I talked about this company in my article “Talking Bain Capital with a Union Democrat.” So, here are some interesting facts about what happens when a president tries to centrally manage an economy. Obama, the socialist way… here it is:
Battery maker A123 Systems vowed thousands of new jobs when it received a nearly quarter-billion-dollar stimulus grant in late 2009, but federal job-tracking figures show only a few hundred positions were created before the company joined a growing list of federally backed energy businesses that ended in bankruptcy.
The latest quarterly report on file with a federal stimulus tracking database shows just seven positions created through the grant from April to June this year. Previous quarters’ job reports contained anywhere from a handful of positions created to more than 100 new jobs.
But even when the quarterly reports are combined, a total of 408 new positions were reported under the stimulus program since 2009, amounting to more than $300,000 spent for each new job reported.