This is another Solyndra-like rat that I think the GOP set up while Bush was in office and kicked into the Obama court. It think the whole GREEN Energy Loan program was a set up. Both Solyndra and A123 DOE loans were initiated while Bush was in office. Clever albeit skanky.
From the article:
But A123's government grant was never supposed to repaid.Here's the law Bush Administration passed ENERGY POLICY ACT OF 2005 if you inclined to read such things.
The company had to match the money as it was used. So far it has received $132 million of the grant, Energy Department spokeswoman Jen Stutsman said.
The company also got a $6 million research grant in 2007 under the Bush administration, she said.
The department said in a statement that it's common for firms to consolidate as a new industry grows and matures.
A123 subsidiaries outside the U.S. were not included in the bankruptcy filing.
I smelled a rat when this story broke probably because of Solyndra. I think I found the rat. Yes, I am pushing this out here ASAP, so I will report back if the rat I think I have found changes stripes.
CEBERUS Capital Management! A bastion of right wing political players like Dan Quayle.
IMPORTANT TO NOTE, as the media seems to have amnesia. The Bush administration started the GREEN TECH Loans!
May 2005: Just as a global silicon shortage begins driving up prices of solar photovoltaics [PV], Solyndra is founded to provide a cost-competitive alternative to silicon-based panels.
July 2005: The Bush Administration signs the Energy Policy Act of 2005 into law, creating the 1703 loan guarantee program.
December 2006: Solyndra Applies for a Loan Guarantee under the 1703 program.
Auto parts maker Johnson Controls will pay $125 million for A123's auto business, which includes two Michigan factories and the lithium-ion battery technology used in cars like the Fisker Karma and upcoming Chevrolet Spark.And Johnson Controls is owned by IAP Worldwide, which in turn is owned by Dan Quayle's Ceberus.
I found this information here
Cerberus Capital Management, L.P.Recently, the New York Times reported about how Private Equity Firms collude. Bain is included in the story. Ceberus is one of the really, really big private equity firms.
Cerberus Capital Management, L.P. is a private investment firm. Among Cerberus' holdings are IAP Worldwide (which in turn owns Johnson Controls), Chrysler and GMAC
In April 2010, Cerberus acquired DynCorp International.
Federal Contract $: $2612.0M
Dan Quayle is supporting Romney.
Vice President Dan Quayle will speak about the upcoming election, his support for Governor Mitt Romney, and capitalism in America.I have no doubt that Romney will toss this nugget out tonight.
DO YOU THINK OBAMA CAN REMEMBER TO REMIND PEOPLE THAT BOTH A123 and SOLYNDRA were launched during the Bush Administration?
Solyndra & Bush
December 2006: Solyndra Applies for a Loan Guarantee under the 1703 program.If you catch anymore nuggets, let me know and I will add to diary.
Late 2007: Loan guarantee program is funded. Solyndra was one of 16 clean-tech companies deemed ready to move forward in the due diligence process. The Bush Administration DOE moves forward to develop a conditional commitment.
On twitter, the RW is on this like bees on honey. Of course most of them don't have a clue about the history.
Is it really possible that the Bush/Cheney/Rove GOP could have developed the Energy Policy Act of 2005 program hoping to put egg on the DEM 2008 President's face in case he won the election? Geesh, with so much lying and smoke screening from the Romney camp, not to mention 8 years of the Bush administration, perhaps I am overthinking the GOP ability to connive.
Yes, with the $Millions flying around (in Massachusetts when Romney was Governor), including lots of private equity money, is it possible there is a link to Romney and one of the huge number of Bain entities? Click link to see the long list of Bain entitities listed with the SEC. Confusion can easily hides sin!
I think that's a wrap!