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Another 'Green' Project Folds after Getting Millions from Taxpayers...
#1
good thing the NJ turnpike is going to build electric car charge stations on the NJTP.....Yay !

http://www.judicialwatch.org/blog/2013/0...taxpayers/

In yet another of the Obama administration’s disastrous green-energy investments, a fly-by-night electric car company is on the verge of bankruptcy after getting nearly $200 million from the U.S. government to develop hybrid vehicles.

When the administration was making its case to invest taxpayer dollars in the southern California startup company, Fisker Automotive, it assured that thousands of much-needed jobs would be created in the region which has been hit hard by unemployment. It also touted Fisker’s innovative plans to develop two lines of plug-in hybrid electric vehicles that could run up to 300 miles on a rechargeable Lithium-ion battery.

So when the Department of Energy (DOE) announced in 2010 that it would give Fisker $528.7 million for its experiment, Vice President Joe Biden—well known for his many gaffes—put the company on a pedestal, saying “the story of Fisker is a story of ingenuity of an American company, a commitment to innovation by the U.S. government and the perseverance of the American auto industry.” Then he credited the “real dedication by this administration” for helping “America’s auto industry reclaim its top position in the global market.”

He wasn’t the only one to put his foot in his mouth. Pushing for the multi-million-dollar allocation a year earlier, Obama’s Energy Secretary (Steven Chu) guaranteed Fisker would develop two lines of plug-in hybrids that “will save hundreds of millions of gallons of gasoline and offset millions of tons of greenhouse gas emissions by 2016.” Furthermore, Secretary Chu said approximately 5,000 jobs would be created or saved. “This investment will create thousands of new American jobs and is another critical step in making sure we are positioned to compete for the clean energy jobs of the future,” Chu said.
"In 4 more OMao years you won't like how America looks....I guarantee it."
“When injustice becomes law, resistance becomes duty.” -- Thomas Jefferson
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#2
not surprising. this is why govt shouldn't sleep with companies and vice versa.
[Image: quotes.php]
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#3
Remember back in the day when companies wanted to develop new things, they sought out private investors, and when those companies failed they were held accountable?
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#4
This is not about developing anything, it is about legally stealing Taxpayer money and paying back DNC donors....pure and simple

I'm gonna say it again and again......OMao and his friends ARE EVIL.
"In 4 more OMao years you won't like how America looks....I guarantee it."
“When injustice becomes law, resistance becomes duty.” -- Thomas Jefferson
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#5
Pocketprotector;98295 Wrote:This is not about developing anything, it is about legally stealing Taxpayer money and paying back DNC donors....pure and simple

I'm gonna say it again and again......OMao and his friends ARE EVIL.

^^^^^^This is exactly what I was going to point out. I wonder how much Fisker donated to the DNC or Democratic candidates? How much to Obama's campaign?

These green energy initiatives are nothing more than rackets, fraud and/or wasteful spending. Government shouldn't be infusing money into these technologies. Private investors, based on market demands, should be
Live Free or Die
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#6
Follow. The. Money.
"The nine most terrifying words in the English language are, 'I'm from the government and I'm here to help.'" - Ronald Reagan

“The American Republic will endure until the day Congress discovers that it can bribe the public with the public's money” - Alexis de Tocqueville
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#7
http://www.detroitnews.com/article/20130...payer-loss

Quote:The Energy Department said Tuesday it will auction off its outstanding $168 million loan to the now-closed electric vehicle manufacturer Fisker Automotive Inc., a move that will likely mean significant losses to taxpayers. It would be the second automaker to fail after receiving loans that were later sold by the government at a loss.

Peter W. Davidson, executive director of the Energy Department’s loan program office, said in a blog posting Tuesday that the department will exit Fisker, whose Karma luxury sedan was driven by celebrities such as Al Gore, Justin Bieber and Leonardo DiCaprio.

Fisker was initially was awarded $528 million from the $25 billion Advanced Vehicle Technology Manufacturing loan program, but received only $192 million. The Energy Department said it has already recouped more than $28 million from Fisker’s accounts.
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