TribLIVE

| News


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

The Fisker deal: Bad karma

Daily Photo Galleries

Sunday, Oct. 30, 2011
 

The Obama Energy Department's $529 million loan guarantee to the maker of the Fisker Karma electric sports car, which is creating 500 "green" jobs -- in Finland -- is crony capitalism at its worst.

Company founder Henrik Fisker told ABC News the 2009 loan went toward U.S. engineering and design work. But 500 assembly jobs are being outsourced to Finland -- because no U.S. contractor "could actually produce our vehicle."

More than a year behind schedule, Fisker has produced just 40 cars and delivered just two to customers, including -- surprise! -- liberal-Hollywood darling Leonardo DiCaprio.

So who's really benefiting• The usual suspects, of course.

A Fisker-backing venture capital firm's partners include former Vice President Al Gore and major Democrat donor John Doerr, according to The National Center for Public Policy Research.

Fisker -- a textbook example of crony capitalism -- bears all the hallmarks of another publicly funded "green jobs" financial disaster in the making. All involved deny it'll be another Solyndra, but that's what all involved with Solyndra said, too -- until that solar-panel firm's bankruptcy left taxpayers on the hook for a federally guaranteed $535 million loan.

For taxpayers and jobless Americans, the Fisker Karma is bad karma indeed.

 

 
 


Show commenting policy

Most-Read Stories

  1. Rookie Bryant sparks deep passing game for Steelers in victory
  2. City suspending trash collection Tuesday to honor slain worker
  3. City Theatre offers sweet, supportive take on Shanley’s ‘Outside Mullingar’
  4. Fox Chapel native nearing return to Penn State offensive line
  5. 12-year-old’s donated heart joins families, lets her memory live
  6. Steelers use 3 late first-half TDs to stun Texans
  7. Kin of 2013 DUI crash victim in Hempfield lose young family in fire
  8. Steelers players are ready for annual runway turn for charity
  9. Pittsburgh police officers start wearing video cameras
  10. Geibel goalie saves game during shootout, beats Carlynton
  11. Former Rollier’s store to become art gallery, cafe
Subscribe today! Click here for our subscription offers.