Obama’s New Fisker Stimulus Fiasco Began in 2008

According to ABC News, $529 million taxpayer dollars from President Barack Obama's 2009 stimulus package was spent to create jobs in Finland. What they did not tell you was that the seeds of this green scandal were planted as far back as July 2008. The American Recovery and Reinvestment Act was passed on Feb. 17, 2009.

In October 2009, Vice President Joe Biden announced Fisker Automotive would reopen a shuttered GM factory in Wilmington, Del., to produce electric hybrid vehicles as part of the American Recovery and Reinvestment Act.

Curiously, Biden's October 2009 announcement is now a highlight beneath the heading of the American Jobs Act on the official White House website.

According to the White House, Energy Secretary Henry Chu announced the $528.7 million was a "conditional loan," with $359 million going to revive manufacturing at the dormant GM Boxwood Plant and $169.3 million going to "U.S. suppliers to complete the company's first vehicle, design tools and equipment for mass manufacturing."

However, according to a Jan. 10, 2010, report by Martin LaMonika of C-Net, Henrick Fisker's decision that "the Karma will be manufactured in Finland" was made in July 2008, before either of Obama's jobs bill were conceived on paper.

Only after investigations sparked by the Solyndra scandal did Fisker Automotive CEO Henrik Fisker tell ABC News that; "There was no contract manufacturer in the U.S. that could actually produce our vehicle," in the first place. "They don't exist here."

Considering that Fisker planned on creating the 500 new green jobs in Finland back in 2008, why would they receive over a half-billion dollars of American taxpayer money "with the approval of the Obama administration?"

According to ABC, "one of Fisker's biggest financial supporters" is the California venture capital firm Kleiner Perkins Caufield & Byers. A partner of Kleiner Perkins is John Doerr, a California billionaire who made a fortune investing in Google, who hosted President Obama's dinner for high-tech executives at his secluded estate south of San Francisco in February. Doerr and Kleiner Perkins executives contributed over $1 million to "federal political causes and campaigns over the last two decades, primarily supporting Democrats." Doerr also serves on Obama's Council on Jobs and Competitiveness.

Another "Inconvenient Truth," former Vice President Al Gore is another Kleiner Perkins senior partner.

Included in ABC's report was news that Telsa Motors, founded in 2003 and based in Palo Alto, Calif., also received $465 million in loans from Obama's 2009 stimulus package.

Also revealed in LaMonika's 2008 report was that Telsa was a "manufacturing partner" with Fisker and the companies were tangled in "a legal battle." Telsa "accused Fisker Automotive CEO Henrik Fisker and a colleague of stealing company information when they did design work for Tesla."

In October of 2008, Reuters reported that - while expecting to "close a financing round of over $20 million from existing investors" to "bolster a cash balance now at $9 million," founder and chief executive of the electric car start-up, Elon Musk, denied rumors that the company was going bankrupt. Musk, who became a billionaire by founding PayPal, said he would personally ensure the loans himself.

According to ABC, "Telsa has yet to turn a profit" since it's incipience in 2003 and has "accumulated net losses of $522.8 million."

So why does a billionaire need $465 million and why would Obama invest a half-billion of taxpayer dollars in yet another failing company?

According to the ABC report, former Tesla board member, Steve Westly, is an Obama bundler. Musk raised hundreds of thousands of dollars for Obama in 2008 and for his 2012 re-election campaign.

In a 2007 report for Financial Times, then Illinois Senator Barack Obama wrote that subprime lending practices were "a cancer" that threatened "to spread with devastating impact to housing and to our economy as a whole."

In 2008 Obama "called on the Senate Banking Committee to hold hearings on "the growing predatory practice of mortgage fraud."

From 1989 to 1994, Penny Pritzker served as chairman of the Superior Bank. The bank collapsed in 2001. Due to the Pritzker's reckless subprime mortgage lending.

In 2008, Obama chose Penny to be the national finance chair for his presidential campaign.

Nick Pritzker, is another Telsa investor -- Obama donor -- and a cousin of Penny Pritzker.