Planet Gore

Taxpayer-Funded A123 Systems Declares Bankruptcy

A nice gift to the Romney campaign for tonight’s debate.

And although A123 has sold whatever assets it had left to Johnston Controls for $125 million, taxpayers get nothing:

Unlike a loan, the company’s $249 million government grant does not have to be repaid. A123 had to match the grant money as it was used. So far the company has drawn about $129 million of the grant, spokesman Dan Borgasano said Tuesday.


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