Committee on Foreign Investment

Sale of A123 Systems to Chinese Gets Final U.S. Approval

A123 logoA123 Systems has received approval from the Committee on Foreign Investment in the United States for the controversial bankruptcy sale of most of its taxpayer-funded technology and assets to China-based Wanxiang, according to a statement released by subsidiary Wanxiang America Corp.

The authorization was the final major hurdle needed to complete the transaction. A123 had been granted $249 million to refurbish two plants in Michigan for battery production, another $30 million as a subcontractor for another stimulus-funded wind energy storage project, and various other grants and contracts by state and federal governments. But A123’s executives, while making sure their own bank accounts were well-taken care of, ran the company into the ground and now Wanxiang will reap whatever technology value is left, for cheap.

A123's Executives Get Their Richly Undeserved Bonuses

A123 logoPresident Obama’s penchant for flushing taxpayer money down the green energy toilet lives at least another four years, and his crony supporters continue to benefit.

The latest example is the pending sell-off of assets by bankrupt A123 Systems, which was awarded upward of $279 million in stimulus funds, plus other assorted government grants and contracts. The top executives who presided over its failure – and supported the president’s cap-and-tax initiatives early in his term – are likely to receive millions of dollars in bonuses, thanks to their scheming earlier this year and a bankruptcy court judge.

Syndicate content