Skip to comments.Special Report: Bad Karma: How Fisker burned through $1.4 billion on a 'green' car
Posted on 06/17/2013 6:05:56 AM PDT by Oldeconomybuyer
Fisker Automotive hasn't built a car in nearly a year. It fired most of its workforce, hired bankruptcy advisers and is seeking a buyer. Co-founder Henrik Fisker resigned in mid-March in a dispute with some of the directors. And despite raising $1.4 billion in private and public funds since its founding in 2007, the company is out of cash. For months, key investors have been footing the car maker's day-to-day expenses to keep it alive in diminished form.
The Energy Department has repeatedly defended its handling of the Fisker loan. Nicholas Whitcombe, who previously led the DOE loan program, told lawmakers in April that the DOE "acted decisively to protect the taxpayers' interest since it became evident that Fisker faced financial difficulties.
An examination of the company's rise and fall reveals Fisker's finances started to unravel as early as June 2011, when the U.S. Department of Energy cut off access to taxpayer-funded loans a fact that wasn't publicly acknowledged by Fisker for nine months.
(Excerpt) Read more at reuters.com ...
The development of a car was not the prime objective. The car is a conduit, a pipe system if you will. The various valves and side connections allowed taxpayer money to be shunted off to the favored few.
The Democrat party is a criminal enterprise of unfathomable size and complexity.
A revolution is the only way it can be stopped.
If the government quit funding private industry, and quit regulating same, the economy would recover and the national debt would decrease.
Anyone foolish enough to willingly invest in “green” energy deserves to lose his money.
Two words: Al Gore
Agreed 100%, but don't forget about the Republicans and the ethenol as a motor fuel fraud that is continuing today.
“A revolution is the only way it can be stopped.”
Resistance be not futile!
Liked the Fisker - and loved the Tesla.
However, any of us possessing solid tech credentials knew well that electric cars still do not have the ability to make it in the real world and will not succeed until battery technology makes a quantum leap...and also until we get the dorky congresscritters to start pouring money into our electrical infrastructure...which right now could not stand the charging load.
Always remember that congresscritters are there because there is nothing else they can do to make money. By and large, they have no talent, no intelligence, no morality. Congress is the only place these ignorant leeches can survive.
“before long you’re talking real money”
The Democrat party is nothing more than a criminal enterprise that uses Marxist ideology to hide it’s true intention. The unions are their thugs, the intelligentsia are their recruiters and the media provides the alibis.
In the end, Harry Reid, Nancy Pelosi and the rest of them are common criminals who should be incarcerated.
“...In the end, Harry Reid, Nancy Pelosi and the rest of them are common criminals who should be incarcerated....”
No, no no.
It’s the guillotine.
And we can eliminate the national debt by charging folks to watch that ignorant sl** Pelosi’s head bounce and bounce. We’ll make billions.
Just why aren’t the perps in prison? The only “green” that came out of this crime was a transfer of taxpayer money to DIMs and their supporters. Madame LeFarge is watching.
One of my pet-peeves here: The ‘gov’t’ does not FUND anything. It steals from the taxpayers to give out the favored few. All inefficient, unethical, amoral and completely Unconstitutional.
Buying “Green”means inferior quality and increased cost.