Tesla repays federal loan nine years early
Original post made on May 24, 2013
Read the full story here Web Link posted Friday, May 24, 2013, 7:14 AM
on May 24, 2013 at 10:37 pm
Readers should see the op-ed in the fri 24.5.2013 Journal of Wall Street. Author shows how Tesla is making money through continued taxpayer subsidies and legislated transfers in the form of selling green energy creditor. These subsidies are fattening the wallets of wealthy investors and Tesla executives and adding no value to society at all unless you call providing yet another luxury car for the wealthy added value.
on May 25, 2013 at 10:54 am
Bravo for Tesla and for US taxpayers! Payment in full, far in advance of the due date on this loan: something that should be welcomed by all sides of the political spectrum.
on May 27, 2013 at 8:23 am
If the DOE Loan program were a mutual fund Morningstar would have given it 0 stars and would have made Bernie Madoff seem respectable by comparison. Do you think Obama acolytes such as Vinod Khosla or John Doerr would have touched it? Actually John Doerr of KPCB did back Fisker.
The following is a list of all the clean energy companies supported by President Obama's stimulus that are now failing or have filed for bankruptcy. The Obama Administration hopes you've forgotten about all of them except Solyndra, but we haven't.
Solyndra (received $ 535 million)
Beacon Power (received $ 43 million)
AES' subsidiary Eastern Energy
Nevada Geothermal (received $ 98.5 million)
SunPower (received $ 1.5 billion)
First Solar (received $ 1.46 billion)
Babcock & Brown (an Australian company which received $ 178 million)
Ener1 (subsidiary EnerDel received $ 118.5 million)
Amonix (received 5.9 million)
The National Renewable Energy Lab
Abound Solar (received $ 400 million)
Chevy Volt (taxpayers basically own GM)
Solar Trust of America
A123 Systems (received $ 279 million)
Willard & Kelsey Solar Group (received $ 6 million)
Johnson Controls (received $ 299 million)
Schneider Electric (received $ 86 million)
That's 19 and counting. We also know that loans went to foreign clean energy companies. Fisker sent money to its overseas plant in Finland to develop an electric car and most remember the vehicular flambe of a Fisker car outside Robert's market in Woodside.
Over 80% of these loans went to President Obama's campaign donors. Using DOE's own data, the Institute for Energy Research has calculated that the DOE spent $11.25 million for each job created." How do you spell waste, fraud and corruption? B a r r a c k
O b a m a.