Fisker Karma files for bankruptcy, U.S. Taxpayer looses another 139 Million Dollar? OBAMA ‘STIMULUS INVESTMENT’.

Finnish automaker files for bankruptcy, U.S. Taxpayer looses another 139 Million Dollar OBAMA ‘STIMULUS INVESTMENT.HT: GreenAutoblog.

After 18 months of not building any vehicles, plug-in vehicle company Fisker finally threw in the Chapter 11 towel today, filing for bankruptcy protection. 

The Department of Energy sold its Fisker assets to Hybrid Tech Holdings LLC for $25 million, at a reported $139-million loss. Other reports say the DOE invested $192 million in Fisker, and only got around $53 million back. The DOE put Fisker up for auction last month. Fisker also apparently owes creditors up to a billion dollars. Whatever the exact figures, the point is that the Fisker saga now enters a new phase.Hmmmm.....I thought it was more like HALF A BILLION TAXPAYER MONEY.

Related:

Justin Bieber's new birthday 'TOY' - A Fisker Karma Car Costs $112,000, but Costs Taxpayers $529,000,000.

Fisker Automotive, a California based company with an Al Gore venture capital firm connection was given a $529 million loan from the Department of Energy to provide manufacturing jobs and produce these high-tech electric cars.
But there is only one problem — the cars are built in Finland.
Why Finland?
Here is the answer provided by Fisker Automotive company founder Henri Fisker. “There was no contract manufacturer in the U.S. that could actually produce our vehicle,” he told ABC News, “They don’t exist here.”
Given the dismal state of U.S. manufacturing, Fisker’s statement does not surprise me. But what does surprise and infuriate me is $529 million of our hard earned tax money went into building this lavish product that only one half of one percent of our population could ever dream of driving.
Tuesday night when President Obama gave his State of the Union message he conveniently forgot to include this tawdry tale of economic excellence in his “America is Back” themed speech.
Obama-nomics means the smallest fraction of the population — the same ones Obama says need to pay more taxes — now have the opportunity to pay $112,000 for sporty new set of electric wheels. Meanwhile, the rest of us already paid $529 million for a car we have never heard of, let alone can afford, while the Fins got the jobs.Hmmmm.......'Cheap' advertising ...."Leanardo Di Caprio and Justin Bieber".Read the full story here.