Fisker Fiasco Worse Than The Solyndra Scandal

Barack Obama's merdas touch.

1.     DOE, under Secretary Steven Chu, awarded Fisker a $529 million loan guarantee to produce a vehicle – the Karma – that retails for a $102,000 base price. If the average owner of the $41,000 Chevy Volt earns $170,000 per year, it’s logical to conclude this will subsidize the purchase of a luxury car for the very wealthy.

2.     Among Fisker’s highest profile backers is the Silicon Valley venture capital firm Kleiner, Perkins, Caufield and Byers, which boasts Gore as a senior partner, and whose employees have donated $2.6 million to candidates and political action committees, favoring Democrats over Republicans by a very wide margin, according to the Center for Responsive Politics. Fisker’s raisers of private capital are Keith Daubenspeck and Dwight Badger of Chicago-based Advanced Equities, Inc., who have been accused of “foisting junky startups on investors” and are now the subjects of a Securities and Exchange Commission investigation.

3.     KPCB spent $50,000 per quarter throughout 2009 and 2010 lobbying Congress on legislation that was heavy-laden with renewable energy government incentives, and Fisker lobbied Congress, the White House and the Departments of Energy and Defense – spending $190,000 in 2009, $480,000 overall – to seek funds through DOE’s loan program, among other things.

4.     The law firm that reviewed Fisker’s loan for DOE was Debevoise and Plimpton, whose employees gave nearly $200,000 for President Obama’s campaign in 2008. Debevoise was paid $1.8 million by DOE to negotiate loan terms and conduct due diligence on the Fisker loan and another to Ford Motor Company.

5.     Despite receiving $193 million from taxpayers to create U.S. “green” jobs, the Karma is assembled in Finland.

And so on, and so forth...