Energy Department Gives $259 Million ‘Green’ Conditional Loan to Politically Connected Corporation

The Department of Energy’s disastrous loan program lost taxpayers at least $780 million as companies like Solyndra, Fisker Automotive, and Abound Solar crashed and burned. But as I write today, after a four-year hiatus, the Energy Department has announced a new fuel-efficient-vehicle loan — a $259 million conditional award to Alcoa.  It’s a pretty sweet deal: The Energy Department touts on its website how this loan program “offers attractive financing for U.S. auto industry,” including no application fees, a closing fee of just 0.1 percent, and interest rates estimated at no more than 4 percent.

Read more at National Review
(Hat tip: KimR)