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Energy Department Defends Loan to Company Building Electric Cars in Finland
foxnews.com/ ^ | Oct 21,2011 | FNS

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 ...


TOPICS: Business/Economy; Extended News; News/Current Events
KEYWORDS: algore; android; boondoggle; electriccars; finland; fisker; google; green; karma; loan; moneylaundering; occupyovaloffice; solyndra

1 posted on 10/21/2011 10:23:44 AM PDT by NoLibZone
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So you've decided to sit this Freepathon out, eh?
Aren't you precious
Aren't you Precious.

For those who support FR, click here to show it!
For the perpetually offended, click here instead.



2 posted on 10/21/2011 10:24:16 AM PDT by Darksheare (You will never defeat Bok Choy!)
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To: NoLibZone

Tesla= Google.

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.


3 posted on 10/21/2011 10:25:54 AM PDT by NoLibZone (Democrats are violent. Prisons are overflowing with democrats convicted of violent crimes.)
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To: NoLibZone

They have built 40 cars. This is pure insanity.


4 posted on 10/21/2011 10:28:00 AM PDT by GeronL (The Right to Life came before the Right to Happiness)
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To: NoLibZone

Exactly so let’s go protest Wall Street. /s


5 posted on 10/21/2011 10:29:11 AM PDT by Drill Thrawl (0 - 537 They ALL must go.)
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To: NoLibZone

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.


6 posted on 10/21/2011 10:30:06 AM PDT by Venturer
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To: NoLibZone

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.


7 posted on 10/21/2011 10:33:36 AM PDT by GeronL (The Right to Life came before the Right to Happiness)
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To: NoLibZone
The Fins might as well try to build electric cars since they have utterly failed at music and choreography.
8 posted on 10/21/2011 10:33:45 AM PDT by ElkGroveDan (My tagline is in the shop.)
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To: Venturer
The Democrats are still backing him 100%. The Pied Piper of Democrats is leading them to destruction and they are grinning all the way.

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?

9 posted on 10/21/2011 10:34:53 AM PDT by Ramcat (Thank You American Veterans)
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To: ElkGroveDan

LOL. Finlandia is one of the best pieces of music every written. But that was a long time ago.


10 posted on 10/21/2011 10:38:59 AM PDT by demshateGod (The fool hath said in his heart, There is no God.)
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To: Venturer

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.


11 posted on 10/21/2011 10:41:38 AM PDT by GeronL (The Right to Life came before the Right to Happiness)
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To: GeronL
Nice, how many hundred thousand is that per copy.
12 posted on 10/21/2011 10:42:42 AM PDT by org.whodat (Just another heartless American, hated by Perry and his fellow demorats.)
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To: NoLibZone; All

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.


13 posted on 10/21/2011 10:43:19 AM PDT by fightinJAG (NO REPRESENTATION WITHOUT TAXATION! Everyone should pay taxes, everyone should pay the same rate.)
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To: NoLibZone
Write boner and cantor a thank you note, they worked their little fingers to the bone trying to find somewhere to cut last year.
14 posted on 10/21/2011 10:44:43 AM PDT by org.whodat (Just another heartless American, hated by Perry and his fellow demorats.)
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To: NoLibZone

The ‘Third Way’ Movement at its finest..

no borders
no scruples
no controlling authority


15 posted on 10/21/2011 10:48:43 AM PDT by NormsRevenge (Semper Fi ... Godspeed .. Monthly Donor Onboard .. Obama: Epic Fail or Bust!!!)
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To: org.whodat
Nice, how many hundred thousand is that per copy.

$529MM divided by 40 cars is, get this, $13 million, two hundred and twenty-five thousand dollars each.

16 posted on 10/21/2011 10:48:52 AM PDT by Zuben Elgenubi
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To: GeronL

Also, the cars are called “Karma,” and they are LUXURY cars.

WTH?

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.


17 posted on 10/21/2011 10:49:27 AM PDT by fightinJAG (NO REPRESENTATION WITHOUT TAXATION! Everyone should pay taxes, everyone should pay the same rate.)
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To: NoLibZone
Whichever Republican is elected President in 2012, they need to immediately appoint Ron Paul as Special Prosecutor to investigate the Federal Reserve and also find out where every penny of "Porkulus" money went!

HEADS MUST ROLL!!!


18 posted on 10/21/2011 10:50:21 AM PDT by airborne (Paratroopers! Good to the last drop!)
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To: org.whodat

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.


19 posted on 10/21/2011 10:51:48 AM PDT by GeronL (The Right to Life came before the Right to Happiness)
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To: GeronL

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.


20 posted on 10/21/2011 10:57:05 AM PDT by fightinJAG (NO REPRESENTATION WITHOUT TAXATION! Everyone should pay taxes, everyone should pay the same rate.)
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To: fightinJAG

How much is this Fisker guy worth? He doesn’t want to risk his own money on this venture I guess.


21 posted on 10/21/2011 11:05:02 AM PDT by GeronL (The Right to Life came before the Right to Happiness)
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To: GeronL

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.


22 posted on 10/21/2011 11:13:11 AM PDT by fightinJAG (NO REPRESENTATION WITHOUT TAXATION! Everyone should pay taxes, everyone should pay the same rate.)
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To: NoLibZone
The article said just 40 of Fisker's Karma cars have been produced

$529,000,000.00 divided by 40 equals $13,225,000.00 per vehicle produced.

This is pure insanity.

23 posted on 10/21/2011 11:14:59 AM PDT by Lurker (The avalanche has begun. The pebbles no longer have a vote.)
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To: GeronL

Re: Tesla

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.


24 posted on 10/21/2011 11:26:38 AM PDT by Zathras
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To: NoLibZone

Isn’t Finland’s population almost entirely white?


25 posted on 10/21/2011 12:32:50 PM PDT by Steely Tom (Obama goes on long after the thrill of Obama is gone)
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To: grellis; AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; ColdOne; ...

Thanks NoLibZone.


26 posted on 10/21/2011 6:20:22 PM PDT by SunkenCiv (It's never a bad time to FReep this link -- https://secure.freerepublic.com/donate/)
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To: GeronL

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.


27 posted on 10/22/2011 4:41:24 AM PDT by Venturer
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