Free money.... isn't free

[Patriot]

Once again, the taxpayers are on the hook for politician's abuse of our money.  Politicians at the top offer 'free' money, eager recipients suck it up, the deals go bad (or in the case of our local albatros$... the courthouse, were bad from the start), and it's more money down a black hole.  Seems at best the end is a big loss, at worst it's a sellout to the Communists in China.

Electric Car Battery Maker A123 Systems Files Bankruptcy
By Dawn McCarty and Craig Trudell - Oct 16, 2012 10:26 AM CT
Bloomberg.com

A123 Systems Inc. (AONE), the electric car battery maker that received a $249 million federal grant, filed for bankruptcy protection after failing to make a debt payment that was due yesterday.

The filing may fuel further political debate over government financing of alternative-energy and transportation businesses. Federal grants and loans to companies including A123, Fisker Automotive Inc. and Tesla Motors Inc. have drawn scrutiny from congressional Republicans following the September 2011 bankruptcy filing of solar-panel maker Solyndra LLC two years after it received a $535 million loan guarantee from the U.S. Energy Department...

...A123, which received a $249.1 million federal grant in 2009 to build a U.S. factory, needed a financial lifeline after struggling with costs from a recall of batteries supplied to Fisker, the plug-in hybrid luxury carmaker. A123 announced in August that it was working on a deal with Wanxiang Group Corp., China's largest auto-parts maker, for financing in exchange for a majority ownership stake....

Full Article:  http://www.bloomberg.com/news/2012-10-16/electric-car-battery-maker-a123-systems-files-bankruptcy.html?cmpid=yhoo

[Ross]

I could have fun with $249 million federal grant!
Maybe start a Community Organization and hand out lollipops.
LOL

Really, not one bit funny!

[redcliffsw]

Just look at the "wind power" and ethanol production.  They think they're
going to save the environment and America and there's a whole lot of people
on board with that communist thinking. 

Even 'big oil" is doing its part to be politically correct.  Much of the gasoline
is now "enriched" with ethanol for you to buy at your expense. 

Many think the Fed''s are doing much for the America, only they are taking away
the country from the people.  Such thievery.........