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Author: captainccs Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 74300  
Subject: Battered Battery Business Date: 12/10/2012 2:51 PM
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While researching Kandi I came across the following. According to the article, China is going go get the benefit of an America subsidy program by buying up the assets of failed A123 battery maker. Not good!


Meltdown of Subsidized Battery Maker Zaps Obama Detroit Visit

“The work you’re doing will help power the American economy for years to come.”

-- President Obama
in a Sept. 13, 2010 phone call to battery maker A123 Systems, congratulating the firm on using the bulk of a $249 million government grant to open new facilities in Michigan.

President Obama travels to Detroit today to talk about the need for increased taxes on top earners to finance federal spending, and is using an announcement of a $100 million investment from German auto giant Daimler to illustrate that his economic prescription is working.

Obama is not likely to discuss another big business story of the day – the sale of the assets of battery maker A123 to a Chinese competitor. A123 spent at least $132 million of its $249 million stimulus package grant to build two Detroit-area factories, including one in Livonia, right next door to Redford Township, where Obama is speaking today.


http://www.foxnews.com/politics/2012/12/10/meltdown-subsidiz...

Denny Schlesinger
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