Chinese Bid Wins Auction for A123

Discussion in 'Politics' started by beretta304, Dec 10, 2012.

  1. beretta304
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    beretta304 BANNED

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    In October, A123 – which was awarded a $249m grant from the US government – became the latest stimulus-backed company to file for bankruptcy, prompting a fresh round of attacks on President Barack Obama’s support for emerging energy technologies.

    The company said it was seeking Chapter 11 bankruptcy protection “to provide for an orderly sale” of its operations and “help maximise the value of its assets for its stakeholders”.

    The company had attempted to secure a rescue deal with Wanxiang before it went into administration.

    The company had been a flagship of Mr Obama’s attempt to stimulate new environmentally friendly industries but ran into difficulties as a result of slower than expected sales of electric cars.


    Its bankruptcy follows that of other companies backed by US government grants or loan guarantees, including Solyndra, a manufacturer of solar modules, Abound Solar, another panel maker, and Ener1, which also makes batteries for electric cars.



    Chinese bid wins auction for A123 - FT.com
     
  2. Mr. H.
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    Mr. H. Diamond Member

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    Why didn't Obama just send that $ quarter billion straight to China and call it a day.
     
  3. Mr. Shaman
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    Mr. Shaman Senior Member

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    It's encouraging to see that someone is filling-in for those greedy/lazy fucks, in Corporate America!!

     
  4. Mr. H.
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    Mr. H. Diamond Member

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    But when Romney/Bain take over an ailing company you got nothing but criticism.
     
  5. RoadVirus
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    RoadVirus <insert pithy title here>

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    That's because Romney has an "R" next to his name.
     
  6. uscitizen
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    uscitizen Senior Member

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    China buys Smith & Wesson.
     

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