Friday, October 21, 2011

Department of Energy Grants a Finnish Car Manufacturer a Taxpayer Funded Guarantee Loan

The Department of Energy has been busy screwing the taxpayers over these past few years. Now, it has been revealed that this rogue agency gave a $529 million guaranteed loan to a Finnish electric car manufacturer.

Fisker was supposed to build its Karma cars here in the United States, but ran into a little problem:

"Fisker is using this funding to bring a shuttered General Motors plant in Delaware back to life and employing more than 2,500 workers. Fisker was attracted to this site in part by the opportunity to rehire some of the trained, dedicated workers who lost their jobs when that plant closed," Leistikow said. The department later clarified that 120 workers have been hired at the site to date, with the rest set to be hired by early 2013.

For the Karma line, founder Henrik Fisker reportedly claimed the company could not find a manufacturer in the U.S. for the job. So the production went to Finnish company Valmet Automotive, along with 500 manufacturing jobs.

A company spokesman told that Fisker had "explored the possibility of producing the Karma in the U.S."

"However, there are no contract manufacturers like Valmet in the U.S., and none of the established domestic automakers were willing to partner with Fisker to provide an manufacturing option in the U.S. that would work for the Karma program," the spokesman said.

Delaware you say? Why Delaware? I wonder…

And behind every green energy boondoggle there is a Democratic Party operative reaping in a taxpayer paid windfall. Who could it be this time?

The ABC News report noted the political connections enjoyed by Fisker and another company, Tesla Motors, which together received about $1 billion in loans. Fisker reportedly is backed by a firm that counts ex-Vice President Al Gore among its partners. The article said just 40 of Fisker's Karma cars have been produced so far, and that Tesla is consistently losing money.

The World Economic Forum ranked Finland the fourth most competitive country in the world, just above the United States who came in at fifth. Let’s give the Obama administration a hand. It’s not every day that a president sees the fruition of his policies. Maybe the Anointed One can become president of Finland. I just hope that Finland vets there candidates eligibility better than we did.


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