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The Fisker deal: Bad karma

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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.

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