This time, the federal government lost $42 million on a loan to a Michigan-based manufacturer of natural-gas-powered vans for the disabled, called Vehicle Production Group (at least we can be pretty sure they didn’t use any federal funds on branding). VPG stopped operations in February, and last week, the federal government sold its note, which had an original balance of $50 million, to AM General, the company that builds Hummers and Humvees, for $3 million — after the company had managed to pay back $5 million worth of the loan, the federal fisc’s loss adds up to $42 million. AM General says it will continue building the vans at its Indiana factory.
H/T to Rash Manly
2 comments:
OH NO! The polar bears will freeze.
We must allow Polar immigration reform NOW...sic
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