Skip to comments.Energy Department Defends Loan to Company Building Electric Cars in Finland
Posted on 10/21/2011 10:23:35 AM PDT by NoLibZone
The Department of Energy is standing by a $529 million loan guarantee to a company building an electric car line in Finland.
A department official, in a lengthy response posted on a government blog Thursday night, confirmed that the company Fisker is assembling its Karma electric car at its "overseas facility."
The response comes after ABC News reported that the Obama administration gave the green light for the company to move the manufacturing to Finland two years after announcing the loan.
The ABC News report noted the political connections enjoyed by Fisker and another company, Tesla Motors, which together received about $1 billion in loans. Fisker reportedly is backed by a firm that counts ex-Vice President Al Gore among its partners. The article said just 40 of Fisker's Karma cars have been produced so far, and that Tesla is consistently losing money.
Read more: http://www.foxnews.com/politics/2011/10/21/energy-department-defends-loan-to-company-building-electric-cars-in-finland/#ixzz1bRCQmeLc
(Excerpt) Read more at foxnews.com ...
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Huessein takes money from starving inner city kids to fund a $90,000 dollar coal burning car to be built in a non UAW foreign facility.
They have built 40 cars. This is pure insanity.
Exactly so let’s go protest Wall Street. /s
What other choice do they have but to stand byt he loan. They made it. They sent a half a billion dollars to a car company that isn’t even made in the United States because it was Green.
This is the kind of choice’s the Messiah makes.
SOLOMON HE AINT.
The Democrats are still backing him 100%. The Pied Piper of Democrats is leading them to destruction and they are grinning all the way.
didn’t Tesla get hundreds of millions in the “stimulus” to the point of about a half-million bucks per car??
Stimulus and these “loans” (never to be repaid) to friends and allies constitute the biggest theft in world history. This administration should be in prison IMO.
He's leading all of us to destruction.
What should he care of re election when his buds will have all of our money for generations to come?
LOL. Finlandia is one of the best pieces of music every written. But that was a long time ago.
He has handed out a trillion dollars to friends and allies and will get a billion of that back in campaign donations.
This is the grandest theft in the history of theft.
Where did the stimulus dollars really go?? Do you really think it takes a million dollars or more to weatherize a regular house?? (seattle area spent $20 million, weatherized 13 houses) and it was like this all over the country. Who’s pockets did this money end up in??
It will never even be investigated. The GOP in Congress don’t seem interest and the MSM will never ask questions.
Every day we learn of a new problem loan that screws the taxpayers. Yet new loans continue to roll out.
We must get a MORATORIUM on these loans now. There is more than enough evidence that the program is mismanaged and corrupt.
The ‘Third Way’ Movement at its finest..
no controlling authority
$529MM divided by 40 cars is, get this, $13 million, two hundred and twenty-five thousand dollars each.
Also, the cars are called “Karma,” and they are LUXURY cars.
Also, how in the world is a company blindsided by the fact that it can’t find a manufacturer in the U.S. that can make its cars? How was DOE unaware that Fisker had not lined up at U.S. manufacturer before approving the loan?
Also, Henrik Fisker is the head of this thing. He sounds as tho he’s already Finnish or German. Fisker is a huge company in Europe that sells things such as sheers, scissors to consumers. Might he have known that, SHAZAM, there wasn’t any plant that could make his stuff here in the U.S. and that, after getting HALF-A-BILLION DOLLARS in a U.S. loan, he’d take the production job back home — er, to Finland?
What’s that smell?
Again, why has a MORATORIUM not been slapped on this program already. It is counter the taxpayer interest and corrupt.
We will see if Fisker ever opens a factory and start putting out vehicles. $529 Million for a company that has made only 40 cars so far. Insane. Not only corporate welfare but crony corruption on a massive scale.
Federal Theft is what is happening. America is being looted.
Well, I got off my butt and looked it up.
Henrik Fisker was born in Denmark. Part of the Scandanavian neighborhood including Finland. No wonder he was aware of this car manufacturing plant in this tiny village in Finland that was just perfect for producing his cars.
And, of course, neither he nor his company had any inkling they’d go overseas to manufacture the car when they took that little taxpayer chump change of half-a-billion dollars. /s
This guy is an experienced car man, including several design stints with BMW in Germany and London.
He knows very well the state of automobile manufacturing in the U.S. today. To take the loan and then, for the company as well as DOE as well as the Obama administration, to act as tho it’s a complete surprise that they have to manufacture overseas is shameful and pathetic.
How much is this Fisker guy worth? He doesn’t want to risk his own money on this venture I guess.
He doesn’t sound poor (or po).
I’m going to do some more nosing around when I get the chance.
Besides, Al Gore is one of the major investors in the company, too!
So this is lining Al Gore’s pockets as well. Because, IIRC, like Solyndra, this loan is structured so that the venture capitalists (Al Gore) get paid before the taxpayers if — imagine that! — something goes wrong.
$529,000,000.00 divided by 40 equals $13,225,000.00 per vehicle produced.
This is pure insanity.
Yep, Obummer poured lots of $$$ into Tesla and Pelosi is up to her ears in arranging it.
My friends who used to work at Tesla say if it wasn’t for federal $$$, Tesla would have crashed years ago.
Isn’t Finland’s population almost entirely white?
Unfortunately you are correct.
Millions and millions of dollars have dissappeared with no trace and no benefit to anyone .
The GOP has been woefully neglect in investogating and exposing this theft. Possibly because they got their share too.
Neither party is worth a pint of spit.We are loaded up with professional politicians. A bad policy.