This is just one more instance where irresponsible spending has simply given our hard-earned money away. A123 Systems, as you all know, is in the middle of a horrendous economic shutdown, and China has taken notice. It seems that a Chinese company, Wanxiang, has given a generous 50 million dollar loan to A123 to help them liquidize and ship the automotive-business assets overseas.
The reason this bothers me is because when Obama gave A123 $249 million, he inadvertently handed this Chinese company OUR $199 million. Granted, he had no way of knowing A123 would go under, but this just goes to show how one mans mistake can give away a lot of our hard-earned dollars. Full article here.
"CFIUS, a multiagency group led by the Treasury Department, reviews mergers and acquisitions for national-security concerns when a takeover may give a foreign owner control of a U.S. company.
While filings are voluntary, the committee can begin its own review."
"A123 has received millions of taxpayer dollars to develop technology and intellectual property that should not simply be shipped to China."
Source: Autonews.com
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