Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

4/24/2013 (2 years ago)

Catholic Online (www.catholic.org)

White House knew as far back as 2010 that Fisker Automotive was not reaching goals

The Obama administration was warned as early as 2010 that electric car maker Fisker Automotive Inc. was not meeting milestones, freshly released documents show. According to the documentation, Fisker was not meeting its obligations for a half-billion dollar government loan, nearly a year before U.S. officials froze it.

Fisker continued receiving money until June of 2011, at which time the Department of Energy stopped further funding.

Fisker continued receiving money until June of 2011, at which time the Department of Energy stopped further funding.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

4/24/2013 (2 years ago)

Published in Politics & Policy

Keywords: Fisker Automotive, loan, Department of Energy, failed obligations


LOS ANGELES, CA (Catholic online) - An Energy Department official said as far back in a June 2010 email that Fisker's loan could be jeopardized on account of their failure to meet goals established by the Energy Department.

Fisker continued receiving money until June of 2011, at which time the Department of Energy stopped further funding. Fisker presented new information that called into question whether key milestones and obligations such as a launch of the company's signature $100,000 Karma hybrid had been achieved.

The December 2011 credit report said "DOE staff asked questions about the delays" in the launch of the Karma "and received varied and incomplete explanations," which led to the suspension of the loan. Fisker had received a total of $192 million of the $529 million loan before it was suspended.

An official in DOE's loan program office, Sandra Claghorn, in the June 2010 email had written that Fisker "may be in limbo due to a lack of compliance with financial covenants" set up by the Energy Department to protect taxpayers in the event of default. Another document, from April 2010, listed milestones that Fisker had not yet met.

A spokeswoman for the Energy Department, Aoife McCarthy said that the June 2010 email was taken out of context.

"The document shows that one person at a meeting discussed the possibility that Fisker might not meet a financial commitment" required by the Energy Department, McCarthy said in an email. The Department of Energy received the needed certification five days later and subsequently made the loan payment, she said.

The potential loss of $171 million would be largest loss of federal loan money since the 2011 failure of solar panel maker Solyndra, which declared bankruptcy and laid off all its workers after receiving a $528 million loan from the Energy Department.

---


Pope Francis: end world hunger through 'Prayer and Action'


Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for June 2015
Universal:
That immigrants and refugees may find welcome and respect in the countries to which they come.
Evangelization: That the personal encounter with Jesus may arouse in many young people the desire to offer their own lives in priesthood or consecrated life.


Rosaries, Crosses, Prayer Cards and more... by Catholic Shopping .com


Comments


More Politics & Policy

SCOTUS PROTECTS - Religious institutions in Pennsylvania protected from HHS mandate Watch

Image of The Pennsylvania-based religious groups are among hundreds of plaintiffs challenging the federal HHS mandate, which requires employers to offer coverage of sterilization, contraception, and some drugs that can cause early abortions.

By Matt Hadro, CNA/EWTN News

The U.S. Supreme Court has issued an order protecting a group of Pennsylvania religious institutions from being required by the federal contraception mandate to violate their faith. Washington D.C. (CNA/EWTN News) - "Doesn't our government have something better to do ... continue reading


DUMP TRUMP? NO WAY. Some brave Hispanic leaders call billionaire 'terrific' and 'brash' Watch

Image of Other presidential contenders have disregarded Trump's comments. It's seen as a setback for many Republicans, who wish to court the widely growing Hispanic population.

By Catholic Online (NEWS CONSORTIUM)

Multi-billionaire, Republican candidate for President has always been known for his outspokenness. In a speech to announce that he was throwing his hat into the ring, Trump said Mexican immigrants are "bringing drugs. They're bringing crime. They're rapists. ... continue reading


Obama declared 'amateur' and 'Marxist' by Center for Disease Control (CDC) official Watch

Image of Countless Central Americans, piling through the U.S. southern Border States along the border with Mexico has brought an influx of unvaccinated people with diseases that have since been eradicated in the U.S.

By Catholic Online (NEWS CONSORTIUM)

United States President Barack Obama's unchecked influx of unvaccinated child immigrants across the U.S. - Mexico border has an official with the centers for Disease Control denouncing him as a "Marxist" and "amateur." An email from the official called him the ... continue reading


Presidential candidate Mike Huckabee speaks out on Obama's gay pride light show and the legalization of gay marriage Watch

Image of

By Hannah Marfil (NEWS CONSORTIUM)

In celebration of the Supreme Court's gay marriage ruling, President Obama lit up the White House with rainbow colors, which garnered a response from Republican, former Arkansas governor and now presidential candidate Mike Huckabee. Huckabee was noted as saying that ... continue reading


Supreme Court 'unwrote laws of nature' GOP presidential candidate Mike Huckabee declares Watch

Image of

By Catholic Online (NEWS CONSORTIUM)

Saying that the Supreme Court tried to "unwrite the laws of nature and the laws of nature's God" when it legalized gay marriage across the nation last week, GOP presidential candidate Mike Huckabee also pointed out the fact that President Barack Obama himself ... continue reading


'They will stand behind lying Brian Williams, but won't stand behind people that tell it like it is': Donald Trump fired from NBC for controversial immigrant statements Watch

Image of Donald Trump retired from The Apprentice after announcing his presidential bid.

By Abigail James (NEWS CONSORTIUM)

NBC has made the decision to cut ties with Donald Trump, over his political view and controversial statements regarding immigration made during his presidential announcement. Donald Trump and NBC have had a relationship, including Trump's produced Miss USA and Miss ... continue reading


When is the best time to take out Social Security? Watch

Image of 100-year-old woman.

By Talia Ramos (NEWS CONSORTIUM)

Financial advisers usually advice their clients to take Social Security benefits at the age of 70 for maximum growth. However, it is found that most people don't take that advice, as they are likely to withdraw what they have saved up as soon as they hit retirement. A ... continue reading


IT'S NOT OVER: Freedom of Religion may trump same-sex marriage victories Watch

Image of

By Matt Hadro and Adelaide Mena, CNA/ETWN News

Friday's Supreme Court ruling against the traditional understanding of marriage may pose huge obstacles to the free exercise of religion and conscience across the U.S., the nation's bishops have said in response to the decision. Washington D.C.(CNA/EWTN News) - ... continue reading


Decisions on same-sex marriage, power-plant emissions now in the hands of Supreme Court Watch

Image of Six major cases, all of them affecting the American Way of Life are in front of the Supreme Court.

By Catholic Online (NEWS CONSORTIUM)

Six major cases, all of them affecting the American Way of Life are in front of the Supreme Court. Decisions regarding same-sex marriages, power plant emissions and execution methods will all be rendered by either Friday or early next week. LOS ANGELES, CA ... continue reading


Obama adviser Valerie Jarrett's family has strong communist roots, files prove Watch

Image of Valerie Jarrett's father, pathologist and geneticist Dr. James Bowman, has been found to have had extensive ties to Communist associations and individuals.

By Catholic Online (NEWS CONSORTIUM)

Does the apple truly fall far from the tree? Recently uncovered files show that Valerie Jarrett, a senior adviser to U.S. President Barack Obama and trusted confidant has family ties with those with communist leanings. These uncovered files prove that Jarrett's ... continue reading


All Politics & Policy News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Ephesians 2:19-22
19 So you are no longer aliens or foreign visitors; ... Read More

Psalm, Psalms 117:1, 2
1 Alleluia! Praise Yahweh, all nations, extol him, ... Read More

Gospel, John 20:24-29
24 Thomas, called the Twin, who was one of the ... Read More

Saint of the Day

Saint of the Day for July 3rd, 2015 Image

St. Thomas
July 3: St. Thomas was a Jew, called to be one of the twelve Apostles. ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter