Why is the department of energy lending money to a car company? I understand it is an electric car company... but still. Picking winners and losers (and doing a bad job of it) is NOT the job of the government.
We’re seeing the pealing of the green scam onion - the Dept of Energy loaning tax money for unsustainable new technologies.
On September 1, 2011, Solyndra ceased all business activity, filed for Chapter 11 bankruptcy, and laid off all employees.
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October 4, 2011 - “Despite reports to the contrary, Tesla Motors won’t ask the U.S. Department of Energy for an additional Advanced Technology Vehicles Manufacturing (ATVM) loan, according to the automaker’s chief executive officer.
Palo Alto-based Tesla has “significant” capital reserves and more than enough funds to develop its Model S sedan, CEO Elon Musk told reporters in Washington last Thursday. Apparently, Tesla’s initial $465-million DoE loan is all the government money that’s needed for now. Quoting Musk:
We don’t need any additional DOE funding. We will not be applying for any.
For the record, Tesla admits it had been in the loan pre-application process, but did not submit a formal application to the DoE. Ricardo Reyes, Tesla’s vice-president of communications, stated, “Tesla has no completed loan applications pending before the DoE.” And now, with Musk’s words, it seems no application will move from pre to pending status.”
http://www.freerepublic.com/focus/f-chat/2795936/posts