Incredible fiasco at Tesla: Why did the Obama administration "invest" $465 million of our money in a cash-burning company that makes expensive toys for rich people?

How much bad weather can you prevent by blowing $465 million on a company that's delivered 1300 cars ($357,000 per car delivered so far)?

Tesla Roadster Owner in Germany Logs 65,000 km in One Year - Business News - redOrbit

Tesla (TSLA) has already delivered about 1,300 cars to customers in at least 30 countries - from sweltering Singapore to Alaska, Canada and Russia.
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The Roadster consumes no gasoline whatsoever and therefore never requires expensive and time-consuming detours to the gas station - a major convenience when temperatures drop. Owners simply plug their Roadster into conventional outlets from the peace and warmth of their homes, and every morning the car is fully charged.
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The Tesla Roadster accelerates faster than most sports cars yet produces no emissions.

Flashback: Tesla Lands $465 Million Loan from Department of Energy for Model S Plant | ecopolitology

Secretary of Energy Steven Chu announced on Wednesday that the Department of Energy closed its $465 million loan with Tesla Motors, Inc. for the construction of two manufacturing facilities, one in southern California for the Model S electric sedan and one in Palo Alto, California, for electric powertrains.

Good Stuff? - Cars | Worldwatch Institute

In 2003, some 41 million new passenger vehicles rolled off the world’s assembly lines, five times as many as in 1950. The global passenger car fleet now exceeds 539 million vehicles, and is growing by as many as 9 million vehicles annually. Every day in 2003, some 11,000 more cars merged onto China’s roads alone—4 million new private cars during the year.

June 2010: Tesla CEO Elon Musk: Broke But Still Rich » Right Juris

The cash has run out for PayPal co-founder and Tesla owner Elon Musk. Broke and borrowing cash from friends, the billionaire is going through a messy divorce and recently told the press that all of his money is tied up in investments. I think they call that bad financial planning.
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“Broke” is how he describes his situation, even though he’s still technically a billionaire.

“About four months ago, I ran out of cash,” he said in a court filing.
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“Mr. Musk’s personal fortune is not just a matter of pride. A business is hanging in the balance. Tesla’s loan from the Energy Department requires Mr. Musk to hold at least 65 percent of Tesla. If he cashed out early, that loan would technically go into default.”

On top of that, a recent alleged romp with actress Talulah Riley has ruined his marriage and his wife is seeking a solid chunk of his assets. According to latest sources, she wants their house, child support, alimony, a cut of his holdings in Tesla and his rocket company, SpaceX, and to top it all off, $6 million in cash.

“Is that what I deserve?” she wrote in a recent blog. “I don’t know. Who exactly deserves that kind of wealth? But based on our life and history together, is that reasonable? I think so.”

Fair enough, he won’t even feel the pinch once he gets cash from Tesla’s upcoming IPO. Until then, the cash-poor billionaire is left borrowing money from rich friends. Apparently he needs $200,000 a month just to survive.