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Fisker Automotive, the struggling government-backed hybrid sports car maker, terminates 75% of...

Fisker Automotive, the struggling government-backed hybrid sports car maker, terminates 75% of its staff in what sources said was a last-ditch effort to conserve cash and stave off a potential bankruptcy filing. The company, which raised $1.2B from investors and tapped nearly $200M in government loans, has only around $30M in cash remaining. About 160 workers were fired at a Friday morning meeting at its Anaheim, Calif., headquarters, and were told that the company couldn't afford to give them severance payments.
Comments (26)
  • phxcrane
    , contributor
    Comments (416) | Send Message
     
    I'm Shocked. LOL
    5 Apr 2013, 08:56 PM Reply Like
  • nemonemo
    , contributor
    Comments (319) | Send Message
     
    None but Obama knows so well to choose loosers.
    5 Apr 2013, 11:31 PM Reply Like
  • Teutonic Knight
    , contributor
    Comments (2056) | Send Message
     
    Yeah, nemonemo, losers could sometimes be called 'loosers' too, as a bunch of 'these let loose'; concurred.
    6 Apr 2013, 11:07 AM Reply Like
  • pre-boomer
    , contributor
    Comments (26) | Send Message
     
    You just can't find a good community organizer when you need one !!
    5 Apr 2013, 09:02 PM Reply Like
  • phxcrane
    , contributor
    Comments (416) | Send Message
     
    Not His Money. You Can't convince anyone its their money not the governments. There is a huge disconnect.
    5 Apr 2013, 09:07 PM Reply Like
  • 481086
    , contributor
    Comments (3361) | Send Message
     
    The real shame is all the joe-sixpacks who now won't be getting their own sexy $100K eco-mobile...
    5 Apr 2013, 09:06 PM Reply Like
  • Deja Vu
    , contributor
    Comments (1247) | Send Message
     
    Not to worry. Al Gore made off like a bandit with my tax money by selling his Fisker stake right after the government gave them hundreds of millions of money looted from me and other politically unconnected suckers.
    5 Apr 2013, 09:18 PM Reply Like
  • bankingqueen
    , contributor
    Comments (135) | Send Message
     
    Lol Liberalism at its finest.
    5 Apr 2013, 09:39 PM Reply Like
  • chopchop0
    , contributor
    Comments (3314) | Send Message
     
    Sounds bullish for TSLA
    5 Apr 2013, 09:58 PM Reply Like
  • Brett22
    , contributor
    Comments (83) | Send Message
     
    Hope and Change!
    5 Apr 2013, 10:11 PM Reply Like
  • Richard93
    , contributor
    Comments (817) | Send Message
     
    Remember these people did not move there cars from the holding yard in New Jersey just before the big storm hit. Sandy I believe, then tried to stiff the insurance company for 31 million or so. Best Wishes
    5 Apr 2013, 10:17 PM Reply Like
  • Teutonic Knight
    , contributor
    Comments (2056) | Send Message
     
    Talk about government investing and managing business!

     

    The wonder boy rolled the dice again! So much so for that bookish Nobel Laureate who couldn't even recognize a spark plug under the hood, let alone any practical knowledge in building and marketing 'Green Cars'!

     

    The Bum only goes with academic credentials when selecting his lieutenants, like summa cum laude, Phi Beta Kappa, Rhodes Scholar,...Yep, it's all Academic like the Bum!
    5 Apr 2013, 10:30 PM Reply Like
  • kmi
    , contributor
    Comments (4023) | Send Message
     
    Please name an existing, solvent, US automaker who has not received government funding of any type.
    6 Apr 2013, 10:51 AM Reply Like
  • The Geoffster
    , contributor
    Comments (4011) | Send Message
     
    Did you hear the one about by The Electric Chinamen called "Hoo fokey wall sockey?"
    5 Apr 2013, 10:36 PM Reply Like
  • thestockbroker
    , contributor
    Comments (437) | Send Message
     
    Maybe each terminated employee can get a free car, as severance. BTW, I still have some broker in NY cold calling me about every 60 days asking if I want to open an acct with him and buy this crap. I told him ~12 months ago I had NO interest as they won't survive without Gov't. $$$ his answer....every dollar they get from the Gov't. is 100% profit, it's a better business than actually selling the cars, great sales pitch, free $$ is all profit
    5 Apr 2013, 10:38 PM Reply Like
  • SoldHigh
    , contributor
    Comments (1013) | Send Message
     
    Failure: it's what Obama and his ilk "invest" taxpayer $$$ in.
    5 Apr 2013, 10:58 PM Reply Like
  • Derek A. Barrett
    , contributor
    Comments (3534) | Send Message
     
    That's too bad, the Karma is actually a beautiful car. Getting used to the lack of a transmission and lack of gear shifting is a new sensation.

     

    <--------------- The CNN.com political forums are that way by the way
    6 Apr 2013, 02:58 AM Reply Like
  • DaLatin
    , contributor
    Comments (1522) | Send Message
     
    These were political paybacks.They were never business investmants.The secret of almost every one of these green gifts was the speed of the unwind. The faster they got to bankruptcy the more of the cash they could pocket.. Now they can regroup and get there news scams ready for Hilary ! They'll back her & then line up for the dole outs in 2016.
    6 Apr 2013, 06:00 AM Reply Like
  • rhgordon3505
    , contributor
    Comments (28) | Send Message
     
    Hey kmi:

     

    let's deepen our analysis, eh? any u.s. carmaker which received funding from the u.s. to recapitalize is actually MAKING AND SELLING cars that people want? have you followed u.s. auto sales trends? moving back toward the levels achieved prior to the 2007-2008 crash.
    6 Apr 2013, 12:16 PM Reply Like
  • kmi
    , contributor
    Comments (4023) | Send Message
     
    Hey rhgordon,

     

    Tesla.
    6 Apr 2013, 03:50 PM Reply Like
  • keithrez
    , contributor
    Comments (46) | Send Message
     
    "The company, which raised $1.2B from investors and tapped nearly $200M in government loans"

     

    So in other words, it is normal for the company to raise and burn through $1B from SOPHISTICATED investors, but Obama and the liberals threw money away by LOANING the company $200m.

     

    Yeah, that doesn't sound too partisan.
    6 Apr 2013, 06:10 PM Reply Like
  • Rope a Dope
    , contributor
    Comments (559) | Send Message
     
    It was actually $525 million and if the 'loan' was structured like Solyndra's, investors will get first crack at any money left and US taxpayers will lose 100%.

     

    As far as job losses, most jobs created with the $525 million US taxpayer dollars were in Finland, but no word of layoffs there. Obama would realize higher returns with our tax dollars if he went to Vegas and dropped $16 billion in slot machines. Vegas slots return about 95%. Obama's investments are netting maybe 10%. Partisan or financial reality?
    6 Apr 2013, 06:43 PM Reply Like
  • keithrez
    , contributor
    Comments (46) | Send Message
     
    In this world of 0% interest rates, 10% seems pretty juicy, no???
    7 Apr 2013, 02:41 PM Reply Like
  • rhgordon3505
    , contributor
    Comments (28) | Send Message
     
    hey kmi:

     

    read what i wrote...tesla isnt a car company, it's an unproven, start-up technology company is the guise of a car company; a huge obama bust which end up costing taxpayers a ton because the dogmatic liberals in D.C. believe they, and not the market, know how to best allocate capital. of course, the fact that they have absolutely no credentials for making investments or allocating OUR capital doesnt seem to bother them a bit.

     

    7 Apr 2013, 08:55 AM Reply Like
  • Richard93
    , contributor
    Comments (817) | Send Message
     
    rhgordon3505 Tesla is starting to make a profit. They are 5 years ahead on repaying there loan back. This is the company that should have gotten a loan.
    7 Apr 2013, 10:18 AM Reply Like
  • areeshkhan544
    , contributor
    Comment (1) | Send Message
     
    i think this is a Good decision, This is for those who have a great talent in Motor Sports field can get Good Chance to grow their career Perfectly.
    8 Apr 2013, 06:20 AM Reply Like
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