by Paul Chesser, April 27, 2013
As the Department of Energy seized the last of Fisker Automotive’s reserves in lieu of an unknown amount that it was due to repay this week, what’s left of the lame electric automaker clings to the slim hope it can survive.
While CEO Tony Posawatz and his team may need an intervention, a hearing before the House Oversight and Government Reform Committee yesterday revealed that DOE and committee Democrats (as well as those in the Obama administration) are hopelessly stuck in an alternate universe, where losing millions of taxpayer dollars is considered a good record. Republicans had called officials from the company – including founder Henrik Fisker, as well as administrators of DOE’s loan program – to explain the logic that went into granting $529 million to a fledgling, unproven car company that targets an ultra-rich clientele.
Democrats attempted to dismiss the hearing as a “show trial” to embarrass the president, but the facts kept getting in the way of their trivialization efforts. “The committee’s efforts to stoke false controversy by selectively leaking a few out-of-context documents just do not stand up to scrutiny,” said White House spokesman Jay Carney…… “Only in Washington would a $200 million loss be viewed as a success,” said Republican Rep. Jim Jordan of Ohio, who chairs the Oversight subcommittee on economic growth and regulation….To Read More…