Energy Department Seizes Millions of Dollars From Fisker Automotive Inc.

Struggling car maker had received $192 million in federal loans

WASHINGTON — The Obama administration says it has seized $21 million from troubled automaker Fisker Automotive Inc., just weeks after the company laid off three-fourths of its workers amid continuing financial and production problems.

Fisker had received $192 million in federal loans before a series of problems led U.S. officials to freeze the loan in 2011.

Comments

[John Galt]

If this technology was ready for prime time the private sector would be clawing over top of each other racing to fund it. It’s not ready, far from it. The mountain of cash robbed from the taxpayer to fund these idiotic fantasies amounts to nothing more than Obama paying off his cronies and mildly retarded voter base.

[johnl]

Electric cars can be useful, but trying to compete with ICEs is just dumb. We’ve always had golf carts. And in some places, you can drive them on the street. Something a little heavier than a golf cart with a top speed of 40 mph and a range of 40 miles could be made cheap. But no, we have to have expensive fantasy machines that nobody wants.