How Taxpayers Lost Big On Fisker Karma And A123
Dec 6, 2012 at 3:49 PM
Barbara in Green Energy, a123, clean energy, corruption, electric cars, fisker karma

Leo DiCaprio's and Justin Beiber's Fisker Karmas were among 2,000 recalled.


A123 Got Taxpayer Funds Even AFTER It Filed For Bankruptcy

By Green-Energy Analyst Barbara Durkin

Funny Business At Fisker Karma And A123

Vice President Biden spoke on camera about the Obama administration's billion dollar loan to Finland’s Fisker.

"This is seed money that will return back to the American consumer in billions and billions and billions of dollars in good new jobs."

Does the VP recognize that Finland is a long commute for American workers?

The WSJ reported that due to Hurricane Sandy, 300 cursed Karmas now rest undersea at a port in New Jersey, and are a total loss.  But when did the loss of 300 Fisker Karmas technically occur?

Was it when 239 Fisker Karma were recalled in January of 2012 due to A123 battery defects blamed for car fires?

Or was the loss incurred when the Karma car was “undrivable” to the Consumer Report's testing site in March of 2012?

Or does the loss date back to when the Fisker Karma was conceived as a publicly-funded-luxury-sports-car-retailing-for-$100,000 to buyers like Leonardo D., and the Justin B?

Or did Fisker fail conceptually when our billion-dollar-loan failed to create “billions and billions and billions of good new jobs” as promised by VP Biden during October of 2011?

Fisker Karma also might be considered a preexisting loss by stockholders whose investments in the hybrid car’s battery-maker, AONE, have tanked.  AONE Investors have responded with a lawsuit alleging securities laws violations in connection with certain financial statements made by A123 Systems.

The theater of the absurd waste of taxpayer dollars continues with 16 Karma car fires now blamed on seawater that short circuited the Karma’s A123 batteries--with 300 cars swamped, all insured.

Well is established that A123 batteries cause electric cars to catch fire on land and under the sea.  And, A123 has burned through much of their $249.1 million federal grant for battery technology now in the hands of China.  The court has recently approved A123’s request to borrow $50 million from China’s Wanxiang Group Corp.

While the saga of the Obama Administration's ill-conceived Fisker Karma under water continues, A123 Systems does have its winners.

After Layoffs, Execs Get Big Raises at Taxpayer-Funded A123

Big Raises at A123

A taxpayer-funded electric vehicle battery company, that is considered in great danger due to its dependency on troubled EV company Fisker Automotive, has awarded its top executives big salary increases despite a steep downward trajectory in its stock price.

DOE Awards $1 Million to A123 on the Same Day They Filed for Bankruptcy

Battery maker A123 got U.S. funds as it sought bankruptcy

The Obama administration provided struggling battery maker A123 Systems Inc with nearly $1 million on the day it filed for bankruptcy, the company told lawmakers investigating its government grant.

The company, which makes lithium ion batteries for electric cars, filed for Chapter 11 bankruptcy protection last month after a rescue deal with Chinese auto parts supplier Wanxiang Group fell apart.

That same day, October 16, A123 received a $946,830 payment as part of its $249 million clean energy grant from the Energy Department, the company said in a letter, obtained by Reuters, to Republican Senators John Thune and Chuck Grassley.

A vindicating video of Secretary Chu getting chewed out by Representative Gordon:


Barbara Durkin is the green-energy reporter for the Daily Bail.  She has spent the past decade interfacing with regulators and stakeholders in the Ad Hoc review of the "world's largest" Cape Wind offshore wind project.  Her independent investigation of wind energy cost vs. benefits has expanded beyond the shores of Nantucket Sound to include land-based renewable energy.



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