You won’t hear much about it elsewhere today. But from some downtown Chicago law offices will come the distinct sound of one more nail being driven into the coffin of Barack Obama’s green energy giveaway loans.
A123 Systems will be auctioned off. It’s a Michigan lithium ion battery maker which declared bankruptcy back in October, the same day it cashed another $1 million check from the crack Obama investment team.
A123 is one of those notorious bad bets like Solyndra that the Obama administration poured billions of taxpayer dollars into, allegedly with the hope it would launch a vibrant clean energy industrial sector. As Gov. Romney pointed out during the presidential debates that same month, many of the recipients of those federal loan guarantees just happened to belong to campaign finance bundlers for the same Barack Obama.
A123, an 11-year-old firm founded to manufacture batteries for electric cars and utilities, had received $133 million of its promised $250.1 million loan grants before the bankruptcy, mainly to build a new facility in Michigan.