Fisker Circles the Drain as they Lay off 75% of Their Workforce

Well here comes the next Solyndra.

The government-backed electric car company Fisker Automotive laid off about 160 workers Friday, or roughly 75 percent of the automaker's staff, as it has struggled to find financial backing that would allow it to continue building its high concept clean cars. 

The layoff announcement came as the innovative start up faces a looming repayment on a loan from the U.S. Department of Energy, and as reports have swirled that it could be preparing to file for bankruptcy. As with the failed solar firm Solyndra, the green car company was once an early pick by the Obama Administration to be part of America's clean energy future. The Obama Energy Department had approved Fisker for a government loan up to $529 million. 

Wow $529 million loan that they have to pay back soonish? I guess there is no way that they can go to the Energy Department and ask for a workout on the loan so they can continue. Oh well, this is yet another case of  the government making bad investments when it comes to green energy. 

If the US government was smart they would take some of this wasted money and start building natural gas power plants and lease them to electric utilities. That would get coal plants off the books and provide cleanish power for thousands of people.