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Battery builder A123 Systems that won $249 million federal grant files for bankruptcy
Yahoo News ^ | 10/16/2012 | Yahoo News

Posted on 10/16/2012 3:34:52 PM PDT by Dallas59

No company has embodied Washington's hope for an American-built electric vehicle business like A123 Systems. The Massachusetts-based company was supposed to become the leading home-grown supplier of lithium-ion batteries for automakers in the United States and around the world -- fueled in part by a $249 million grant from the Obama administration. Today, A123 Systems filed for bankruptcy, saying much of its assets would be sold after losing $857 million over the past several years. Here's why it failed.

That photo above comes from an April 2010 speech in the Rose Garden of the White House, where President Barack Obama hailed A123 with Chief Executive David Vieux on his left, for its plans to create 2,000 jobs by 2012. A123 also won $125 million in grants and tax credits from Michigan state officials for building plants there. I was in the audience covering the event, and walked out of the White House while talking to two new A123 employees -- both grateful engineers who had lost jobs in the recession and spent months e-mailing resumes with few responses.

(Excerpt) Read more at autos.yahoo.com ...


TOPICS: Crime/Corruption; Government
KEYWORDS: a123systems; bankruptcy; cronycapitalism; energy; green; greenenergy; obama
I want my money back!
1 posted on 10/16/2012 3:34:59 PM PDT by Dallas59
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To: Dallas59

Wonder what percent wound up in an overseas bank account?


2 posted on 10/16/2012 3:38:30 PM PDT by mo (If you understand, no explanation is needed. If you don't understand, no explanation is possible.)
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To: Dallas59

When Barry picks winners and losers, we always seem to be the losers. How much of the settlement is winding up in the pockets of Friends of Barry, or Barry Bundlers?


3 posted on 10/16/2012 3:39:29 PM PDT by SERKIT ("Blazing Saddles" explains it all.......)
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To: Dallas59

“””Today, A123 Systems filed for bankruptcy, saying much of its assets would be sold after losing $857 million over the past several years. Here’s why it failed.””””

Let me guess. How could a company with 857 million in debt possibly fail? Let me think for a second on that one.......


4 posted on 10/16/2012 3:41:20 PM PDT by shelterguy
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To: Dallas59

Yet they’ll cry evil “lobbyists” when a Republican occupies the WH!


5 posted on 10/16/2012 3:45:15 PM PDT by poobear (Socialism, in the minds of the elites, is a con-game for the serfs, nothing more.)
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To: Dallas59

this will make a nice addition to the debate tonight


6 posted on 10/16/2012 3:45:54 PM PDT by Principled (Vote Romney to stop Obama. Vote for conservative Reps and Senators to stop Romney. [ZET 7/30/12])
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To: Dallas59

374 MILLION taxpayer dollars down the crapper. Wonderful. We deserve every single thing that’s coming. All of it.


7 posted on 10/16/2012 3:48:06 PM PDT by Lurker (Violence is rarely the answer. But when it is it is the only answer.)
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To: Dallas59
Did it fail or did it succeed in laundering millions through to Obama friendly hands and Obama campaign funds?
8 posted on 10/16/2012 3:49:10 PM PDT by Truth29
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To: Dallas59

I just don’t understand how this could have happened. I’m sure Axelrod sent them a pointed memo ordering them to hold off on the bankruptcy filing for three more weeks.


9 posted on 10/16/2012 3:50:39 PM PDT by catnipman (Cat Nipman: Vote Republican in 2012 and only be called racist one more time!)
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To: Truth29

Most of these “green energy” outfits have typically been run by Obama “bundlers” in some fashion.

I’m too lazy to do the due diligence on Yet-Ming Chiang, Bart Riley, Ric Fulop, and David Vieau


10 posted on 10/16/2012 3:52:42 PM PDT by nascarnation (Defeat Baraq 2012. Deport Baraq 2013)
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To: SERKIT
"When Barry picks winners and losers, we always seem to be the losers." I think we would have had better luck with this guy investing our tax dollars in RVs.
11 posted on 10/16/2012 3:54:44 PM PDT by tumblindice (America's founding fathers: all armed conservatives)
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To: Dallas59

You can’t get your money back but you will be allowed to have your picture taken in front of the closed factory so you’ll remember where it went.


12 posted on 10/16/2012 3:58:10 PM PDT by count-your-change (You don't have to be brilliant, not being stupid is enough.)
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To: mo

Why doesn’t the treasury just send checks directly to their Swiss bank ?


13 posted on 10/16/2012 4:03:21 PM PDT by Eric in the Ozarks (In the game of life, there are no betting limits)
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To: shelterguy

The US Treasury and a number of private investors got stiffed again....

Why doesn’t the market go for things like extracting gold from sea water, or something? Even though it might never be economically feasible, there will still SOME gold produced.

Even playing the slots in Las Vegas would be less of a gamble than this quest for electric batteries with vast amounts of storage capacity. Something about thermodynamic theory, in which too rapid or too full a charge causes things to burst into flame, and even when these excesses are avoided, there is always less energy released than was put in to begin with.

And the device degrades over time, rapidly reaching the point of unusability. Recycling is difficult, and recovery is almost fruitless, as very little of the original materials seem to be able to be restored to original capabilities.

Insanity is attempting and failing at the same thing over and over, each time expecting a different outcome.


14 posted on 10/16/2012 4:06:16 PM PDT by alloysteel ("You have attributed conditions to villainy that simply result from stupidity".)
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To: Dallas59
No company has embodied Washington's hope for an American-built electric vehicle business like A123 Systems. The Massachusetts-based company was supposed to become the leading home-grown supplier of lithium-ion batteries for automakers in the United States and around the world -- fueled in part by a $249 million grant from the Obama administration. Today, A123 Systems filed for bankruptcy, saying much of its assets would be sold after losing $857 million over the past several years.

Sold, to Whom I wonder....

Here's why it failed.

The Electric car was great in the early 1900s. same early 1900s technology.

Let the marketplace decide if the PUBLIC wants electric vehicles.

15 posted on 10/16/2012 4:12:54 PM PDT by ExCTCitizen (Yes, Obama, I had help with my business. MY CUSTOMERS!)
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To: Dallas59

Another Obama crony capitalism failure joining bankrupt Solyndra in the poor house.


16 posted on 10/16/2012 4:16:51 PM PDT by Red Steel
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To: Dallas59
I am listening to Mark Levin and he played a bammy speech boasting about the jobs created after they received the government grant. According to bammy they were able to hire 44 new workers, not bad for a $249 million dollar grant.

I could have misheard because everytime I hear that ass-hat speak my brain does everything it can to block out noise.

17 posted on 10/16/2012 4:17:21 PM PDT by SledgeCS (I will vote for Obama when he admits that his idea of a transparency means "You cannot see it")
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To: Dallas59
led in part by a $249 million grant from the Obama administration

If I understand the definition of the word "grant" then this money never needed to be paid back. It's a gift. At least with so-called loans, there is hope that it will be paid back.

18 posted on 10/16/2012 4:20:56 PM PDT by Freee-dame
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To: Impy; Perdogg; DarthVader; fieldmarshaldj; Clintonfatigued; AuH2ORepublican; NFHale; sickoflibs
Douches, all. I worked with a lot of these people at Gillette; they were buffoons then, and they still are.
19 posted on 10/16/2012 4:26:42 PM PDT by GOPsterinMA (The Glove don't fit, but it's better than a burqa.)
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To: Dallas59
From their website
http://ir.a123systems.com/releasedetail.cfm?ReleaseID=713930
...
20 posted on 10/16/2012 5:38:08 PM PDT by TangoLimaSierra (To the left the truth looks like Right-Wing extremism.)
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