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U.S. taxpayers out $139M as
China buys failed Fisker
electric car company

Washington Times, by Cheryl K. Chumley

Original Article

Posted By:EagleEye, 6/9/2014 4:07:31 PM

It’s official: Taxpayers aren’t going to recoup the $139 paid into the failed Fisker Automotive company that went bankrupt because it was just bought up by a Chinese parts dealer, the Wanxiang Group. The China company bought Fisker for just over $149 million at a recent U.S. bankruptcy auction, Fox News reported. Plans are that Wanxiang will turn around and start selling the same car, albeit a bit changed model, back to U.S. markets by the end of the year. The company will also reach out to Europe for new sales, Fox News said. The company’s billionaire founder and chairman, Lu Guanqui, has been trying to enter the auto industry since

The 0bamaNation kept this failing (green) electric car afloat with $200M of our tax dollars. While the article doesn´t deep enough to tell US, when the Chinese bought it, the board of directors probably got out with some really nice golden parachutes. Then, they will be selling the revamped cars by the end of the year here. That jobs "thing" is working for 0bama.


Post Reply  

Reply 1 - Posted by: jsanders, 6/9/2014 4:38:15 PM     (No. 9878909)

All too predictable when you have an administration completely devoid of individuals with real-life business experience. Raise your hands if this caught you by surprise. Anyone...anyone...Bueller...Bueller...

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Reply 2 - Posted by: Pearson365, 6/9/2014 4:43:17 PM     (No. 9878912)

$139 million!! That´s the same amount of money Bill & Hillary Clinton had one year after leaving the White House and yet Hillary says that "they were destitute". Which means this loss on Fisker isn´t that much money after all.

Obama and then Energy Secretary Chu squandered $40 to as much as $74 BILLION of our money on "green investments" to well heeled donors to Obama. Fisker was just one of 35 to 50 projects that went under with our money. And, the Energy Dept is still "investing" another $12 billion as we read this article.

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Reply 3 - Posted by: whyyeseyec, 6/9/2014 4:43:57 PM     (No. 9878913)

So China is going to not make a good car just like Fisker, huh?

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Reply 4 - Posted by: KTWO, 6/9/2014 5:01:44 PM     (No. 9878932)

IMO this is good news for the US. That money was never coming back to the Treasury. Let another folly end.

It was a money pit created by our government.

This new Chinese management can´t loot where there is no treasure (although they might have bought some tax losses, the article doesn´t say).

Let´s hope they try to make money an old fashioned way; by producing and selling vehicles worth purchasing.

Quietly, electric cars and trucks are steadily improving. So are hybrids.

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Reply 5 - Posted by: Janylou, 6/9/2014 5:08:42 PM     (No. 9878946)

Instead if the Midas Touch where everything turns to gold, we have the Obama Touch as we lose money in everything he touches.

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Reply 6 - Posted by: tennman, 6/9/2014 5:21:28 PM     (No. 9878960)

And we all remember Clueless Joe Biden at the ribbon-cutting in Delaware where "thousands" of jobs were to be created.

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Reply 7 - Posted by: alto, 6/9/2014 5:31:24 PM     (No. 9878977)

Obama does have the Midas touch. Everything he touches, turns into a rusty muffler.

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Reply 8 - Posted by: volksford, 6/9/2014 6:38:38 PM     (No. 9879071)

Barry the entrepreneur. Couldn´t run a lemonade stand.

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Reply 9 - Posted by: watashiyo, 6/9/2014 6:39:04 PM     (No. 9879073)

Should have the gov. pay for the loss by taking out of gov. workers paycheck & pension. Gov. failed, taxpayer shouldn´t have to pay for gov. mistake or bad decision.

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