Yet another "green" company bites the dust, at the cost of millions of taxpayer dollars

[brenthutch 444]

"Fisker Automotive, the U.S.-backed maker of luxury plug-in hybrid sports cars, has hired law firm Kirkland & Ellis to advise it on a possible bankruptcy filing"

http://www.reuters.com/article/2013/03/28/autos-fisker-bankruptcy-idUSL2N0CK1ML20130328

Just think about how your local school district would have been able to use that half a billion dollars.

And unlike A123 the Chinese will not even touch it.

http://www.reuters.com/article/2013/03/28/us-autos-fisker-furlough-idUSBRE92R01B20130328

[Gixxer2k4 0]

Werent they having problems with the vehicles catching fire? Plus battery problems from A123 who also filed for bankruptcy? Was never impressed with them. Looked nice is about it.

[OHCHUTE 0]

The feds gave them 529 million and they haven't built one car since July. I guess the owner of the firm voted for Obama. I wonder what his next gig will be once the firm is gone. Maybe helping to finance Hillary's campaign. And this guy will most likely fund speaking engagements for Obama once Obama is out of there.

[brenthutch 444]

Their failure is quite innocuous until one takes into consideration the opportunity cost of blowing billions of dollars on such foolish endeavors. Children could have been educated, disabled veterans could have been rehabilitated, bridges and roads could have been repaired and wildlife habitats established, with the money that was wasted on crony capitalism.

[OHCHUTE 0]

Quote

Quote

The feds gave them 529 million and they haven't built one car since July. I guess the owner of the firm voted for Obama. I wonder what his next gig will be once the firm is gone. Maybe helping to finance Hillary's campaign. And this guy will most likely fund speaking engagements for Obama once Obama is out of there.

Let's also not forget they were given those loan guarantees to manufacture cars in Finland.

Obama didn't even want to run. He was reluctant. But the influence of the Chicago crime bosses was just too great. Guess who is profiting now: the crime bosses.

[rehmwa 2]

Quote

Their failure is quite innocuous until one takes into consideration the opportunity cost of blowing billions of dollars on such foolish endeavors. Children could have been educated, disabled veterans could have been rehabilitated, bridges and roads could have been repaired and wildlife habitats established, with the money that was wasted on crony capitalism.

or, we just could have spent 529M less.......

...
Driving is a one dimensional activity - a monkey can do it - being proud of your driving abilities is like being proud of being able to put on pants

[Andy9o8 2]

Quote

Quote

Their failure is quite innocuous until one takes into consideration the opportunity cost of blowing billions of dollars on such foolish endeavors. Children could have been educated, disabled veterans could have been rehabilitated, bridges and roads could have been repaired and wildlife habitats established, with the money that was wasted on crony capitalism.

or, we just could have spent 529M less.......

You really think it would have just stayed in the national piggy bank?

[rehmwa 2]

Quote

Quote

Quote

Their failure is quite innocuous until one takes into consideration the opportunity cost of blowing billions of dollars on such foolish endeavors. Children could have been educated, disabled veterans could have been rehabilitated, bridges and roads could have been repaired and wildlife habitats established, with the money that was wasted on crony capitalism.

or, we just could have spent 529M less.......

You really think it would have just stayed in the national piggy bank?

no - just wishful hope for responsible spending.....someday

...
Driving is a one dimensional activity - a monkey can do it - being proud of your driving abilities is like being proud of being able to put on pants

[kelpdiver 2]

meanwhile, Tesla announces their intent to accelerate payback of their loans. They won, Fisher lost.

In what world did you think every electric car and solar panel company would succeed?

[airdvr 210]

Quote

meanwhile, Tesla announces their intent to accelerate payback of their loans. They won, Fisher lost.

In what world did you think every electric car and solar panel company would succeed?

I would think one that got 500 million from the government might have a good chance.

Please don't dent the planet.

Destinations by Roxanne

[kelpdiver 2]

Quote

Quote

meanwhile, Tesla announces their intent to accelerate payback of their loans. They won, Fisher lost.

In what world did you think every electric car and solar panel company would succeed?

I would think one that got 500 million from the government might have a good chance.

why, because it is a big number? Car manufacturing is a more expensive, more risk effort than most, and that's without trying to enter a new technology realm. Fisker and Tesla are doing research that the DoD might have done in the past.

[funjumper101 15]

Quote

"Fisker Automotive, the U.S.-backed maker of luxury plug-in hybrid sports cars, has hired law firm Kirkland & Ellis to advise it on a possible bankruptcy filing"

http://www.reuters.com/article/2013/03/28/autos-fisker-bankruptcy-idUSL2N0CK1ML20130328

Just think about how your local school district would have been able to use that half a billion dollars.

And unlike A123 the Chinese will not even touch it.

http://www.reuters.com/article/2013/03/28/us-autos-fisker-furlough-idUSBRE92R01B20130328

Are you trying to make the case that every single company that the US Government backs, or assist, in any way, MUST ABSOLUTELY be a runaway success?

The Right Wing Conservatards that are so happy about business failures are really patriotic, aren't they?

The ignorant pinheads have exactly ZERO comprehension of venture capital funding and the outcome of the funding. The very BEST VCs in Silicon Valley have a failure rate of around 75% or thereabouts.

For the ignorant RWCs, that means that 75 of the 100 companies that very experienced capital investors put their money into, fail. Fail as in, don't succeed. Is that clear enough for you America hating pinheads?

No sane, well informed person would expect a higher success rate than VCs from government investments in private enterprise. The moron bastard shitheads that watch Faux Spews, listen to Lush Rimjob, and the psychotic Glenn Beck, are more than happy to gloat about business failures, as long as the failures happen to companies that received some kind of government assistance.

Since when did it become a positive thing to be really HAPPY about a leading edge business venture failing?

It used to be that severe ignorance was something shameful. Nowadays it is a sign that you are a Right Wing Conservatard.

[skypuppy 1]

frankly, gov't has no business investing 'our' money in any company not assured of success. It's simply not good money-management...

If some old guy can do it then obviously it can't be very extreme. Otherwise he'd already be dead.
Bruce McConkey 'I thought we were gonna die, and I couldn't think of anyone

[kelpdiver 2]

Quote

frankly, gov't has no business investing 'our' money in any company not assured of success. It's simply not good money-management...

on what planet?

In order to succeed, you have to be able and willing to fail. The key is to fail fast and then reiterate.

How many failures did we see in the race to the moon? Not as many as the Ruskies did (and admitted to decades later), but the 50s were a pretty sad sight, and the early 60s only a bit better.

[93626392 0]

Quote

The feds gave them 529 million

How do you feel about the trillions spent on wars? You're not posting about those...

Please examine your rationale: point scoring.

[airdvr 210]

I guess what bothers me the most about this post is how arrogant you are. Not even the slightest possibility that you might be incorrect. You might even have some valid points but the acidity of your writing makes taking you seriously difficult. It's the difference between a rational person and your spittle laced diatribe. Better take a look in the mirror...you got some crazy on your face.

Please don't dent the planet.

Destinations by Roxanne

[airdvr 210]

Quote

Quote

Quote

meanwhile, Tesla announces their intent to accelerate payback of their loans. They won, Fisher lost.

In what world did you think every electric car and solar panel company would succeed?

I would think one that got 500 million from the government might have a good chance.

why, because it is a big number? Car manufacturing is a more expensive, more risk effort than most, and that's without trying to enter a new technology realm. Fisker and Tesla are doing research that the DoD might have done in the past.

When the base price of what you are offering is more than $100,000 per unit you don't stand much of a chance of being anything more than a niche car for the super-rich. I don't think that's the business model we should be pursuing.

Please don't dent the planet.

Destinations by Roxanne

[brenthutch 444]

Quote

I guess what bothers me the most about this post is how arrogant you are. Not even the slightest possibility that you might be incorrect. You might even have some valid points but the acidity of your writing makes taking you seriously difficult. It's the difference between a rational person and your spittle laced diatribe. Better take a look in the mirror...you got some crazy on your face.

I don't take myself that seriously. The only reason I make these posts, is to remind the power-the-world-with-unicorn-farts crowd "I told you so".

[kelpdiver 2]

Quote

When the base price of what you are offering is more than $100,000 per unit you don't stand much of a chance of being anything more than a niche car for the super-rich. I don't think that's the business model we should be pursuing.

The Tesla Roadster was a 100k+ vehicle. Now the S is nearly half that, and that's just their second model.

If you want Fisker to start with a 40k car, we'd have had to front them billions. Instead, the super-rich are also subsidizing this emerging technology.

Your (valid) objections stems from somewhere else. Right now your objections are emotionally driven. As funjumper mentions - we spent over a trillion on Iraq and with what to show for it? We spent a few billions on solar and electric car initiatives and we have actual products and progress being made.

[popsjumper 2]

Monday morning quarterbacking.

What would you have posted if the company had managed to be successful?

"Goobermint wasted $$$ because the company turned out to be successful?"

My reality and yours are quite different.
I think we're all Bozos on this bus.
Falcon5232, SCS8170, SCSA353, POPS9398, DS239

[brenthutch 444]

Quote

Monday morning quarterbacking.

What would you have posted if the company had managed to be successful?

"Goobermint wasted $$$ because the company turned out to be successful?"

I would have gladly ate crow. There is nothing I would have liked more than to be wrong. We all would have been better off if the billions of dollars "invested" in green, would have paid off. But they did not, and we must learn from that lesson.

[Bolas 5]

Quote

The ignorant pinheads have exactly ZERO comprehension of venture capital funding and the outcome of the funding. The very BEST VCs in Silicon Valley have a failure rate of around 75% or thereabouts.

For the ignorant RWCs, that means that 75 of the 100 companies that very experienced capital investors put their money into, fail. Fail as in, don't succeed. Is that clear enough for you America hating pinheads?

No sane, well informed person would expect a higher success rate than VCs from government investments in private enterprise.

The big difference is that when VCs invest, if the company is successful, they not only recoup their initial investment, but a portion of the profits as well.

The government might be paid back.

Not that I think the government should become a VC, more just stop the high risk, low return loans.

Stupidity if left untreated is self-correcting
If ya can't be good, look good, if that fails, make 'em laugh.

[popsjumper 2]

Quote

...we must learn from that lesson.

What was it that we were supposed to learn from this?

My reality and yours are quite different.
I think we're all Bozos on this bus.
Falcon5232, SCS8170, SCSA353, POPS9398, DS239

[skypuppy 1]

Quote

Quote

...we must learn from that lesson.

What was it that we were supposed to learn from this?

In my opinion, basically that the gov't shouldn't be trying to pick winners and losers in new technology. If the researchers are left to figure out technologies with best return for their investment, they will. Gov't support of one technology over another (for instance, cf lightbulbs) kills competing ideas, and is not necessarily the best way forward. Then as soon as the subsidy ends, you're left with either something that doesn't work, or something you can't afford...

If some old guy can do it then obviously it can't be very extreme. Otherwise he'd already be dead.
Bruce McConkey 'I thought we were gonna die, and I couldn't think of anyone

[mistercwood 287]

Quote

Quote

Quote

...we must learn from that lesson.

What was it that we were supposed to learn from this?

In my opinion, basically that the gov't shouldn't be trying to pick winners and losers in new technology. If the researchers are left to figure out technologies with best return for their investment, they will. Gov't support of one technology over another (for instance, cf lightbulbs) kills competing ideas, and is not necessarily the best way forward. Then as soon as the subsidy ends, you're left with either something that doesn't work, or something you can't afford...

Oil companies are offering something that "works" and is still technically "affordable"... explain why your government still subsidises them despite their consistent annual record profits?

If you take the money from long-term unsustainable energy systems (that they sure as fuck don't need) and put it in renewables, it's a bet that will pay off. It may take a while, but that's how emerging tech works - expensive to start, each new iteration gets cheaper and more efficient. If you think fossil fuels are "cheap" then take away their crutches and see how they hold up...

You are playing chicken with a planet - you can't dodge and planets don't blink. Act accordingly.