Slashdot Mirror
Chinese Firm Wins Bid For US-Backed Battery Maker
theodp writes "On September 13, 2010, President Obama called A123 Systems from the Oval Office to congratulate them on opening the nation's first manufacturing facility to mass-produce electric vehicle batteries, which the White House noted was made possible by a $249 million Recovery Act grant the company received the prior August. 'When folks lift up their hoods on the cars of the future,' the President said, 'I want them to see engines and batteries that are stamped: Made in America. And that's what you guys are helping to make happen.' But on Saturday, the assets of A123 Systems were auctioned off to the Wanxiang Group, a large Chinese auto parts maker. Wanxiang agreed to pay $256 million for A123's automotive and commercial operations, including its three factories in the United States. Forbes reports that A123's stock, which closed at 7 cents a share on Friday, is now worthless."
No, no, no. That's not how it works. Not unless you're just trolling, anyway.
(Reliable) citation, or you just made these numbers up. And that doesn't mean a link to some blog that made the numbers up themselves, either. It means a link to an irrefutable source.
This is the free market in action. Would you rather the White House block the sale?
Of course not. That would be Socialism. And everyone knows that Socialism is just another name for Communism and Communism is Evil and we shouldn't allow Communists to infiltrate our red-blooded 'Merican business!