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DOE Spends Taxpayers’ Money While A123 Goes Bankrupt

Institute for Energy Research -- The [A123] plant’s opening “is about the birth of an entire new industry in America — an industry that’s going to be central to the next generation of cars,” President Obama said during a call to A123 Systems in September 2010. “And it’s going to allow us to start exporting those cars, making them comfortable, convenient and affordable. It helps our manufacturing industry to thrive, and with it, that means our communities and our states and our country are going to thrive.”

President Obama also thanked Energy Secretary Steven Chu “for his extraordinary work to get the money out the door quickly and wisely.” Politico Pro, October 16, 2012.


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Submitted Nov 24, 2012 By: NedW
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honda0105
Champion Author Tallahassee

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Message Posted: Nov 27, 2012 6:01:23 AM

America needs cars, not Twinkies.
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remay
Champion Author Houston

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Message Posted: Nov 26, 2012 6:06:24 AM

Figures...
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Soglaos
Champion Author Virginia Beach

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Message Posted: Nov 25, 2012 12:06:24 PM

Recycled news.
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leeac
Champion Author Ohio

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Message Posted: Nov 25, 2012 6:55:24 AM

This tax payer wants the government to support green energy.
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petroengineer
Rookie Author Idaho

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Message Posted: Nov 25, 2012 4:24:35 AM

"The company ran into trouble after producing defective battery packs that caused Fisker to recall its expensive Karma sedans."

Irony.

Is a non-profit political front group run by Libertarians ironic? Maybe.
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wz
Champion Author Twin Cities

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Message Posted: Nov 25, 2012 1:27:45 AM

Another of Obama's investments goes sour. Makes one wonder how he is doing with his personal investments?
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7SPEEDY7
Champion Author Flint

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Message Posted: Nov 25, 2012 12:54:58 AM

Crazy
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ShadowACE
Champion Author Boston

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Message Posted: Nov 25, 2012 12:36:54 AM

jkpsr said: "We need the technology. A few bumps on the road are enviable."

I'm going to assume that you really meant "inevitable" rather than "enviable." Still, when they hand out $4.2 MILLION dollars in bonuses to 10 (TEN? Really?) employees "for staying on the payroll as the company’s assets are sold" I don't know whether to laugh or cry. On one hand it takes a incredible amount of bravado (a euphemism for Big B@lls) to do that while you're slamming the door on a $249M grant, and on the other hand I sure wish I had a job like that even for just a couple of weeks. At my current rate it will take me several years to make the $420K (average) of those bonuses, and I have to work damn hard for it. What did those ten people have to do to "earn" those bonuses? And how much "regular salary" did they make while they were earning all that extra money?

The government gets way too much of the little I earn as it is. The least they (it?) could do is try to spend it on something that has some actual value.
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Zonk
Champion Author Michigan

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Message Posted: Nov 25, 2012 12:30:48 AM

Typical obama, must be family member has some stock ownership.
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Mr_Bill_W
All-Star Author Virginia

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Message Posted: Nov 25, 2012 12:23:06 AM

This is criminal and should subject those within the now bankrupt company to both criminal charges and civil penalties as well as personal accountability for perpetuating fraud... And the government officials who literally passed out tax dollars away on a faltering company should be terminated ~ that's right FIRED!
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obimerrill
Champion Author Cincinnati

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Message Posted: Nov 25, 2012 12:19:38 AM

Another example of Obama giving our tax dollars to his donors nd them getting away with it
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Bubba44612
Champion Author Ohio

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Message Posted: Nov 25, 2012 12:19:38 AM

What else is new.
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pa79th
Champion Author Pennsylvania

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Message Posted: Nov 25, 2012 12:19:28 AM

Typical of O and how he wastes the taxpayer's money.
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ican2step
Champion Author Pittsburgh

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Message Posted: Nov 25, 2012 12:18:05 AM

Really?
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silverfoxv65
Champion Author Michigan

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Message Posted: Nov 25, 2012 12:16:26 AM

Another wast of our tax dollars.

. It never ends.
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tedjm1
Champion Author New York

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Message Posted: Nov 25, 2012 12:15:08 AM

Let us pray he is doing the right thing as opposed to wasting money (tax-payers) on a dead system.
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crreed1
Champion Author West Virginia

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Message Posted: Nov 25, 2012 12:15:01 AM

there goes the money
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kzrooster
Champion Author Kalamazoo

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Message Posted: Nov 25, 2012 12:14:42 AM

Not all business thrive, it's just to bad it was our money that went down the tubes.
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heartbroken2010
Champion Author Ottawa

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Message Posted: Nov 25, 2012 12:12:18 AM

spend wisely.
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Buddy2264
Champion Author Tampa

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Message Posted: Nov 25, 2012 12:12:02 AM

I guess it is a problem when it is government money. But other start ups go bankrupt all the time. We just see more of it when it is the government mistakes. However we should track all the waste and the over spending on things we do not really need just to keep local economies going. There will be some hard times as some of these things are cut back, as they should be.
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LCSTEELERBOB
Champion Author Gary

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Message Posted: Nov 25, 2012 12:09:31 AM

they just like to waste money, its not theirs
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gilfarm
Champion Author Alabama

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Message Posted: Nov 25, 2012 12:08:55 AM

Government Waste!
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WIWalt
Champion Author Wisconsin

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Message Posted: Nov 25, 2012 12:08:51 AM

There goes our money
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joel27nc
Champion Author Raleigh

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Message Posted: Nov 25, 2012 12:08:33 AM

My money out the window!
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jtfftj
Champion Author New Hampshire

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Message Posted: Nov 25, 2012 12:08:06 AM

They need and get handouts whether we need the technology or not. What is our return on investment?AND IT'S NOT OK.

[Edited by: jtfftj at 11/25/2012 12:10:11 AM EST]
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rahcat
Champion Author Grand Rapids

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Message Posted: Nov 25, 2012 12:08:02 AM

More tax payer money up in smoke.
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cheaper0ON
Champion Author Ontario

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Message Posted: Nov 25, 2012 12:07:46 AM

ok
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seeyardee
Champion Author Sacramento

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Message Posted: Nov 25, 2012 12:06:42 AM

Yet no one blinks an eye at the trillions we wasted on those wars.
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jkpsr
Champion Author New Jersey

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Message Posted: Nov 25, 2012 12:05:55 AM

We need the technology. A few bumps on the road are enviable.
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furiousfowl
Champion Author Riverside

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Message Posted: Nov 25, 2012 12:05:09 AM

Political Corruption.
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Glock26
Champion Author Dayton

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Message Posted: Nov 25, 2012 12:04:57 AM

So, what else is new!!!
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boatmen
Champion Author New York

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Message Posted: Nov 25, 2012 12:04:43 AM

Need news
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JamesCalvin
Champion Author Lancaster

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Message Posted: Nov 25, 2012 12:03:01 AM

The only money the government has is the taxpayers' money!
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bababooey2
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Message Posted: Nov 25, 2012 12:02:45 AM

I am getting sick of it.
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SteelPenny
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Message Posted: Nov 25, 2012 12:02:43 AM

It figures. Corruption.
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mrbee
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Message Posted: Nov 25, 2012 12:01:32 AM

Political payoffs.
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HailstormCA
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Message Posted: Nov 24, 2012 11:59:57 PM

We always knew it was a hoax.
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s6sputnik
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Message Posted: Nov 24, 2012 11:59:10 PM

Ok
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scubadaniel
Champion Author Dayton

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Message Posted: Nov 24, 2012 11:58:54 PM

Reverse Midas touch. Everything this man touched turns to s....
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HA4CNN
Champion Author Toronto

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Message Posted: Nov 24, 2012 11:56:37 PM

More mayhem.
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boatmen
Champion Author New York

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Message Posted: Nov 24, 2012 11:55:25 PM

filler Article
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Barfood
Champion Author St. Louis

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Message Posted: Nov 24, 2012 11:52:31 PM

Why this? Nothing to do with gas prices.
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us4usa
Champion Author Missouri

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Message Posted: Nov 24, 2012 11:50:17 PM

Why should he care its not his money, so keep spending, its only money...
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AKmailman
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Message Posted: Nov 24, 2012 11:48:55 PM

if O said it, it's going to be a failure
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Thomtec
Champion Author Nashville

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Message Posted: Nov 24, 2012 11:47:39 PM

Scum all of this crooked administration. Corrupt as any this country has ever had. What amazes me is All of those people that just turn their heads to this corruption.
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carpenter4u
Champion Author Virginia

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Message Posted: Nov 24, 2012 11:46:36 PM

another Obama winner
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nimpy
Champion Author Indianapolis

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Message Posted: Nov 24, 2012 11:42:41 PM

So irresponsible
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gd83goldwinger
Champion Author South Bend

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Message Posted: Nov 24, 2012 11:40:31 PM

Again gov. waste.
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1Casey
Champion Author Albany

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Message Posted: Nov 24, 2012 11:38:41 PM

what ?
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rjoeh
Champion Author Michigan

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Message Posted: Nov 24, 2012 11:34:49 PM

The only thing Obama has done quickly is to take taxpayer money and give it to business friends.,
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