dead Cronies

Not even repeated and public failures can keep a bad corporate giveaway down:

The Department of Energy (DOE) recently announced that its revised loan program has given a preliminary loan commitment for $259 million to Alcoa – the aluminum producer.

The loan, from DOE’s Advanced Technology Vehicles Manufacturing (ATVM) program, is the first being issued after a four year suspension of the program because previous DOE loans resulted in significant tax payer losses from bankruptcies including Solyndra.

The Alcoa loan follows improvements to the program by DOE Secretary Moniz to support the production of light weight vehicles that will use less fuel and reduce greenhouse gas emissions.

Presumably Alcoa will keep the increased profits it makes from selling improved materials to automakers — so why should we taxpayers have to front them the investment money?