Page 2 - A123 News Today : Breaking News, Live Updates & Top Stories | Vimarsana

The failure of an electric car battery maker that got nearly $250 million in taxpayer-backed loans. two companies are fighting to buy a123 systems a a rock-bottom price and one of those companies is from china it turns out. stuart varney, anchor of "varney & company" on the fox business network of course. good morning, stewart. what is going on here? >> it is a bidding war. a123 systems makes car batteries for electric cars subsidized by the american taxpayer. it has gone bankrupt. there is bidding war for control of the company and its assets. in one corner, johnson control, that is american ...

Put in those cars. megyn: this a123 was touted as a big success story by jennifer granholm. your member the big stimulus that was supposed to revive the economy and criticized by many as just a list that was given out to some favorites by the democratic lawmakers who were doling it out. jennifer said this is a wonderful stimulus success story. as it turns out, not so much. >> they have consistently tried to pick winners in the green energy field. political goals, green energy, as opposed to -- megyn: but he says and he has said this all along, in any portfolio, some people win and some people ...

By people who are contributors to your campaign. bill: stu varney, fox business network. good morning to you. what is the deal with this company out of massachusetts. >> another green energy bust. a123 make electric car batteries. they were supposed to pay some of their debt today. they can't come up with the money. furthermore they might not have enough cash to stay in business. they whiffle explore going into bankruptcy. this follows the bankruptcy of enter 1, another electric car battery maker bankrupt sometime ago. the sole reason, bill, we're not buying electric powered cars. even with $4...

Following a competition for clean energy leaders, vice president biden announced that a 123 was one of the 48 companies to win a recovery act grant for advanced battery technology. that grant helped hire a123 hire 144 new workers. that grant is supporting production of three new plants in michigan. which a123 expects will allow it to hire more than 120 workers by the end of this year, more than 1,000 by the end of next year and more than 3,000 by the end of 2012. two of those workers, james fenten and nino. they lost their jobs in the recession. a123 hired them to help manufacture batteries of...

Latest updates on this topic from reliable sources.