Human Events: Your ongoing Obama green energy disaster of the day: Fisker Automotive

[Patricia M. McBride]

This is an ongoing saga, and never ending.  Yet another "green" boon doggle with tax payer money for jobs in, of all places, Finland.  That will do all those unemployed Americans a lot of good now, won't it.

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by John Hayward

04/18/2012

While we enjoy our latest Two Minutes Hate against oil speculators, here’s a little lesson in the interconnectedness of Obama’s disastrous “green energy” investments:

One of the big recent “green energy” epic failures is A123 Systems, which raked in $300 million from the “stimulus” bill, plus another $135 million in Michigan state funding.  They’re currently teetering on the edge of bankruptcy, and just got slapped with a class-action lawsuit for allegedly “making false and misleading statements” about manufacturing deficiencies in their products.

One of those products was the electric battery used in the Fisker Karma, a $100,000 electric sports car that literally dropped dead when Consumer Reports took it for a test drive. A123 Systems was betting heavily on Fisker’s success – so heavily that they pumped $20 million of their own equity and cash into the auto maker.

Fisker got $529 million of your money from the Obama Administration, producing 500 manufacturing jobs.  Unfortunately, those manufacturing jobs were in Finland, not America.  Fiskers executives were quite proud of their wise decision to keep those jobs overseas.

Confronted by this horrific embarrassment, Obama apologists pointed to the Fiskers plant in Delaware, the lovely state from whence our Vice President hails.  They bought an old GM factory (built when the “G” stood for “General,” not “Government”) and planned to build a much more affordable $50,000 car for the common man in their American facility.  It’s called the “Atlantic.”  It doesn’t actually exist, and it probably never will.

Read more here:  http://www.humanevents.com/article.php?id=50939