The Hope & Change era’s great gang-banging of the taxpayer continues. With the Obama administration, crony capitalism-induced bankruptcy is as easy as A123:
A123 Systems Inc, a lithium-ion battery maker that received a $249 million grant from the U.S. government, filed for bankruptcy protection on Tuesday.
The advanced car battery industry has been hurt by overcapacity amid weak U.S. demand for electric cars.
A123 had promised to create 38,000 U.S. jobs, including 5,900 at its own plants, in return for the government funding under the 2009 American Recovery and Reinvestment Act’s Electric Drive Vehicle Battery and Component Manufacturing Initiative.
I’ll accompany this with the obligatory video of Obama not long ago justifying this particular “investment” of taxpayer dollars by claiming it would create thousands of long term jobs in the U.S.:
Do you think Romney will bring this up tonight when Obama goes off on another “clean energy investment” double-down?