OK, I’m not going to go that far with it — it’s only a tiny little crony automobile company. But there is seriously damning stuff here:
Troubled sports car maker Fisker Automotive Inc. failed to make a $10-million payment on a federal government loan Monday, tipping the Anaheim company closer to a bankruptcy reorganization or liquidation.
Fisker was scheduled to start to pay down about $192 million it had borrowed under the Energy Department’s Advanced Technology Vehicles Manufacturing Loan Program.
That’s your money getting flushed down yet another green energy drain. We’re the investors. Oh, we might not have ever signed a check, but the Obama Administration saved us the effort.
Money comes out of your paycheck (again, automatically) and it goes into the Treasury. From there, our Investor-in-Chief decides who pockets what. Because he’s smart like that. And never-you-mind that each $100,000 Fisker car (what, you thought you could afford to buy the thing you invested in?) cost us wee tiny taxpayers about $600,000:
Fisker Automotive Inc. spent more than six times as much U.S. taxpayer and investor money to produce each luxury plug-in car it sold than the company received from customers, according to a research report.
The Anaheim, California-based company made about 2,500 of its $103,000 Karmas before halting production last year, disrupting its plans to use a $529 million U.S. loan to restart a shuttered Delaware factory owned by the predecessor of General Motors Co. (GM) The Karma was assembled in Finland.
Still, half a million a pop is a small price to pay to create some jobs in Finland. Because stimulus. Or something.
Anyway, I’m going to go listen to another lecture on Sustainability now, but only because I can’t find a railroad spike to drive into my own eyeballs.