Friday afternoon, the Obama administration announced the results of its loan to Fisker now that things have shaken out. Bad news that is trying to be hidden from a news cycle is always released on Fridays. Not to worry though. According to US Energy spokesman Bill Gibbons, “While this result is not what anyone hoped, the ($139 million loss) represents less than 2 percent of our advanced vehicle loans, and less than one-half of 1 percent of our overall loan program portfolio.” Do you feel better knowing that there is about $30 billion more in loans like this?
The Fisker Karma was an electric supercar costing over $100,000. It was subsidized by the American taxpayers with tax credits, loans that are now defaulted on, and the taxpayers of Maryland even paid for the operating costs of the factory. All this so that a couple thousand millionaires in the US and a handful in Europe could have an electric supercar they didn’t have to pay full price for.