Obama’s $50 Million Dollar ‘Investment’ Only Lost $42 Million! Yea!

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By now, you have all heard about how bad the jobs picture is, or should I call it the no-jobs picture. We have lost another 300,000 from the work force, more than 90 million Americans are not working, and it has been 35 years since we have had so few looking for jobs. You will be happy to know however, that we have only lost 42 million dollars on one of Obama’s green car ventures. Heck, it could have been 50 million.

The $50 million was loaned to the Michigan-based green car company, Vehicle Production Group or VPG, and they haven’t produced a thing since May. They made wheelchair accessible green vehicles – obviously not very many of them. They were called purpose-built vehicles. Cool, huh?

The company went up for auction when no one was foolish enough to buy it and $45 million dollars of the US taxpayers’ investment went for $3 million to AM General who were building the cars under contract. [I smell a rat here]

VPG still has 3 employees.

The Energy Department’s Advanced Technology Vehicles Manufacturing program loaned them $50 million. It was a financing scheme which happened to benefit some Obama fundraisers. Nissan, Tesla, Ford, and Fisker also received $50 million in loans under this deal.

Fisker was another failure.

Fisker being towed away copy

Photo of Fisker Carma being towed away during its test drive. It wouldn’t move.

VPG is tied to a top fundraiser for Barack Obama. James Johnson, former top executive at Fannie Mae, chaired an investment firm, Perseus LLC, which has a stake in VPG.

Johnson was also involved in the shady dealings with Countrywide and had to resign from his position on the VP selection committee – that’s the VP of the United States.

Eighty percent of green energy loans went to Obama donors and at least 20% of them went bust. Check out Gateway Pundit for more info on that.

VPG bragged about being a union company but the union didn’t get any lasting jobs from this investment.

Their plan was to create 900 jobs and produce 22,000 vans annually. They said they would take 12,200 tons of carbon dioxide out of the air each year but no one knows how they were going to do that with a body-on-frame, rear-wheel-drive V8 van. [Does anyone at DOE actually read these proposals?]

The vans sold for a pricey $40,000, $10,000 more than the average American now makes a year in this country.

“Basic research is one thing, but handing out money to companies is quite another,” Arizona Senator Jeff Flake said in an interview. “We don’t have a good record and it needs to stop.”

Read the details about VPG at the Free Beacon

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