More taxpayer money goes to another ‘green’ Obama backer

Watchdog reports:

The Department of Energy last week announced a conditional loan of $259 million to Alcoa Inc., supporting the manufacture of lightweight-aluminum auto bodies.

The resurrection of the DOE’s controversial fuel-efficient-vehicle loan program is a bad idea in light of the agency’s awful track record on taxpayer-backed green investments. All told, the DOE’s loan programs have lost taxpayers at least $780 million.

But Americans should also question why Alcoa, which tallied $23.9 billion in revenue last year, needs a helping hand from taxpayers. Then again, this corporate giant and its leaders have deep ties to the Obama administration.

Rent-seeking update.