#fail: Electric car battery-maker A123 Systems has filed for bankruptcy. “The president of the US, Michigan’s former governor, the state’s two U.S. senators and the U.S. Secretary of Energy promised thousands of jobs from a company that in a mere two years went bankrupt. Despite a bankruptcy or buyout predicted by outside observers, the company continued to reward its top executives while laying off most of its workforce.” Crony capitalism is not capitalism.
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And to add to the insult, the company also had a corporate location in Waltham, MA. and Governor Mini Me (Deval Patrick) tossed in some more cash for this dead in the water company. Nice.
http://bostonherald.com/business/general/view.bg?&articleid=1061168049&format=&page=1&listingType=biz#articleFull
Saw this one coming 6 months ago. Expect to hear nothing but crickets from the DOJ however.
Didn't we have a list around here of all of Sock Puppet's business failures? This needs to be added. And used by Romney.
So many dead companies, zombie president?????
http://cheezburger.com/6653743616
Solyndra, Fiskers, A123 Systems: just more proof, if any was needed, that crony capitalism (especially green crony capitalism) doesn't work. Somebody wake up Paul Krugman.
BTW: "A123 Systems" great name, gets you first in the phone book. ;)
"Despite known financial trouble, just a few months ago A123 awarded sweetened severance packages to its top executives..."
http://directorblue.blogspot.com/2012/10/stunning-another-green-energy.html
Crony what?
“A123 Systems” great name, gets you first in the phone book.
Didn't help them a whole lot although they did last longer than Solyndra. Maybe shoulda used A000 (zero, zero, zero) Systems in honor of the Crony-in-Chief.
This could be a problem for Barry and company, they didn't plan well, the money ran out "before" the election....hmmmmmpoor planning on someone's part....