**
Scotty Starnes posted: " Another Obama dud that cost the taxpayers
million with no return. From FoxNews: A struggling Massachusetts-based
company that makes batteries for electric cars and got $240 million in
stimulus money is being saved from bankruptcy by a Chinese bill" Respond
to this post by replying above this line
New post on *Scotty Starnes's Blog*
<http://scottystarnes.wordpress.com/author/scottystarnes/> Chinese
Billionaire to Scoop Up Failing Car Battery Maker That Got $240M from
Obama
Administration<http://scottystarnes.wordpress.com/2012/10/12/chinese-billionaire-to-scoop-up-failing-car-battery-maker-that-got-240m-from-obama-administration/>
by
Scotty Starnes <http://scottystarnes.wordpress.com/author/scottystarnes/>
<http://scottystarnes.files.wordpress.com/2012/10/flag.gif>
Another Obama dud that cost the taxpayers million with no return.
>From
>FoxNews<http://www.foxnews.com/us/2012/10/11/chinese-billionaire-to-scoop-up-failing-car-battery-maker-that-got-250m-from/>
:
A struggling Massachusetts-based company that makes batteries for electric
cars and got $240 million in stimulus money is being saved from bankruptcy
by a Chinese billionaire who could move operations overseas.
A123 Systems received a $241.1-million grant from the Obama administration
three years ago and more than $125 million in State of Michigan tax credits
in the hopes that the company would create jobs, while leading the country
away from conventional gas-guzzling vehicles and toward clean energy.
But the lithium ion battery maker is now poised to hand over the reins to
Wanxiang Group, a Chinese firm, which agreed in a tentative deal last
August to invest up to $450 million so that it can take over as much as 80
percent of the company.
Since 2009, the Waltham, Mass.-based company has lost a reported $857
million, laid off workers and recalled its products. A123's stock price has
plunged from $4.44 about a year ago to 26 cents this week.
"They were wrong," Jarrett Skorup, a research associate with the Mackinac
Center for Public Policy, said of the Obama administration. "The problem is
that policymakers decided to be in the business of picking economic winners
and losers and unfortunately they've picked the losers far too often."
"It’s money that we’ll never get back," Skorup said of the massive amount
of stimulus cash. "It was grant money so there were not a lot of strings
attached to it."
Continue
reading>>><http://www.foxnews.com/us/2012/10/11/chinese-billionaire-to-scoop-up-failing-car-battery-maker-that-got-250m-from/>
*Scotty Starnes <http://scottystarnes.wordpress.com/author/scottystarnes/>
* | October 12, 2012 at 11:30 AM | Tags: A123
Systems<http://scottystarnes.wordpress.com/?tag=a123-systems>,
China <http://scottystarnes.wordpress.com/?tag=china>, electric car
batteries <http://scottystarnes.wordpress.com/?tag=electric-car-batteries>,
lithium
ion battery <http://scottystarnes.wordpress.com/?tag=lithium-ion-battery>,
Michigan <http://scottystarnes.wordpress.com/?tag=michigan>, President
Obama<http://scottystarnes.wordpress.com/?tag=president-obama>|
Categories: Political
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