Whoa: Obama favorite Fisker was spending $660,000 for every electric car it produced

We've seen this before, haven't we? Once the Department of Energy's money is flowing freely, green energy wards of the state are pretty loose with the spending (just like the government!), figuring you can always go back to a sugar daddy that can print its own money - especially when said sugar daddy has an ideological stake in keeping you viable.

But shockingly, there apparently comes a point when even the federal government can't keep tossing money at you, and Fisker Automotive accomplished the impressive feat of actually arriving at that point, as Bloomberg reports:

Fisker Automotive Inc. spent more than six times as much U.S. taxpayer and investor money to produce each luxury plug-in car it sold than the company received from customers, according to a research report.

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The Anaheim, California-based company made about 2,500 of its $103,000 Karmas before halting production last year, disrupting its plans to use a $529 million U.S. loan to restart a shuttered Delaware factory owned by the predecessor of General Motors Co. (GM) The Karma was assembled in Finland. Fisker was allowed to keep using money from its Energy Department loan after violating its terms multiple times, according to a report released April 17 by PrivCo, a New York-based researcher specializing in closely held companies. It said it based its report on documents, including the loan agreement, obtained through the U.S. Freedom of Information Act. “They made a mistake” in awarding the loan, PrivCo Chief Executive Officer Sam Hamadeh said of the Energy Department in an interview yesterday. “Should they have fought this sooner? Obviously -- as soon as it became evident that they had begun to default.”

Gosh, I wonder why they didn't "fight it sooner." The Obama Administration is so ideologically committed to government-subsidized "green energy" initiatives, the last thing they ever want is to admit one of their prize investments has gone down the crapper. Fisker was hailed with much fanfare as an example of the new electric-car future, even though there was little reason to think there would be a sizeable market for electric cars that retailed above $100,000. But even if they had been able to sell the cars in large numbers, they still couldn't have survived losing a half-million per car. Maybe Fisker executives were not the brightest bulbs in the lamp, but could they seriously have been incompetent enough to think they could operate under such a business model? Or did they just figure that as long as they had the favor of the Department of Energy, they could do whatever they wanted? Because if that was the case, they probably should have recognized that green energy wards of the state can get away with just about anything so long as they don't make Obama look bad. Again: There is virtually no market for electric cars, at least not at the prices you have to pay for a Chevy Volt (over $40,000) or certainly for a Fisker (six figures plus). The government desperately wants you to want an electric car, and is convinced that if it just props up the industry long enough, eventually you will see their wisdom and do what they want - allowing Obama to realize his dream of 1 million electric cars on the road by 2015. Eh. We're about as likely to see flying cars by 2015. And that's cheaper than a Volt (and much cheaper than a Fisker) at $39,999.95.