Battery maker with $249 million in taxpayer cash goes bankrupt (Obama, dollars, elect)

[jt800]

Electric Car Battery Maker A123 Systems Files Bankruptcy - Bloomberg

First we hear that contrary to what Obama just announced that we got every dime in Bailout money returned while the CBO says differently, and that GM still owes the taxpayer's money....now this:

A123 Systems Inc. (AONE), a maker of rechargeable lithium-ion batteries for electric cars, filed for bankruptcy after failing to make a debt payment that was due yesterday.



The company listed assets of $459.8 million and debt of $376 million as of Aug. 31 in Chapter 11 documents filed today in U.S. Bankruptcy Court in Wilmington, Delaware.

[elan]

Yep, consumers just weren't interested in electric cars.

[brokensky]

I thought the problem with electric cars being manufactured FAST ENOUGH (for Europe as well as USA) was b/c there was not a steady supply of batteries? So what was this company's problem? Sounds like mismanagement to me.

[Frank DeForrest]

Originally Posted by elan

Yep, consumers just weren't interested in electric cars.

The first clue is a subsidy being required to get interest in them.
A good idea stands on its own merits, not on the recommendations of bureaucrats.

[totsuka]

A teachable moment for those on the Left that think their green industry ideas will work.

[highcotton]

Clown Obozo has no clue how to pick good investments. The scumbag just keeps throwing away our taxpayer dollars.

[Roadking2003]

So Obama picks another loser and the tax payers foot the bill....AGAIN.

We don't need a community organizer picking winners and losers. In fact, government should NEVER pick winners and losers. We should end all Crony Capitalism.