Monday, June 9, 2014

Chinese Billionaire Buys Bankrupt Fisker Automotive

Chinese billionaire Lu Guanqui, the Chairman of Wanxiang Group, China's largest maker of auto parts, scooped up Fisker Automotive for $149.2 million out of bankruptcy court.  The Chinese are great Capitalists, so this Blogger has no problem with the acquisition.  However, Fisker was one of Socialist President Pinocchio Obama's Green Energy Investments that went bankrupt.   The American taxpayer lost $139 million on this deal.  I know, I know, this is chump change in Washington DC; but it is still our money down a rat hole. 

In business, someone usually gets FIRED, or could even go to jail for bad decisions.   In the federal government, rather than getting FIRED or going to jail, these characters get promoted and are often paid bonuses.   Look, I am sure there are many hard working people working for the federal government; but there are also a bunch of losers and crooks.  Just when are we going to see those who make bad decisions face consequences.  Many of Obama's Green Investments have ended up in bankruptcy.  It has cost the American taxpayer billions of dollars. 

Who ever signed on the dotted line making these investments needs to be FIRED.  Obviously, the federal government stepped into these risky deals because both investors and banks passed on the deal.   HELLO.   If investors and banks were not interested that is because the business proposition, as an investment, was just not there.   It is time for the federal government to stop all the Crony Capitalism that we see happening.  Obama rewards his political donors with loans and or grants.   These Crony Capitalists gets rich and the American taxpayer often gets screwed.  It has to stop.   

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