Obama, the business man, should had stayed with community activist.
April 24 (Reuters) - Republican lawmakers said the U.S. government missed early warning signs that its loans to electric carmaker Fisker Automotive could be in trouble, and kept money flowing even after the startup missed a key 2011 production deadline.
Members of the House Oversight Committee cited Department of Energy documents at a hearing on Wednesday as showing Fisker got $32 million in payments, even after it failed to launch the Karma vehicle in February of 2011 as planned.
They spent hours quizzing current and former Fisker executives and an Energy Department official, over what the lawmakers termed the government's "bad bet," and questioned whether the unproven company received special treatment that put taxpayer dollars at risk.
The sporty Karma's $100,000-plus price tag and trappings of Hollywood glamor also drew barbs.
"Taxpayers effectively subsidized luxury, novelty vehicles for the likes of Justin Bieber, Leonardo DiCaprio and Al Gore," said Jim Jordan, the Republican from Ohio who chairs the subcommittee which held the hearing.
Under fire is the DOE's decision in 2009 to grant the company a $529 million loan only to see it veer toward failure - a chain of events that echoed Solyndra, the U.S. government-backed solar manufacturer that went out of business in 2011.
So a few bumps in the startup road are unforgivable, but Lockheed's F35 fighter, which according to Bloomberg is "seven years behind schedule and 70 percent over initial cost estimates" gets billions more in a program of institutionalized corruption.