White House Knew Anaheim's Fisker Auto was Sputtering Year Before $500k Loan Stopped: AP
The Obama White House knew Fisker Automotive was sputtering financially in 2010, a year before a half-billion dollar government loan to the Anaheim-based electric car maker was frozen, the Associated Press reports today. Since the plug-in hybrid Fisker Karma roll out at the 2008 North American International Auto Show, the company has experienced production delays, vehicle recalls, cash-flow problems, Hurricane Sandy wiping out 300 new cars, founder Henrik Fisker's resignation, nearly all its workforce being pink slipped and a looming bankruptcy filing.
But other than that . . . Makes you wonder if gubment inspectors found specs on abandoned drawing boards in Anaheim for the all-new Fisker Solyndra.
An Energy Department official wrote in a June 2010 email that Fisker's bid to draw on the federal loan may be jeopardized for failure to meet goals established by the department, according to documents the AP says it has obtained.
Despite that warning, Fisker continued to receive money until June 2011, when the Energy Department halted further funding due to the company providing new information that called into question whether the launch of Fisker's signature, $100,000 Karma hybrid and other key milestones could be achieved, reports AP. Fisker had received $192 million of the $529 million loan before it was suspended.
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