At least the Solyndra loan was wasted *in* America — Updated

Over $500 million taxpayer dollars to subsidize a “Green” car  — made in Finland:

With the approval of the Obama administration, an electric car company that received a $529 million federal government loan guarantee is assembling its first line of cars in Finland, saying it could not find a facility in the United States capable of doing the work.

Vice President Joseph Biden heralded the Energy Department’s $529 million loan to the start-up electric car company called Fisker as a bright new path to thousands of American manufacturing jobs. But two years after the loan was announced, the job of assembling the flashy electric Fisker Karma sports car has been outsourced to Finland.

“There was no contract manufacturer in the U.S. that could actually produce our vehicle,” the car company’s founder and namesake told ABC News. “They don’t exist here.”

Henrik Fisker said the U.S. money so far has been spent on engineering and design work that stayed in the U.S., not on the 500 manufacturing jobs that went to a rural Finnish firm, Valmet Automotive.

Money is fungible. You can bet the taxpayer-funded loan dollars spent here freed up resources to be spent in Finland.

And, gee, want to guess how this company had such an easy time getting the taxpayer-funded loan?

Connections help:

One of Fisker’s biggest financial supporters, records show, is the California venture capital firm Kleiner Perkins Caufield & Byers. The firm financially supports numerous green-tech firms, records show.

Kleiner Perkins partner John Doerr, a California billionaire who made a fortune investing in Google, hosted President Obama at a February dinner for high-tech executives at his secluded estate south of San Francisco. Doerr and Kleiner Perkins executives have contributed more than $1 million to federal political causes and campaigns over the last two decades, primarily supporting Democrats. Doerr serves on Obama’s Council on Jobs and Competitiveness. Doerr has not replied to interview requests since March.

Former Vice President Al Gore is another Kleiner Perkins senior partner. Gore could not be reached for comment.

“Their major venture investor is Kleiner Perkins, who has Al Gore as a partner and is certainly politically connected in general,” said industry observer Sexton. “Whether that played a role or not is up to the DOE to explain.”

So, in return for some donations, Fisker receives several hundred times that in taxpayer-funded loan for a car that no one has even seen yet. Sweet deal, that. I’m sure the project was approved solely on the merits.

And I’m the King of Spain.

Read the whole thing. There’s another “green” car firm involved. Add in their loan, and were talking nearly a billion. Maybe theirs is at least “made in America.” And I wonder what all of Obama’s union buddies think of this?

“Chicago on the Potomac” doesn’t cover half of it.

via Sarah Palin

UPDATED: Sweet! Fisker’s gas-electric hybrid gets a whopping 20 miles per gallon in gasoline mode — less than the Chevy Volt! And for this we forked out more the $500 million. Way to go, President “We Got Every Decision Right!

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5 Responses to At least the Solyndra loan was wasted *in* America — Updated

  1. […] bailout.  Their loan programs to the “green companies” of tomorrow (See: Solyndra. Tesla and Fisker). And I’m sure I’m forgetting a bunch more. (2) It’s hard to claim to be the […]

  2. […] bailout.  Their loan programs to the “green companies” of tomorrow (See: Solyndra. Tesla and Fisker). And I’m sure I’m forgetting a bunch more. (2) It’s hard to claim to be the […]

  3. […] energy company, Solyndra; a “Green” car company, Fisker, which plans to make its cars in Finland, when they get around to actually making the cars; and another “Green” automaker, […]

  4. […] energy company, Solyndra; a “Green” car company, Fisker, which plans to make its cars in Finland, when they get around to actually making the cars; and another “Green” automaker, […]

  5. […] energy company, Solyndra; a “Green” car company, Fisker, which plans to make its cars in Finland, when they get around to actually making the cars; and another “Green” automaker, Tesla, which […]

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