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| I know I probably shouldn't bring it up; but..... | |
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| Tweet Topic Started: Oct 17 2012, 04:04 AM (414 Views) | |
| Banandangees | Oct 17 2012, 04:04 AM Post #1 |
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Fire & Ice Senior Diplomat
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A123 Declares Bankruptcy As a recipient of $249 million in loans from the Obama administration, the company's bankruptcy will no doubt become another embarrassment heading into the November elections. |
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| Pat | Oct 17 2012, 04:31 AM Post #2 |
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Fire & Ice Senior Diplomat
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I'm sure Romney is all over this story, we might hear more about it tonight during the town hall debate. |
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| Brewster | Oct 17 2012, 05:48 AM Post #3 |
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Fire & Ice Senior Diplomat
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Yup Ban, you shouldn't have brought up this non-story. Here's the Truth:
So less than half the loan guarantee was used, to build plants that have been sold to another American company, so no Taxpayer money has been wasted... I hope Romney DOES bring it up - he'll get shot to pieces. But of course the US Right, desperate to find anything to blame on Obama, will be all over it, no matter how silly it makes them look. |
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| Brewster | Oct 17 2012, 05:51 AM Post #4 |
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Fire & Ice Senior Diplomat
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Well, sonofagun, here's the US Right already:LINK Edited by Brewster, Oct 17 2012, 05:52 AM.
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| Summer | Oct 17 2012, 05:55 AM Post #5 |
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By Steve Benen - Tue Oct 16, 2012 2:44 PM EDT Michigan's Hoekstra condemns stimulus funds he supported Paul Ryan isn't the only 2012 Republican with a stimulus problem. You know it's the height of election season when one candidate is criticizing the other for doing the exact same thing that he or she did. Pete Hoekstra, the former Republican congressman hoping to unseat Sen. Debbie Stabenow (D-Mich.) in November, slammed Stabenow on Tuesday for seeking stimulus money for A123 Systems Inc., an electric-car battery maker that just filed for bankruptcy. The company previously received a $249 million federal grant. "Obama and Stabenow choose badly, A123 files for bankruptcy. There go a few more 100 million of our $s. Debbie replies Don't worry, be happy!" Hoekstra tweeted. He soon followed with another tweet: "Obama/Stabenow choose badly with $s borrowed from China! A123 goes bankrupt and our kids are left holding the bag. Enough is enough!" You can probably guess the punch-line -- Hoekstra was in Congress in 2009, and signed on to a bipartisan effort, urging the Obama administration to support A123. "Establishing a North American battery center of gravity in Michigan will significantly improve the federal government's ability to more swiftly meet its ambitious vehicle electrification goals," the Republican said at the time. The Obama administration agreed, and the company received the assistance. In other words, Hoekstra is condemning Democrats for taking Hoekstra's advice and investing in a company Hoekstra said deserved support. As for the larger point, the underlying argument is equally problematic. The federal government invested in a series of American companies, hoping to help grow an important industry and keep the nation competitive globally. Some of those companies thrived, some didn't, but were it not for the Obama administration, all of those companies would have failed. Hoekstra's argument makes it sound as if all grants to all companies are necessarily a bad idea, which is a pretty awful approach to federal support of business investment. As Michael Grunwald put it awhile back, "That's capitalism. That's lending. That's life. As one Obama aide told me: Some students who get Pell grants are going to end up drunks on the street." It's not as if those failures discredit the entire Pell grant program. Update: Also note that A123 arranged to sell its assets/manufacturing plants to a competing American company, and production will continue, so the larger hit will be far less severe. |
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| Banandangees | Oct 17 2012, 07:18 AM Post #6 |
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Fire & Ice Senior Diplomat
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Another update: http://finance.yahoo.com/news/battery-maker-a123-files-bankruptcy-135343498.html A123 joins solar panel maker Solyndra LLC as another example of companies that got government money but failed. The politically connected and now bankrupt Solyndra left taxpayers on the hook for $528 million after it failed to repay a government loan. The government also made millions in loans to electric car makers Tesla Motors and Fisker Automotive, both of which are struggling. Tesla has never made a profit but is starting to repay its loans, while Fisker is trying to raise money so it can build a car that's less expensive than its $100,000 Karma. |
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| Banandangees | Oct 17 2012, 07:26 AM Post #7 |
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Fire & Ice Senior Diplomat
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Another (record) update: http://www.reuters.com/article/2012/10/16/a123systems-bankruptcy-idUSL3E8LG3XO20121016
You mean Johnson Controls bought A123 with tax payer money?? |
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| jackd | Oct 17 2012, 07:36 AM Post #8 |
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I'm scatching my head on this..... Who was the name of first president of the United State to financially support A123 to start their business. That was before Obama.... I hope he will show this picture to Romny if he ever open his mouth on this subjet. Obama will not have a word to say
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| Berton | Oct 17 2012, 07:42 AM Post #9 |
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I didn't know the Obama stimulus money stretched back that far. Oh, I see, you want to blame Bush for Obama giving them stimulus money. LOL |
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| Banandangees | Oct 17 2012, 07:50 AM Post #10 |
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Fire & Ice Senior Diplomat
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http://grist.org/news/heres-romney-latest-attack-on-green-investment-a123-systems/ A123 received a $6 million grant under George W. Bush and a $249.1 million grant under Obama from the 2009 stimulus package. |
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