Obama 'Admin' knew electric car maker Fisker was faltering.

Obama 'Admin' knew electric car maker Fisker was faltering.(CBS).Newly obtained documents show the Obama administration was warned as early as 2010 that electric car maker Fisker Automotive Inc. was not meeting milestones set up for a half-billion dollar government loan, nearly a year before U.S. officials froze the loan after questions were raised about the company's statements.

An Energy Department official said in a June 2010 email that Fisker's bid to draw on the federal loan may be jeopardized for failure to meet goals established by the department.

Despite that warning, Fisker continued to receive money until June 2011, when the DOE halted further funding. The agency did so after Fisker presented new information that called into question whether key milestones -- including the launch of the company's signature, $100,000 Karma hybrid -- had been achieved, according to a credit report prepared by the Energy Department.

The December 2011 credit report said "DOE staff asked questions about the delays" in the launch of the Karma "and received varied and incomplete explanations," leading to the suspension of the loan.

Fisker had received a total of $192 million of the $529 million loan before it was suspended.

In the June 2010 email, Sandra Claghorn, an official in the DOE's loan program office, had written that Fisker "may be in limbo due to a lack of compliance with financial covenants" set up by the Energy Department to protect taxpayers in the event of default. Another document, from April 2010, listed milestones that Fisker had not yet met.

Vice President Joe Biden announced in late 2009 that Fisker would reopen a shuttered former General Motors factory in Wilmington, Del., to produce plug-in, electric hybrid vehicles. The plant was never completed and never produced any cars.

Fisker said the company was hurt badly by the 2008 recession and by the bankruptcy of A123 Systems, a Massachusetts company hired by Fisker to make batteries for the Karma. A bankruptcy judge granted Fisker $15 million in a claim against A123 for breach of warranty, a fraction of Fisker's initial claim.

Fisker has not built a vehicle since last summer and has failed to secure a buyer as its cash reserves have dwindled.Hmmmm.....Obama: "All the Choices We've Made Have Been the Right Ones".....Makes a nice motto for the Post United States of America, doesn’t it?Read the full story here.