Back in 2009-2010, A123 Systems received $100 million in MEGA tax credits and another $41 million in tax breaks and subsidies from the state of Michigan. A123 Systems also received a $249 million grant from the US DOE as part of President Obama's economic recovery "stimulus program."
In Oct. 2010 when A123 Systems began production, Gov. Granholm, President Obama, and US Senators Levin and Stabenow bragged for the cameras about all the new jobs they helped create with taxpayer money:
Oct. 2012 - A123 Systems has filed for bankruptcy protection and Johnson Controls and the Wanxiang Group are circling the corpse jockeying to grab the best pieces.
A123 Systems had been the poster child for government green energy initiatives and now it is about to become the poster child for crony capitalism failures.
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