Monday, November 25, 2013

Fisker "Green Energy" Bankruptcy:Classic result of government picking "winners' with taxpayers money

Here we have a classic result of government picking "winners' with taxpayers money

"Fisker Automotive whose high-end electric cars caught the eye of ...celebrities has filed for  bankruptcy protection"

"Having struggled for some time the company announced in April that it was laying off 75% of its workforce"

The bankruptcy could become a political hot potato because the US Government had focused on Fisker to encourage the development of green energy,providing it with loans.

"The Wall Street Journal quoted a Department of Energy representative as saying it had recovered $53 million of the $192 million Fisker owed the government leaving $139 million unpaid."

"Republicans highlighted the fate of solar energy company Solyndra which went bankrupt after getting a $500 million government loan protection."

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