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To: Secret Agent Man
You mean this loan?

The fast-growing electric car company has repaid the entire $465 million loan it received from the U.S. Department of Energy, in a vindication for company co-founder Elon Musk, the billionaire mogul and rocket-ship enthusiast. The loan repayment, made nine years ahead of schedule, was completed Wednesday when Tesla wired $451.8 million to the federal government.
Tesla’s loan was part of the government’s 2010 Advanced Technology Vehicle Manufacturing Program, a $25 billion fund authorized by Congress, signed by President George W. Bush, and awarded under President Obama. The loan program, which was separate from the U.S. auto bailouts to GM and Chrysler under the Troubled Asset Relief Program (TARP), was designed to get fuel-efficient vehicles to consumers faster.

The one from a program authorized by G. W. Bush?

The loan they paid back 9 years early?

It wasn't a TARP bailout. It was definitely government venture capital, but then, the government (Congress) has decided we need to get off Arab oil somehow, anyhow. So they did this program.

Excuse me, but I've been on aerospace programs of exceedingly questionable value where we pissed away a Billion (with a capitol "B") and then cancelled the program without so much as a whimper from the public.

More then one of them, in fact.

$465 million is chump change to the government. A roundoff error. And it wasn't a sunk cost, it was a loan...now paid off.

Would you have refused it?

If so, how would you have explained it to your Venture Capitalists, your Board, your Investors?

"I turned down a damn near free loan because my conscience wouldn't let me take it, I don't believe in government funding".

Good Luck with that Bunky. Been there done that. The VC's would walk you out of your own company doors that day, they wouldn't wait for tomorrow.

15 posted on 09/07/2013 8:31:33 PM PDT by Regulator
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To: Regulator

Grant me $465 million and I won’t waste it. You’ll get paid back nine years early.

The joke is entrepreneurs who needed that private capital didn’t get it, but Elon Musk did. He’s already rich. Why not use his own money?

It’s the unseen v. the seen over and over again. The government doesn’t have any business picking winners and losers.

BTW, I admire Musk and think he’s very sharp. My complaint is with US and those on his teat or should I say mine?


17 posted on 09/08/2013 6:56:45 PM PDT by 1010RD (First, Do No Harm)
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