Lots of money for Green Programs without much in the way of oversight. Or vetting. What could possibly go wrong. From Watts Up With That? Biden’s EV Bus Disaster: Another Green Energy Scam Collapses.
$5 billion for "clean" busses. Pay no attention to the strip mining of lithium in South America. Or the child labor in the cobalt mines. Or the nickle mines in Indonesia. Or...
As part of Biden’s $5 billion Clean School Bus program, Lion Electric was awarded $159 million to produce 435 electric buses. The administration touted it as a hallmark of its climate agenda, with Kamala Harris herself front and center, gushing over the initiative.
In the first place we shouldn't be "giving money" to a Canadian manufacturer. In the second place, someone should have looked into the financials before we handed over $159 million.
Here’s the kicker: Lion Electric was in deep financial trouble long before Biden started funneling money into it.
- Since 2020, the company has lost $301.6 million.
- Its stock price has collapsed from $33.48 per share to just $0.08—a staggering 99.7% wipeout.
- It was hit with a class-action lawsuit after allegedly misleading investors with “grossly unrealistic financial projections”.
And yet, the Biden administration kept the money flowing, rewarding a failing company because it fit the “green energy” narrative.
Lion Electric did promise to open a plant in Joliet, Illinois.
Today, it’s a ghost town, with Lion Electric halting operations and laying off workers.
It is a 900,000-square-foot facility that is likely to sit empty for a while.
The Biden administration’s obsession with green energy subsidies has led to billions in waste, failed projects, and broken promises.
Meanwhile, school districts still need buses, communities still need jobs, and American taxpayers are once again paying the price for Biden’s reckless spending.
Another liberal idea that "sounds good," but isn't.
Assuming facts not in evidence. Was producing buses actually the goal?
ReplyDeleteIf so, we have to believe that no one looked into the financials of Lion Electric to at least see red flags.
This has Solyndra all over it. The similarities are uncanny. Like, on purpose.
At this point I believe that every time the US government gives money to a company or a charity it is just money laundering. I'm also willing to be convinced that even when they are buying something, like the Pentagon, at least some of it is money laundering
DeleteIn the aftermath of the mutiny on HMS Bounty, several of the crew who remained loyal to Lt. Bligh were convicted.
DeleteThe reasoning was that they in no time acted to put down the mutineers.
I suggest that in like fashion, every fedgov employee right down to janitor prove their innocence. Namely, if you so much as heard of it, you are complicit by having taken no action to stave the corrupt acts.
Sorry to say, that is an indication of how deep the loathing and distrust The People have, not by their nature, but by the acts of those in fedgov. Let it be so.