Obama Loans Car Company Half a Billion So They Can Builds Cars in Finland

By Matthew Most, Brian Ross, and Ronnie Greene, ABC News

With the approval of the Obama administration, an electric car company that received a $529 million federal government loan guarantee is assembling its first line of cars in Finland, saying it could not find a facility in the United States capable of doing the work.

Vice President Joseph Biden heralded the Energy Department's $529 million loan to the start-up electric car company called Fisker as a bright new path to thousands of American manufacturing jobs. But two years after the loan was announced, the job of assembling the flashy electric Fisker Karma sports car has been outsourced to Finland.

"There was no contract manufacturer in the U.S. that could actually produce our vehicle," the car company's founder and namesake told ABC News. "They don't exist here." Read more at abcnews.com

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By Ben Howe, The Red State

The Obama administration has been taking heat for some time now regarding the bankruptcy of solar panel company Solydra, which received $500 million in loans from the U.S. government.

Claims from President Obama were that some failures were bound to happen, such is the risk of business:

    “We knew from the start that the loan guarantee program was going to entail some risk by definition,” Obama said, adding that the “overall portfolio has been successful.”

That may be true.  What he failed to mention was where they were successful.

Vice President Joseph Biden heralded the Energy Department’s $529 million loan to the start-up electric car company called Fisker as a bright new path to thousands of American manufacturing jobs. But two years after the loan was announced, the job of assembling the flashy electric Fisker Karma sports car has been outsourced to Finland. Read more at theredstate.com