Yes, we invested in this one, too. Now the Chinese are getting the benefit of our investment, and it is likely they are buying it with our dollars.
Great job, Mr. President!
From the article:
The company had been a flagship of Mr Obama’s attempt to stimulate new environmentally friendly industries but ran into difficulties as a result of slower than expected sales of electric cars.
Its bankruptcy follows that of other companies backed by US government grants or loan guarantees, including Solyndra, a manufacturer of solar modules, Abound Solar, another panel maker, and Ener1, which also makes batteries for electric cars.
A123 did not get a loan guarantee but was awarded the $249m grant as part of the Obama administration’s stimulus in 2009. By the end of June it had drawn down only about $130m of the money because demand for its products was not strong enough to justify additional investment in manufacturing capacity.
It also received grants and tax credits from the state of Michigan of up to $141m.
Read the full article here:
http://www.ft.com/intl/cms/s/0/f5d46...#axzz2EcoxwHqV
China Buys Obama Supported Green Company Out of Bankruptcy
