While we enjoy our latest Two Minutes Hate against oil speculators,
One of the big recent “green energy” epic failures is A123 Systems, which raked in $300 million from the “stimulus” bill, plus another $135 million in Michigan state funding. They’re currently teetering on the edge of bankruptcy, and just got slapped with a class-action lawsuit for allegedly “making false and misleading statements” about manufacturing deficiencies in their products.
One of those products was the electric battery used in the Fisker Karma, a $100,000 electric sports car that literally dropped dead when Consumer Reports took it for a test drive. A123 Systems was betting heavily on Fisker’s success – so heavily that they pumped $20 million of their own equity and cash into the auto maker.
Fisker got $529 million of your money from the Obama Administration, producing 500 manufacturing jobs. Unfortunately, those manufacturing jobs were in Finland, not America. Fiskers executives were quite proud of their wise decision to keep those jobs overseas.
