Wanxiang America, the U.S. arm of a Chinese automotive parts giant, won the bidding for a bankrupt Massachusetts-based lithium battery manufacturer that was once hailed as a cornerstone of President Obama’s quest for American dominance in electric vehicles and battery technology.
A123 Systems announced Sunday that Wanxiang would pay $256.6 million for all of A123’s technology, its manufacturing facilities in the United States and China, and its contracts with utilities seeking grid storage and automakers seeking batteries for electric and hybrid vehicles.
So let me get this straight. The Obama Administration borrows money from China to engage in speculative investing in a "green energy" company, then, when the company goes bankrupt, it is sold, presumably for pennies on the dollar, back to China. So China not only has all of the assets of the company, it still owns the debt that my children and grandchildren will have to pay off.
Wow, these liberals are really smart. Or else the American voter is really dumb.