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Energy Department Defends Loan to Company Building Electric Cars in Finland ^ | 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.

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