Battery maker A123 got U.S. funds as it sought bankruptcy

Nov 16, 2012 | Posted by: roboblogger | Full story: Fox News

The Obama administration provided struggling battery maker A123 Systems Inc with nearly $1 million on the day it filed for bankruptcy, the company told lawmakers investigating its government grant.

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1 - 1 of 1 Comments Last updated Nov 16, 2012
Solarman

La Quinta, CA

#1 Nov 16, 2012
""The Department of Energy needs to answer for why it appears to put federal grants on auto-pilot to the detriment of U.S. taxpayers," the two senators said in a statement. "This can't stand.""

Of course it can, take a good look at the Small Business Administration. The SBA has been under scrutiny from Government entities for the last several years. Bad accounting, fraud, making risky loans that probably would not be repaid. The SBA has been doing this for years, the SBA was created in the 1950's. The DOE has been around since the 1980's, so the SBA still has the lead with wasted taxpayer money. Perhaps it's time to clean house and give the money back to the taxpayer.

This is all part of the way Government operates in this day and age. There are contracts written, so that old military equipment that is to be moth-balled "must" be in working condition before it is either sent to a scrap heap or destroyed altogether. So you pay to have the equipment basically rebuilt, and then verify that it is in proper working condition on the taxpayer's dime. Then it is junked, never to be used again. Wonder why military costs are so high? What the Senators have touched on is just the tip of the iceberg. The Department of Agriculture is another entity that gets its hands in too many pies and should also be investigated.

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