Apr 05

Flashback:

Total Karma Recall: Fisker (Received $529 Million In Federal Subsidies) Pulls All Cars Due To Fire Risk

Taxpayers Lose Another $118.5 Million As Next Obama Stimulus Pet Project Files For Bankruptcy (Video)


$529 Million In Federal Funding And All Jobs Destroyed Or Lost (ZeroHedge, April 5, 2013):

Pop quiz:Q. What is the fiscal multiplier on $529 in government stimulus?

A. If you are Fisker Automotive, zero.

While the terminal fate of the federally-subdizied car company was no secret to anyone, there were some questions when this latest example of idiotic government “capital allocation” would get Solyndraed. The answer is now.

GigaOm reports:

According to several sources, electric car maker Fisker Automotive is planning to lay off many of its employees today. Sources tell me that there is a company meeting at 8AM today where the company will announce this to the employees.

I’ve also heard that law firm Outten & Golden has been looking into initiating a class action law suit to represent Fisker’s employees should Fisker fall into bankruptcy. The firm is looking into whether Fisker (like Solyndra) will or already has violated the WARN act.

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