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Fisking Fisker

April 24th, 2013 - 11:02 am

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.

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All Comments   (5)
All Comments   (5)
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Don't worry about Fisker. -$500k a pop? They'll make it up on volume.
51 weeks ago
51 weeks ago Link To Comment
Reality is more likely that Barry took a big wad of cash we borrowed from the Chinese and gave it to Fisker then handed us the bill.

I wonder if there is a list somewhere of green companies Barry invested our money in that are actually succeeding.
51 weeks ago
51 weeks ago Link To Comment
There is such a list, but it's printed on a small pamphlet with most of the items crossed out.
51 weeks ago
51 weeks ago Link To Comment
I think that there was real money to be made by shorting every green company that started getting "O" money in 2009.
Has anyone heard of any of these green companies that hasn't failed already?
51 weeks ago
51 weeks ago Link To Comment
2500 cars? Maybe we can use them as airport shuttles to defray the cost of the sequester.
51 weeks ago
51 weeks ago Link To Comment
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