A green energy manufacturer that got $129 million in government stimulus money filed for bankruptcy protection on Tuesday and quickly sold its automotive assets to another U.S. company.
A123 Systems, an electric vehicle battery maker based in Waltham-Mass., announced that Fortune 500 company Johnson Controls will buy the company’s automotive business for $125 million. It was previously thought that the company would hand over control to Wanxiang Group, a Chinese firm, which agreed in a tentative deal last August to invest up to $450 million in exchange for taking over 80 percent of the company. Some analysts had predicted that the manufacturer would be forced to move its plants to China.
I suppose we should at least be happy that they only took about half of what 0bama was set to give them – and that the Chinese didn’t just take the plant and the technology back home in a fire sale.
But have you noticed the pattern? Obama picks losers. Always. And those “millions” of green jobs always end in hundreds of layoffs. And a lot of tax dollars tossed into the hole, never to be seen again.
We can’t afford this man or his failures.