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  Topic: Chinese billionaire to scoop up
failing car battery maker
that got $240M from feds
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Chinese billionaire to scoop up
failing car battery maker
that got $240M from feds

Fox News, by Cristina Corbin*

Original Article

Posted By:markinalpine, 10/11/2012 7:23:49 PM

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

Comments:
*With Perry Chiaramonte
The obysmal won can sure pick 'em, can't he?

      


Post Reply  

Reply 1 - Posted by: phx4546, 10/11/2012 7:36:18 PM     (No. 8926833)

they will pay by pre-pais credit cards. They have become very good at that.

Can't we make them to assume debts?

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Reply 2 - Posted by: kayworthy, 10/11/2012 7:48:10 PM     (No. 8926855)

Does Obama get a tax break for shipping these jobs overseas? s/o

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Reply 3 - Posted by: uno, 10/11/2012 8:02:52 PM     (No. 8926903)

Any company receiving federal aid, particularly this much should be only allowed to be sold to domestic buyers or companies with no ties to Communist nations.

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Reply 4 - Posted by: KTWO, 10/11/2012 8:17:30 PM     (No. 8926927)

The Chinese can probably ship all the good equipment overseas and then sell the US shell which probably has a huge tax loss on the books.

But I must leave that up to the experts.

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Reply 5 - Posted by: Hugh Akston, 10/11/2012 9:18:31 PM     (No. 8927111)

So...we borry money from the ChiComs, so we can give it to various market failures, supported by an administration that gets big campaign cash from said industries, that then fail and the ChiComs buy back at a discount, that our tax dollars have to pay back over future generations. Is that about right?

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Reply 6 - Posted by: danu, 10/12/2012 4:33:24 AM     (No. 8927520)

such a deal /such a steal ;-d

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Reply 7 - Posted by: Trigger2, 10/12/2012 6:39:23 AM     (No. 8927590)

There goes $240M of taxpayer borrowed dollars down a rat hole. Under Barry, that rat hole has become huge.

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Reply 8 - Posted by: sw penn, 10/12/2012 8:33:17 AM     (No. 8927796)

"...the company would create jobs, while leading the country away from conventional gas-guzzling vehicles and toward clean energy."

The premise is flawed from the start.

Coal powered cars are not "clean energy."

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