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Bad 'Karma' for Fisker?

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    Green car company in trouble after government loan?

  • Duration 4:24
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We're -- standing today.

Proving.

That began you know what we're going to be able let's say that doubters were wrong about our affiliate.

While that was Vice President Biden in 2009 at the opening of a new hybrid car factor in Delaware.

The vice president predicting that Fister automotive.

We create at least 2000 new jobs by the year 2011.

With the help of course about half a billion dollars in a taxpayer funded it won't.

Well today the plant is laying off workers after creating only about a hundred jobs.

And it is ready to cash flow problems and when the company just sent -- six figure car to consumer reports test drivers.

Well watch what happens.

This is consumer reports -- cause harm it cost us over 100000 dollars that's right we bought this car from a dealer this is not a press car.

It's an electric car and also the gasoline engine much like a Chevy bolt.

And it looks awesome it is low it is sleek it is sensuous.

It's also broke him.

-- here in the middle of our driveway the car doesn't go in gear it doesn't move the dealer have to come with a flatbed and taken away.

Hopefully they can fix it.

Matt McCall as the president of the -- financial group he joins me now.

That that's not a good commercial.

For an eight -- basically before consumer reports could even officially tested.

It broke just as they were driving it into position made -- less than 200 miles on that engine before something happened it's -- -- it.

It's a great looking car it's a great concept.

But you didn't.

In my mind who's gonna pay six figures for a car if the issue is high gas -- -- trying to cut back.

What's above average family's gonna buy a sports car for six figures it makes no sense to me.

Also let's talk about the jobs promises back in 2009 as we -- showed the vice president touted.

That is -- Delaware play that would be opening the company said that they thought that they could add 2000.

New jobs in fact they've laid off.

A hundred or more workers how -- they get that so wrong.

Well first of all the government should not be in the job of being a base hit venture capitalist picking and choosing which companies invest our taxpayer money and and that's what they've been doing this happened was -- -- via solar company and we saw what happened there went belly up bankrupt.

We -- -- -- and put a lot of money to Chrysler same thing happened there we lost a lot we lost billions of dollars on Chrysler.

Never willing -- to -- and and what I'm seeing here is -- it's kind of his Green initiative we're going towards companies that -- Obama is energy agenda has really been all about clean energy so he put money into the district -- its auto company.

Which really never rolled.

You -- automobile off off the it into somebody's back to our driveway overdrive it.

Yeah you didn't get and you look at what happened we invested a half the billion dollars that could have been put towards people that are out of work I understand.

Their goal was to create jobs I don't -- governments not in the business of creating jobs in that manner in my mind.

Yeah I mean as you said half a billion dollars I don't what you'd have to speak for the administration but giving -- these companies how they choose which one.

Is going to get this infusion of half a billion dollars and that's what I love -- -- that NASA made that exact question because.

Again they're taking you -- -- money and putting this into a company.

They're basically investing is if they're -- hedge fund the government right now has trouble keeping just their own budget.

Another they're taking a step further taking our money and then deciding who invested and what I've seen recently is it seems as if there are pushing their own.

Initiative which happens to -- Green energy unfortunately.

If there was a market for this Alison you would have to go to the government to get money private investors out they're very Smart lot of money.

They've been waiting in line to give mr.

money to -- really get their plant up and running and in fact now -- does say that they are now looking for private investors but it's hard to know.

We this report from consumer reports what happened to them.

When they're struggling and know that for a fact and also for a fact that -- several people come to me.

About it in the last twelve months asking to put money into Fister with myself my clients.

After -- due diligence looking over the numbers there's no way.

I hate to say this and I don't wanna let too far limp this company looking at a right now could be bankrupt I mean the way things are going to hate to say that but when you have issues like this a national issue.

It's getting so tough to raise money you're laying off workers you sell your car six figures that just makes no sense to me Matt -- thanks so much for coming -- your expertise.

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