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Battery firm’s bankruptcy threatens high-end carmaker
The Washington Times reported this week that while A123 Systems drew down about $129 million from its nearly quarter-billion-dollar grant, a federal database showed barely 400 jobs were created.
Energy Department officials defended the expenditure, saying not all jobs created were reported.
Fisker was awarded an Energy Department loan worth more than $500 million, though it drew down less than half of that money before the loan was frozen because of missed milestones. Part of the loan money was supposed to be used to start production at a facility in Delaware.
Fisker has found itself facing scrutiny in Washington and on the campaign trail.
The House members questioned whether private investors would reap lucrative tax benefits if Fisker went bankrupt.
A company spokesman later told Wired magazine that Fisker didn’t consider itself a loser, seeing as it has sold 1,500 cars, raised $1.2 billion in private equity and is expanding export markets overseas.
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- Last call: State Dept. bought $180,000 in liquor before shutdown
- Federal prosecutors drop charges against defendants who disappeared
- Bankrupt energy company probed
- Wage nominee at Labor also works for AFL-CIO
- Former Time editor Stengel got big bonus while laying off reporters, heading to State Department
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