Taxpayer money wasted on unproven green energy companies and DOE loans to Obama bundlers, the new normal under the President and his progressive leaders appointed to these agencies. When does the revolution begin? A Nod to The Daley Gator for the story.

The Department of Energy (DOE) will likely lose tens of millions of dollars on a loan extended to a green vehicle company with ties to a top fundraiser for President Barack Obama. The news comes days after DOE announced that it would restart the loan program responsible for lending taxpayer funds to the struggling company.

As a result, taxpayers are expected to lose about $42 million on the deal.

“After exhausting any realistic possibility for a sale that might have protected our entire investment, the department determined that auctioning the remainder of VPG’s loan obligation offered the best possible recovery for the taxpayer,” DOE spokesman Bill Gibbontold the Detroit News.

Really? You didn’t exhaust much time handing out the money, now you can’t get any back? Fuckin’ idiots.

VPG ceased operations and laid off most of its staff in May.

Its DOE loan came through a federal financing scheme called the Advanced Technology Vehicle Manufacturing (ATVM) program. The program also financed politically connected green vehicle company Fisker Automotive, which has ceased production and may declare bankruptcy.

DOE’s relationship with VPG came under scrutiny in 2011 after it was revealed that James Johnson, the former top executive at federal mortgage giant Fannie Mae and a major Obama fundraiser, chaired an investment firm, Perseus LLC, with a stake in the company. Johnson helped Obama court Clinton supporters in 2008 after a bloody Democratic primary. He also sat on a three-person vice presidential selection panel for the campaign, though he stepped down after it was revealed that he received sweetheart mortgages from predatory lender Countywide Financial.

Both Perseus and DOE have denied that federal financing for VPG was political in nature.

“I doubt there was anybody at DOE that even considered the fact that Jim was part of this firm. We went straight through the proper channels of the [loan] program,” Perseus chairman Frank Pearl toldthe Washington Post in 2011.

“The decision to provide the Vehicle Production Group a loan was made based on the merits after more than two years of review by officials in the DOE loan program,” added then-DOE spokesman Damien LaVera.
Two years of review and you still fucked it up? Why wasn’t somebody fired? My goodness how freakin stupid are the decision makers at the DOE?

Perseus’ political muscle went beyond Johnson. Its former vice chairman was the late U.N. ambassador Richard Holbrooke, who was appointed to a top foreign policy position during Obama’s first term. Holbrooke left Perseus before it received its DOE loan. He died in 2010.

Another VPG financier, billionaire energy tycoon T. Boone Pickens, met with the president during the 2008 campaign to discuss energy policy. Pickens subsequently said he was “strongly encouraged by Sen. Obama’s speech on America’s energy future. Foreign oil is killing our economy and putting our nation at risk.”

How that work out for ya T-Bone?