Skip to comments.Exclusive: U.S. gave A123 $1 million as it filed bankruptcy
Posted on 11/16/2012 10:22:44 AM PST by Free ThinkerNY
(Reuters) - The Obama administration provided struggling battery maker A123 Systems Inc with nearly $1 million on the day it filed for bankruptcy, the company told lawmakers investigating its government grant.
The company, which makes lithium ion batteries for electric cars, filed for Chapter 11 bankruptcy protection last month after a rescue deal with Chinese auto parts supplier Wanxiang Group fell apart.
That same day, October 16, A123 received a $946,830 payment as part of its $249 million clean energy grant from the Energy Department, the company said in a letter, obtained by Reuters, to Republican Senators John Thune and Chuck Grassley.
In the letter, dated November 14, A123 said the October payment was the most recent disbursement it had received from the government, with an additional $115.8 million still outstanding on the grant.
(Excerpt) Read more at reuters.com ...
Barack O Clause is comin to town.
Instead of a Hallmark going-away card, Obama sends his cronies a check for $1,000,000 taxpayer dollars. It’s not his money.
I wonder what the executives and directors and shareholders were paid while it was getting government largesse for producing NOTHING??
That’s very good. I think everyone should refer to him as that.
Not that very long ago, Americans had enough sense to pound sand into ratholes.
Today we pound tax dollars into them.
Barry, when will you stop throwing our TAXPAYERS money after 'Green Energy TRASH'?
I guess it is when we OVERTHROW you...and we should!!
You are treating us as a third world BANANA REPUBLIC!! 2014 is coming...