obama and democrats out source a whole company and the US. tax payer is left holding the bag
TAXPAYER-FUNDED A 123 GREEN ENERGY COMPANY HANDED TO CHINESE
A 123 Systems, the “green,” federal stimulus-funded lithium ion battery manufacturer, announced atrocious quarterly results today. Most expected that A 123‘s results would be dark red. What was a surprise was the simultaneous announcement that the company had entered into a memorandum of understanding (MOU) with a Chinese industrial group, Wanxiang, that will give the Chinese control of the company.
The A 123 story may make the Solyndra scandal look clean by comparison. The Solyndra structure was via loan guarantees, and when Solyndra went out of business the DOE had some control over the disposition of the assets and know-how of the company. The Chinese were prevented from buying Solyndra for a song and gaining the knowledge that tax payers and investors had spent a lot of money to gain. By contrast, the A 123 structure is a complete failure in protecting taxpayers. The money was given to A 123 by the DOE as a grant with essentially no strings attached as to how the assets and know-how of the company could be transferred.
Note how Senators John Kerry (D-MA), Debbie Stabenow (D-MI), Carl Levin (D-MI), Jeff Bingaman (D-NM), and Representatives Ed Markey (D-MA) and John Dingell (D-MI) all stated the wonders of A 123 back on August 5, 2009
Taxpayer-Funded A 123 Green Energy Company Handed to Chinese
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