The Obama administration announced Friday it will lose $139 million on a loan to struggling electric car maker Fisker Automotive Inc. after selling part of the loan to a private investor that immediately took the company into bankruptcy.
The transaction brings to an end another effort by the Obama administration to use public funds to stimulate green initiatives. Awarded a $529 million loan guarantee by the administration in 2009 to produce the Karma, a $103,000 luxury hybrid car, Fisker failed to meet DOE benchmarks, causing it to lose its loan guarantee two years later. The company drew down on $192 million before its federal funding was pulled, and the Obama administration seized $21 million from the company in April to help repay taxpayers.
Dummies.
Could have/should have made the same kind of smart green energy investments that Ontario voters made when they voted for McDinky 3 times.
Not just the loan…
Fisker has about $800 Million in “operating losses” that will be retained by the company after they sell the remains of their automotive operations. That $800M translates to some $300M of future tax credits, in other words another$300M of future tax payments that our government will NOT receive.
Question: if Obama is so concerned with the plight of middle-class Americans, how come he provides so much financial assistance to manufacturers making products for the “one percent”?
At $103,000 per,I could have bought 21/2 F-150’s instead of the Fisker.
If it’s not his money, what does he care if it gets wasted in such a venture or not? He didn’t waste his own money and he can always recoup losses by pressing on his rich friends for some cash.
This man has no soul.
Electric cars are dying out faster than Panda bears.
Less reason to to spend a fortune trying to stop their extinction as well.
At least Pandas are cute. Not so a burning hulk of a car that needs thousands in maintenance when it does occasionally work. If not made a pile of melted Junk.
Obumbles===slimed down Algore with a tan and jug ears!!!
Gore was a big investor, bet he got his money out before the end. He must have walked away flush with taxpayer money
Well, isn’t THAT a great rate on return!……………….sarc
Even John Delorean was not this stupid. I wonder if they will save a couple of Fiskers for a ‘future’ Michael J Fox movie? What will they call it? ‘Back to the junkyard’? Actually, the design was nice (I am told). I heard an interview with Bob Lutz, formerly GM’s design ‘genius’. He was taking a Fisker, putting in a hot rod engine and making a real car.