Obama "green," company fails...not a surprise...

[billc]

http://newsbusters.org/blogs/geoffr...obama-green-jobs-company-tanks-abc-nbc-ignore

The Obama administration has flushed almost $200 million of the American taxpayer's money down the drain on another green company failure but ABC and NBC have yet to report on it. On Monday, the electric car company Fisker Automotive failed to make a $10 million payment on a $192 million federal government loan, bringing it closer to bankruptcy. Only CBS, on Thursday's This Morning, mentioned it - and then only gave it 15 seconds.

Fisker joins Solyndra in what has turned into a long list of Obama administration supported green companies that have turned into boondoggles for the American taxpayer that the Big Three networks have virtually ignored.

 

[Steve]

This is old news, Bill. And for what it's worth, it was reported weeks ago by many news outlets who saw this coming.

http://abcnews.go.com/Blotter/fisker-headed-solyndra-collapse/story?id=18861256#.UXnjYLXrwoc

http://editorial.autos.msn.com/blogs/autosblog.aspx?feat=3032d75d-8b97-4b3a-96bd-008f44fa65b3

http://www.nbcnews.com/business/reborn-detroit-electric-charges-battery-car-market-1C9219522

http://www.usatoday.com/story/money/cars/2013/04/08/fisker-suit-layoff-solyndra-bankruptcy/2065027/

http://www.forbes.com/sites/afontev...maker-fisker-auto-lays-off-workforce-reports/

There are dozens more articles on the lead up to the inevitable end. CC posted about this weeks ago, as well.

Instead of rehashing, I'll just repost what I said earlier about Fisker:

Regarding Fisker, nothing will keep a company afloat if all you have is crappy product and a crappy business model. Tesla is doing better, with their high end boutique sales coupled with a much more practical alignment with Toyota (an established auto builder.) Here's a good summary of why Fisker is sinking: http://www.extremetech.com/extreme/1...for-bankruptcy

Another key distinction between Fisker and Tesla is that Tesla makes money selling their patented EV drive train technology. Fisker consumes tech, buying it from other companies, such as the A123 Battery company mentioned in article above... the one that also went bankrupt.

Bottom line for these small companies is that they will not survive unless they have a big brother company with deep pockets, or they are bought out. Look at how the computer industry works. Small companies innovate and then become absorbed. They are either bought out by a big fish or they band together and swim in a school. Or they go extinct.