Free Republic

As NLPC has covered Fisker Automotive’s catastrophic flop over the last few years since it was granted a $529-million taxpayer-guaranteed loan from the Department of Energy, one big question that repeatedly came up was: How could a company that produced only one electric car model burn through $1.4 billion in investment so quickly? Reuters uncovered a number of reasons in a report published earlier this week. Citing documents and some sources, mostly anonymous, the news syndicate painted a disturbing picture of mismanagement, incompetence, disinformation, and squander. While businesses stumble and go out of business every day, Fisker’s case illustrates why...

As green energy stimulus recipients raked in billions of dollars the last few years, with President Obama declaring what a great “investment” they were for taxpayers, friends of mine would jokingly ask, “Where’s my dividend?” “Where are my stock certificates?” “Where’s my free electric car?!” In the case of our $193-million stake in Fisker Automotive, thanks to a Department of Energy loan guarantee, it looks like American shareholders will end up with the whole company itself. With the Anaheim non-automaker (no cars produced since last summer) firing about 160 of its 200 remaining employees on Friday, a bankruptcy law firm...

In the end, even Al Gore, Leonardo DiCaprio, Justin Bieber,Jay Leno, former Chrysler andGeneral Motors execs, billionaireSilicon Valley venture capitalists, generous California government incentive givers,Delaware subsidizers, andPresident Obama’sDepartment of Energy investment arm couldn’t overcome the dud that was the $102,000-plus Fisker Karma. And now as the company desperately seeks for cash and/or a rescuer –probably in China – a disagreement arose between Fisker’s founder and its top management. So the man for whom the company was named, Henrik Fisker, quit. The Los Angeles Times and dozens of other outlets reported yesterday that Mr. Fisker left over disputes about “direction” for...

The federal government is making another big bet on solar panel manufacturing with taxpayer money, hoping the third time will be the charm. SoloPower held its grand opening Thursday in Portland, Ore., with speeches from local politicians and a ribbon-cutting. "It really revolutionizes rooftop applications, and it makes solar both easy and cost effective for nearly any commercial and industrial building worldwide," CEO Tim Harris said. SoloPower closed on a guaranteed government loan of $197 million last August, about the time another solar panel manufacturer, Solyndra, filed for bankruptcy. The failure of Solyndra cost U.S. taxpayers more than a half-billion...

Why are taxpayers forced to underwrite a loan for the producer of a $107,000 toy vehicle for the wealthy, the majority of which is assembled at a European auto plant? Two weeks ago Republican Sens. Charles Grassley of Iowa and John Thune of South Dakota askedEnergy Secretary Steven Chu those and some other pointed questions about his department’s decisions, in granting a $529 million taxpayer loan guarantee to Fisker Automotive, a luxury electric car manufacturer. The politically connected automaker has stumbled a number of times in delivering its six-figure Karma to market, with two recalls related to battery defects,...

Complete title: Obama Administration Refuses to Release Milestones Missed by Fisker under Conditions of Auto Manufacturer’s $528.7 Million Government Loan Department of Energy Releases Blacked Out Records on “Green” Car Milestones (Washington, DC) – Judicial Watch, the organization that investigates and fights government corruption, announced today that the Obama Department of Energy (DOE) refuses to release details regarding the milestones missed by the failing Fisker Automotive under the terms of its $528.7 million bailout loan from the DOE. In response to a Freedom of Information Act (FOIA) request filed February 14, 2012, by Judicial Watch, the DOE released “in part”...

Automotive and green technology advocacy Web sites areabuzz with a story about a former employee of Fisker Automotive who claims the company released its $102,000-plus Karma electric sport sedan prematurely, in order to meet targets set forth by the Department of Energy so Fisker could access funds from a $529 million loan award. This followed reports from all over the Internet that Consumer Reports purchased a Karma in Connecticut for $107,850, only to see it totally disabled before the magazine could run it through its tests. The whistleblower story originated on the pro-Clean tech Web site Gigaom.com, and was...

Complete title: Judicial Watch, Human Events Sue Obama Administration for Records Detailing Bailout Loan to California Solar Manufacturer Heavily in Debt$1.2 Billion in Loan Guarantees to SunPower from Department of Energy Followed Successful Lobbying Campaign by Firm Connected to California Congressman’s Son (Washington, DC) – Judicial Watch, the organization that investigates and fights government corruption, announced today that it filed a Freedom of Information Act (FOIA) lawsuit on February 1, 2012, against the U.S. Department of the Interior and the U.S. Department of the Treasury for records regarding a controversial $1.2 billion government loan guarantee from the Obama Department of...