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Fisker, Another Government-Backed Green Company Heading for Bankruptcy

Posted by Steve Markowitz on April 27, 2013

Fisker, an Anaheim, California-based automobile company, missed a loan payment due on Monday.  According to the Wall Street Journal, Fisker has hired bankruptcy lawyers and fired most of its staff.

fiskerThe failure of Fisker is yet another example of governmental ineptness and wasting of the People’s money.  It is but one of various green energy companies given US taxpayer funds to promote the Obama Administration’s green energy policies, which have since failed.

According to the Journal, initially Fisker planned on producing low-volume luxury cars and in 2009 requested from the US government a $169 million loan under a Department of Energy program.  However, the Obama Administration convinced Fisker to not only build the cars in the United States, but also to become a high volume manufacturer.  It induced Fisker to take this direction by loaning the company $529 million and becoming its largest investor.  In addition to the taxpayers’ loss, green energy guru Al Gore convinced his partners at Kleiner Perkins Caufield & Byers to also invest in Fisker.

The Fisker failure is bringing down other companies.  Its battery supplier, A123 Systems, is already in bankruptcy proceedings.

President Obama has shown a total lack of understanding of economics, business, as well as technology, when it comes to pursuing his agenda for green energy.  Progressives naïvely believe that by merely desiring a certain outcome they can will a solution.  The failures of Fisker, A123 Systems, Solyndra and others have been a costly experiment for taxpayers, allowing these amateurs to fiddle with markets they know nothing about.  However, these failures are trivial compared to the cost to taxpayers and society to come for Obama’s intervention in the health care system that involves 1/6 of the American economy.


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