Fisker Automotive Latest DOE Stimulus Failure
WASHINGTON, DC – House Energy and Commerce Committee Chairman Fred Upton (R-MI) and Oversight and Investigations Subcommittee Chairman Tim Murphy (R-PA) expressed concern today over the news that Fisker Automotive filed for bankruptcy protection and that the Department of Energy sold its loan to a foreign investor for $25 million. DOE will have recovered a total of $53 million from the original $192 disbursed.
"Fisker's collapse closes yet another sad chapter in DOE's troubled portfolio. The jobs that were promised never materialized and, once again, taxpayers are on the hook for the administration’s reckless gamble," said Upton and Murphy. "According to reports, the administration was warned as far back as 2010 that Fisker was doomed, but it was not until our Solyndra investigation revealed the dysfunction within the loan program that DOE finally took notice and cut off further payments. But still, taxpayers are only recouping 28 cents for every dollar of the $192 million the administration handed out."