- ‘Tis the Season: London florist creates $4.6 million Christmas wreath
- No tailgating allowed at Super Bowl XLVIII
- Pentagon to transport African troops to Central African Republic
- Chinese man fed up with his girlfriend’s shopping jumps to his death
- Ukraine leader to talk with protesters; Washington urges caution
- Pope Francis: A nun saved my life
- Israeli P.M. Netanyahu backs out of Mandela funeral
- Elian Gonzalez makes first trip outside Cuba since custody battle
- U.S., British intelligence agents enter online sci-fi world to spy on gamers
- Sarah Palin to host the outdoors show ‘Amazing America’
Energy Department loses $42M on clean-energy loan to Mich. van company
The Energy Department conceded Friday that the federal government will lose $42 million on a loan to a shuttered Michigan van manufacturer — part of the same program that provided a $529 million loan to an electric car maker that also has gone under.
Vehicle Production Group (VPG), which made vans for the disabled, ceased operations in February and laid off 100 workers, two years after receiving a $50 million federal loan under the same clean-energy program that provided a $529 million loan to electric car maker Fisker Automotive Inc., according to the Associated Press.
VPG had paid back $5 million of the $50 million federal loan this spring, and the remainder of its debt was sold at auction this week to Humvee manufacturer AM General, which paid $3 million to buy the loan.
In an email to AP, an Energy Department spokesman said sale of the VPG loan was the "best possible recovery for the taxpayer."
Fisker had received $192 million before federal officials froze the loan in 2011. The company has since laid off 75 percent of its workers, though the government has recovered only about $28 million of the money.
The losses come after federal government's failed risked on solar panel maker Solyndra, which went under in 2011 despite receiving more than $500 million from the Energy Department.
Rep. Jim Jordan, R-Ohio, chairman of a House Oversight subcommittee on economic growth and regulation, called the loan program "one of the most disastrously mismanaged and corrupt programs in U.S. history," AP reported.
© Copyright 2013 The Washington Times, LLC. Click here for reprint permission.
About the Author
- Christmas gift for coffee lovers: Starbucks $450 all-metal gift card
- Chris Matthews: GOP less patriotic than South African white apartheid leaders
- Wounded Warrior donation MIA from lesbian waitress of anti-gay tip story
- Jon Stewart, CIA superspy? Iranian TV creates new 'Zionist' conspiracy
- Paris Metro issues 'politeness manual' to improve passengers' behavior
Latest Blog Entries
- Rangel's race taunt: Tea party a bunch of 'white crackers'
- Limbaugh: Fox News wouldn't let me criticize GOP
- Anthony Weiner: Expect more lewd photos to surface during N.Y. mayoral campaign
- Obama meets with illegal immigrants to discuss reform
- Jay Carney likens inquiry on Sebelius' 'Obamacare' fundraising to birth certificate questions
By Tom Fitton
New photos confirm the attack's coordination and its cover-up
- Chinese man fed up with his girlfriend's shopping jumps to his death
- Israeli P.M. Benjamin Netanyahu backs out of Nelson Mandela funeral
- FITTON: A closer look at the Benghazi lie
- Obama lied about Syrian chemical attack, 'cherry-picked' intelligence: report
- CURL: Obama tells a whopper on IRS scandal
- American bourbon now better than Scottish whiskey: U.K.-born expert
- Defense Secretary Chuck Hagel warns Pakistani leaders of U.S. aid losses over drone-strike protests
- Bill OReilly reminds: Nelson Mandela was a communist
- Troops forced to rely on welfare, holiday charity
- Lawmakers see 'false narrative' of Obama as a terrorist fighter
Independent voices from the The Washington Times Communities
Listening to the heartbeat of Louisiana, including events, food, family and culture.
Crystal Wright is a black conservative woman living in Washington, D.C.
All of the world’s problems, solved on your back porch
White House pets gone wild!
Let it snow