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China bids today on yet another failed Obama energy loan recipient
Investorīs Business Daily ^ | December 6, 2012 | Andrew Malcolm

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 ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: china; corruption; doe; mi; obama

1 posted on 12/06/2012 9:35:09 AM PST by opentalk
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To: opentalk

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.


2 posted on 12/06/2012 9:38:53 AM PST by Da Coyote
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To: opentalk
More from article:

... 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.

3 posted on 12/06/2012 9:44:48 AM PST by opentalk
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To: opentalk
Obama increases the value of failed donor$ businesses to they can dump them and they are probably making a profit.
4 posted on 12/06/2012 9:45:03 AM PST by mountainlion (Live well for those that did not make it back.)
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To: opentalk

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.............


5 posted on 12/06/2012 11:02:57 AM PST by Red Badger (Lincoln freed the slaves. Obama just got them ALL back......................)
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To: Red Badger
From link in article, seems these companies were involved with Pentagon..possible security issue.

---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.”

http://touch.latimes.com/#story/la-fi-a123-auction-20121206/

6 posted on 12/06/2012 11:15:25 AM PST by opentalk
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