Posted on 04/05/2013 3:12:20 PM PDT by NormsRevenge
The government-backed electric car company Fisker Automotive laid off about 160 workers Friday, or roughly 75 percent of the automaker's staff, as it has struggled to find financial backing that would allow it to continue building its high concept clean cars.
The layoff announcement came as the innovative start up faces a looming repayment on a loan from the U.S. Department of Energy, and as reports have swirled that it could be preparing to file for bankruptcy. As with the failed solar firm Solyndra, the green car company was once an early pick by the Obama Administration to be part of America's clean energy future. The Obama Energy Department had approved Fisker for a government loan up to $529 million.
Stunned workers filed out of Fisker's Anaheim headquarters Friday morning with their belongings in boxes. One told ABC News that the employees had no advance notice the layoffs were coming, and they were told they would received no severance.
(Excerpt) Read more at gma.yahoo.com ...
that’s because it’s a money laundering operation.
Welcome to the real world...but coming from Anaheim, they probably all voted for Zero, and with unemployment at 7.6% now, this is just another sign of the improving economy...heck, if they drop out of the work force, maybe we can get to 7.5% in another month...
Bingo!
Pop quiz:
Q. What is the fiscal multiplier on $529 in government stimulus?
A. If you are Fisker Automotive, zero.
Thank you, Nancy Pelosi
h/t zerohedge
Want to fail miserably? Have Obama come speak at your plant and point to you as a beacon of his administration.
Fisker used about $193 million of their $ 527 million loan from the government before they were cut off.
They were supposed to build cars here in DE at the shuttered GM plant, which GM, the government, closed in 2009, laying off 1800 workers—forever.Instead, they built the cars in Finland, promising to build not the Karma, but a $44,000 four door electric car called the “Nina”—which never happened.
Even having the idiot Vice President from our state didn’t help keep that plant open, even though it had a railroad connection that connected to every major destination in the country.
Our idiots in Dover got into the act too—giving Fisker $ 20 million in outright grants because they were going to produce cars in Delaware.
Fisker used $18 million of their DOE loan to buy the plant. From whom? GM? And who owned GM? The government of course.
This is a royal fluster-cluck here.
And those 1800 people went and found new jobs, many at very reduced wages to keep themselves afloat.
Now the Chinese are interested in buying Fisker at pennies on the dollar.But they are balking at the stated requirement that they must build cars at the Delaware plant.
This is money laundering on a huge scale all the way around.
Thanks Democrats!!! Once again you have screwed everything up!
>>Among those laid off by Fisker Friday were the company’s team of spokespeople.<<
Now, THAT is funny! “When asked for comment, the company said ‘MMmmpph!’”
You could see this coming, real entrepreneurs treat investor's money like a borrowed Ferrari that must be returned in better condition than they got it. These guys, just like Solyndra, treated investor money and government loans like a cheap rental car left unlocked in the 'hood.
If they'd throw a V8 in there they'd probably make some money.
Bob Lutz already has
638 hp Chevy LS small block
http://green.autoblog.com/2013/01/18/bob-lutz-destino-is-the-fisker-karma-people-will-actually-want/
Even if President “never held a real job” thinks its the wave of the future.
Government money laundering at it's finest.
Q: How does one make a million dollars investing in solar companies?
A: Start with a Trillion.
Ba-da-bing!
I’ll be here all week folks!
Whom, pray, tell, didn’t see this coming? Besides the workers, I mean.
Zero is going down in flames and taking all his pet projects with him. I can only hope the country learns a lesson...they were fooled by Jimmeh Cahteh, and they were fooled by Zero. Same stuff, different day.
Thanks for the warning.
;-)
OK, let me get this straight. You worked in the HQ office for a company that produced zero cars, made zero profit, and was on the hook for millions in government loans, yet you had no idea that your job was in jeopardy? Idiot.
Well, good. Thanks for the link.
☭scumbag&Co couldn't pick their own noses.
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