Republican senators complained Wednesday that U.S. taxpayer dollars could end up boosting the Chinese economy, following reports that a Chinese firm is leading the pack of companies bidding for a majority stake in government-backed Fisker Automotive.
The troubled California-based electric car maker, which was backed by U.S. taxpayers to the tune of nearly $530 million, for months has been looking for a financial partner. Reuters reported earlier this week that China?s Zhejiang Geely Holding Group is favored to take over, though Fisker is also reportedly weighing a bid from another Chinese auto maker.
The development comes after Fisker?s main battery supplier ? U.S. government-backed A123 Systems ? was recently purchased by a separate Chinese firm.
Sens. John Thune, R-S.D., and Chuck Grassley, R-Iowa, voiced concern Wednesday that Chinese companies are benefiting from U.S. taxpayers? investment.
?Obama?s green energy investments appear to be nothing more than venture capital for eventual Chinese acquisitions,? Thune said in a statement. ?After stimulus-funded A123 was just acquired by a Chinese-based company, it?s troubling to see that yet another struggling taxpayer-backed company might be purchased under duress by a Chinese company.?
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Source: http://www.secretsofthefed.com/state-property-another-sale-of-a-taxpayer-backed-business-to-china/
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