Is there anything that remotely comes close to Obama’s stimulus that doesn’t turn to crap?
The venture finance operation that raised money for crony capitalist investors Kleiner, Perkins, Caufield and Byers, and their green tech firms like electric car company Fisker Automotive ($193 million paid in stimulus loan guarantees) and fuel cell manufacturer Bloom Energy, is shutting down, according to a Fortune report.
“The problem with this picture is that in vaulting (Advanced Equities) to its high perch in the VC world, Daubenspeck and Badger have left a wake of aggrieved customers, furious former employees, lawsuits and more than their share of busted startups,” Forbes reported. “At least 18 former clients have filed arbitration complaints accusing the firm of wrongdoing. Separately, six brokers have alleged that AE stiffed them for millions of dollars.”
Silicon Valley venture capital firm Kleiner Perkins was also in dealings with with Badger and Daubenspeck.
Kleiner’s best-known partner is former Vice President Al Gore, who is also a supporter of Fisker and purchased one of its first Karma models.
Another linchpin between Kleiner, Bloom and Fisker is John Doerr, who serves on President Obama’s Council on Jobs and Competitiveness. Doerr and his Kleiner Perkins colleagues have donated well over $2.6 million to candidates and political action committees, favoring Democrats.
Somehow amidst these dubious actors and Obama cronies the analysts at the Department of Energy found Fisker worthy of a $529-million stimulus loan guarantee. Ever since the car company has experienced an almost comical (it would be hilarious, if taxpayer money wasn’t at stake) series of blunders, including: two recalls; layoffs; vehicle fires; an unfulfilled promise to manufacture cars at a former General Motors plant in Delaware; state taxpayers paying the utility bills for that empty plant; and the aforementioned investor lawsuit and investigation of Advanced Equities, Fisker’s primary fundraiser. The crowning blow was Consumer Reports’ determination in September that the Fisker Karma is the worst luxury sedan on the U.S. market.
Advanced Equities is now shutting down, and DOE cut off Fisker’s loan after paying out $193 million due to its shortcomings, yet President Obama has promised more government money for renewable schemes in his second term.
Interesting list of beneficiaries of our tax money. Everything that man touches turns to sheite! Can we just say no this time around and work on something useful?