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.

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

Justin Bieber's new 'TOY' A Fisker Karma Car Costs $112,000, but Costs Taxpayers $529,000,000.(IH).(PJM).Pop singer Justin Bieber turns 18 today and to celebrate his birthday, he’ll be presented with the car of his dreams on the Ellen DeGeneres Show. So why are we so excited about this? Well because Bieber’s fantasy car isn’t a Ferrari or top of the line Mercedes-Benz – it’s the recently released Fisker Karma plug-in hybrid luxury sports sedan!
The car will be presented to Bieber by his manager, Scooter Braun who told him,”You work really really hard. I always yell at you, ‘Don’t get anything flashy!’ You know, we’re not about that. Be humble, be humble. And I kind of broke my own rule.”
Braun also stated, “We wanted to make sure, since you love cars, that when you’re on the road you are always environmentally friendly. And we decided to get you a car that would make you stand out.”
Somehow there are people who have a different view on how " Green Design Will Save the World".
(PJM).Recently, I attended an event where a new 2012 Fisker Karma sports car was on display. Up until this time I had never heard of a Fisker Karma and after looking at the price tag I know why. It was a shocking $112,000.
The Fisker Karma, manufactured by Fisker Automotive, looks like it should have a starring role in a Mission Impossible movie.
It is a sleek cutting edge masterpiece of Finnish manufacturing.Apparently sales have been brisk. Great news I say! After all, this is America where an awesome car made in Finland equals a new status toy for the one percent… or in this case more like the one half of one percent.
As I was ogling the car, my friend told me the Fisker company received a US government loan to help with the design of the car’s electric battery.
It turns out the Fisker Karma is a “green” electric car and part of Obama’s energy/manufacturing plan to lead our nation out of the “Great Recession.”
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.