Friday, November 16, 2012

Chu Gave A 123 Money Hours Before Bankruptcy

This is enough to make even the folks in the green party sick.  The following is an exclusive report from Reuters today.
Nov 16 (Reuters) - 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.

The company, which makes lithium ion batteries for electric cars, filed for Chapter 11 bankruptcy protection last month after a rescue deal with Chinese auto partssupplier Wanxiang Group fell apart.
That same day, Oct. 16, A123 received a $946,830 payment as part of its $249 million clean energy grant from the Energy Department, the company said in a letter obtained by Reuters to Republican Senators John Thune and Chuck Grassley. (Reporting by Ayesha Rascoe; Editing by Gerald E. McCormick)

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