Is Fisker Automotive Another Solyndra Style Waste Of Money?
ABC News focuses on the one Fisker assembly line already running in Finland. Some of those federal energy dollars were used on design plans. ABC interviewed Fisker head, Henrik Fisker who assured reporter Brian Ross the federal money was not being used to pay workers at the plant. Image Credit: Fisker Automotive, Inc.
Is Fisker Automotive Another Solyndra Style Waste Of Money?
We, at The EDJE, have a neighbor whose family was happy to tell me, about six months ago, that they had private investments in Fisker Automotive, Inc.
News broke this week stating that Obama's Department of Energy was acting as a venture capitalist by issuing a 500 million dollar plus loan to a car manufacturing company on the heels of the banruptcy announcement of Solyndra, a solar cell manufacturer where the Obama Administration thought it was a good risk to place taxpayer money at risk in a company that they knew would go bankrupt.
The Fisker Karma, front view. Image Credit: Fisker Automotive, Inc.
This excerpted and edited from Newsworks -
Tactics of Delaware carmaker Fisker questioned by ABC News
By John Mussoni - October 21, 2011
ABC News partnered with the Center for Public Integrity to do a series of reports that aired on various broadcasts over Thursday and Friday. It pointed to over $500 million in U.S. Energy Department loans for Fisker to build new-age fuel efficient cars.
The failed new energy company, Solyndra, is also casting a shadow over Fisker Automotive and other new technology companies. The ABC News report raised questions about how federal dollars are being spent in getting the Fisker assembly line up to speed in the old Boxwood Road GM plant in Delaware.
The report points to a General Accounting Office report saying there is not enough oversight on how the money is being spent. The GAO report also states there aren’t enough trained engineers who can analyze whether companies like Fisker and its chief competitor, Tesla Motors, are spending money appropriately.ABC News focuses on the one Fisker assembly line already running in Finland. Some of those federal energy dollars were used on design plans. ABC interviewed Fisker head, Henrik Fisker who assured reporter Brian Ross the federal money was not being used to pay workers at the plant.
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