Issa Wants House To Investigate Fisker Loan
California Congressman Darrell Issa wants to investigate the Department of Energy’s loans to nearly-bankrupt Fisker after the company laid off most of its employees and retained bankruptcy lawyers last week.
According to Bloomberg, Issa is concerned that Fisker’s loan may have prevented other, more deserving companies from getting the money, stating
“[Fisker] is a design company, not a manufacturing company…It was destined to fail from the beginning. The greater concern is, does this affect more viable companies, whether they received loans or not.”
Bloomberg notes that Aptera, an EV start-up that Issa backed in the past (and was based in his congressional district) was denied a DoE loan under the Advanced TechnologyVehicles Manufacturing Program – the same program that Fisker got its funding from. Fisker’s $529 million loan was meant to convert a former GM factory in Delaware into a Fisker production center. But Fisker never produced a single car there, instead relying on Finland’s Valmet to produce the Fisker Karma sedan under contract.
More by Derek Kreindler
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This Fisker business reeks of Solyndra, but having Issa lead the charge is a bit disingenuous. http://www.npr.org/2011/01/20/133071575/Past-Haunts-Rep-Issa-Head-Of-Investigative-Committee
Sounds like a Congressman is pissed that the pork bypassed his district, so he gets all honest and righteous in return. If Aptera had gotten the money than failed like Fisker there would have been no problem, keep moving, nothing to see here. Is there a lower form of slimeball than a Congressman?
It's all about Obama's green image. Does he care the $500M went nowhere? No. He got elected and then re-elected. Does he care whether oil pipelines are worse off than other modes of oil transportation? No. He got elected and then re-elected. He will just say and do the things that will result in more votes. Even if the nation wastes $1B, if that will give him 1 more vote, he will do it.
This is what comes of "investment" schemes. People using politicians to try and get their hands on funds...funds that were borrowed in the first place.