Taxpayers Lose Again, Fisker Automotive Sold to China’s Wanxiang
Wanxiang bought Fisker’s battery supplier, A123 Systems LLC, last year through a similar bankruptcy sale. A123 and Fisker were both recipients of a controversial U.S. Department of Energy loan program meant to support clean energy technology. Michigan taxpayers also suffered dearly when the quasi UN-elected MEDC give away tax dollars to A123 Systems in taxpayer funded subsidies.
Michigan‘s A123 Systems Files for Bankruptcy
State Battery-Plant Subsidy was a “Risky Venture” from the onset with several economist warnings. The Michigan and Government-funded battery maker files for bankruptcy after receiving $249.1 million federal grant money (taxpayer dollars). A123 Systems received a $100 million “cash subsidy” (taxpayer dollars) from the state of Michigan for a 75-acre facility the company had leased in Romulus.
The subsidy was in the form of cash because the plant had been granted “renaissance zone” status by the Michigan Economic Development Corp. This is yet another in the long line of failures of the Michigan Economic Development Corp. an entity that should and must be abolished as to cut the size and scope of Michigan Government and save the taxpayers money!
A123 Systems won another $125 million in tax credits and incentives from the Michigan Economic Development Corp in spring 2009 and a $10 million cash grant from the state in fall 2008. Just move along nothing to see here Michigan Taxpayers just more of our tax dollars down the drain courtesy of the “failed” Michigan Economic Development Corp. (MEDC).
China’s Wanxiang Corp. Bought A123 Systems now Fisker
Wanxiang Group Buys American Battery Maker
Michigan taxpayers ponied up a plenty in subsidies for this failed battery maker that was purchased by China’s Wanxiang America Corp.through the “failed” MEDC.
Wanxiang buys A123 systems
Fisker’s assets to go to Wanxiang
Along with the wreckage of A123 and countless other “stimulus”-driven financial black holes the Chinese have acquired, the government in Beijing and citizens of The People’s Republic thank the United States for both borrowing money from China and then using it to buy assets it sells back to them at pennies on the dollar. Well done Michigan Lawmakers and the “failed” MEDC along with our lawmakers in D.C. more government for everyone!
Bankrupt Fisker’s assets to go to China’s Wanxiang