Your Tax Dollars at Work
- Modern Marxism: "From each according to their ability. To each according to his contribution to the Democratic Party."
A123 Systems Inc., the electric car battery maker that received an Obama $249 million federal grant, filed for bankruptcy protection and said it would sell its assets to Johnson Controls Inc.
A Federal grant. To those asleep in school a grant is a gift. Not even a loan. A gift of cash.
The company listed assets of $459.8 million and debt of $376 million as of Aug. 31 in Chapter 11 documents filed today in U.S. Bankruptcy Court in Wilmington, Delaware.
Pumped up with free government money, A123 went public three years ago and shares soared 50 percent to more than $20 on the first day. A123 fell as much as 18 cents, or 76 percent, to 6 cents a share in over-the-counter trading.
GREEN SCAM: 80% of Green Energy Dollars Went to Obama Donors