Pulling the Plug on Fisker

At last a little good news from the Obama Regime. It appears to be finished throwing our money at Fisker Automotive to make green vehicles in Finland:

The Energy Department has sold off its $192 million loan guarantee to Fisker Automotive to Chinese billionaire Richard Li for $25 million – the biggest taxpayer loss on a green loan since the failure of Solyndra.

The Energy Department will announce the “selling of the promissory note” to Hybrid Tech, which is owned by Chinese billionaire Richard Li, according to sources familiar with the sale. The DOE sold the loan to Li for $25 million after lending the financially troubled green automaker a total of $192 million since 2009. …

Including the $25 million loan sale, the DOE has recovered only $53 million of the original $192 million disbursed – netting taxpayers a $139 million loss.

Fisker was awarded a $529 million loan guarantee by the Obama administration in 2009 to produce a luxury hybrid car, the Karma, which sold for a $103,000 per unit.

But they couldn’t come through on production milestones, being better at lobbying than at manufacturing moonbatmobiles, so most of the loan was pulled; otherwise the damage to taxpayers would have been even worse.

Who the hell would spend $103,000 on a toy eco-car?

The car has been sported by Al Gore, Justin Bieber and Leonardo DiCaprio.

Figures.

As for why the Regime chose to throw so much of our money at this poorly performing company to make a product normal Americans neither want nor can afford,

The venture capital firm Kleiner, Perkins, Caufield and Byers – where Gore is a partner – was a seed investor in Fisker and spent $400,000 in 2009 and 2010 on lobbying. The firm lobbied in favor of the stimulus bill that handed out $90 billion for green energy programs.

It’s like a law of physics. The bigger the government, the more wasteful and corrupt.

Fisker-Karma
Your tax dollar at play.

On tips from Conan, Ben S, and Bob Roberts. Cross-posted at Moonbattery.

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