Obama Gave $529 Million Loan Guarantee to Build Electric Cars in Finland

Another shining moment for American "green" jobs:

With the approval of the Obama administration, an electric car company that received a $529 million federal government loan guarantee is assembling its first line of cars in Finland, saying it could not find a facility in the United States capable of doing the work.

Vice President Joseph Biden heralded the Energy Department's $529 million loan to the start-up electric car company called Fisker as a bright new path to thousands of American manufacturing jobs. But two years after the loan was announced, the job of assembling the flashy electric Fisker Karma sports car has been outsourced to Finland.

"There was no contract manufacturer in the U.S. that could actually produce our vehicle," the car company's founder and namesake told ABC News. "They don't exist here."

Henrik Fisker said the U.S. money so far has been spent on engineering and design work that stayed in the U.S., not on the 500 manufacturing jobs that went to a rural Finnish firm, Valmet Automotive.

"We're not in the business of failing; we're in the business of winning. So we make the right decision for the business," Fisker said. "That's why we went to Finland."

If this technology is so good, why do they need loan guarantees at all? Won't the money just be pouring in from all those Hollywood celebs who will buy them?

In reality, this loan was made because this company has close ties to Obama campaign fund bundlers and Al Gore.

And if that's not enough:

Industry insiders have told Big Government that they are alarmed by another, largely unreported fact about the Fisker Karma: the car only gets 20 miles per gallon (mpg) of fuel when its gasoline engine is running.

The car's a dog and we've guaranteed half a billion dollars to fund it.

If I was president the first thing I'd do is cancel every one of these "green" subsidies.