Electric car battery maker A123 files for bankruptcy protection
Posted By RichC on October 16, 2012
Once again, our tax dollars were squandered on another failed green energy company. This time the once promising A123 Systems Inc. (AONE -74.67%) has filed for Chapter 11 bankruptcy protection.
A123 was one of the Obama Administrations’ handpicked companies to be given a handout … free money … and took nearly $250 million taxpayer dollars in government grants to produce electric car batteries.
"You don’t just pick the winners and losers, you pick the losers."
— Mitt Romney
Surprise, surprise … instead of letting the capital market find the best technologies and industries, a non-business anti-business president somehow thought his handpicked cronies could centralize capitalism. When will we learn … America was created by unleashing the power of competition and ingenuity. When that is usurped, we are no better than communist and socialist countries offering a far lower standard of living than the U.S. … not to mention the loss of liberty. Wake up America … let’s dictate business decisions from Washington DC.
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