Skip to comments.China bids today on yet another failed Obama energy loan recipient
Posted on 12/06/2012 9:34:59 AM PST by opentalk
You won´t hear much about it elsewhere today. But from some downtown Chicago law offices will come the distinct sound of one more nail being driven into the coffin of Barack Obama´s green energy giveaway loans. A123 Systems will be auctioned off.
It´s a Michigan lithium ion battery maker which declared bankruptcy back in October,the same day it cashed another $1 million check from the crack Obama investment team. A123 is one of those notorious bad bets like Solyndra that the Obama administration poured billions offices taxpayer dollars into.
A123, an 11-year-old firm founded to manufacture batteries for electric cars and utilities, had received $133 million of its promised $250.1 million loan grants before the bankruptcy, mainly to build a new facility in Michigan.
Just more wasted taxpayer money, right? Another reason for Obama's coveted tax hikes come next year.
But wait! There's more! A leading suitor for A123's remaining assets is Wanxiang Group Corp., a $13 billion firm that's China's largest automotive components maker.
(Excerpt) Read more at news.investors.com ...
If the Obamadork and his West Wing Clown Shoe of Felon/Cretins had decided to back Edison a century ago, we’d still be trying to develop incandescent light bulbs.
What a bunch of maroons.
They should leave science to those of us who actually can think and do something they’re good at: felonies, lying, stealing, partying, drugs, etc.
... A123 like other failed green energy firms under Obama, has secret contracts with the Pentagon. Russians previously bought Ener1 and Think out of bankruptcy, two other business recipients of Obama welfare.
Makes you wonder why the Chinese or the Russians would buy up failed energy technology companies. They are not stupid. Their aim is to become the sole suppliers of ‘green energy systems’ in the world, i.e. the Saudi Arabia of solar energy.............
---Meanwhile,a coalition of former U.S. military leaders and industry experts urged the Committee on Foreign Investment in the U.S. to thwart Wanxiang's bid in a Nov. 27 letter: “Aside from the national security risk,American taxpayers should not pay for development of a technology that is freely transferred to a non-allied nation.”