Fisker Automotive Loans
In 2007, the Department of Energy (DOE) created its vehicle loan program and provided Fisker Automotive Inc. $192 million when they unveiled the conceptual version of their electric Karma sedan.Through In June 2011, the DOE froze Fisker’s line of credit to prevent the company from drawing additional funds after it missed its sales milestones and federal loan payment. The DOE then seized $21 million from the company. Read More the Full Article
Spending In The News
- In its 1996 report, "The Future of the Penny," the Government Accountability Office (GAO) found that, while the cost to manufacture the penny was below its value, the cost of distribution made the penny more expensive than it was worth. According to the Huffington Post, President Obama called the penny "obsolete." Read More on Spendopedia
- Christopher Columbus Fellowship Foundation Funding
- According to The Washington Times, "Painting people high up in all branches of the federal government is a long-held tradition for Republicans and Democrats alike in Washington." Yet, what began as an honored tradition has become a common practice for not-so-historical figures in Washington at American taxpayers' expense. Read More on Spendopedia
- The National Endowment of the Arts (NEA) and National Science Foundation (NSF) have granted funds for the creation of video games for various projects. So far, the amount spent has reached more than $2.8 million among four different games.
- On December 18, 2013, John C. Beale, a former employee and manager at the Environmental Protection Agency (EPA), was sentenced to 32 months for defrauding the agency of nearly $1 million over 13 years. Beale was once the highest-paid employee at the agency, and a leading expert on climate change. Earlier in the month, Beale plead guilty to duping his co-managers and fellow employees into believing that he was working for the Central Intelligence Agency (CIA).
- On December 6, 2011, the Commerce Department's Economic Development Administration (EDA) spent almost half of its IT budget on a cyber overreaction. According to an inspector general's report, the cyber attack that barely happened cost the EDA over $2.7 million to clean up and reconfigure it's network. In addition, the bureau destroyed about $17,000 in equipment, including desktop computers, printers, keyboards, and mice.