Chinese billionaire to scoop up failing car battery maker that got $240M from feds

A struggling Massachusetts-based company that makes batteries for electric cars and got $240 million in stimulus money is being saved from bankruptcy by a Chinese billionaire who could move operations overseas.

A123 Systems received a $241.1-million grant from the Obama administration three years ago and more than $125 million in State of Michigan tax credits in the hopes that the company would create jobs, while leading the country away from conventional gas-guzzling vehicles and toward clean energy.  Continue reading

Detroit Isn’t Back, It’s Broken

The Tigers and Lions may be serious playoff contenders and Eminem may still be making hit records, but the city of Detroit is still on the brink of disaster. The Detroit Free Press reports:

On the same day Detroit officials delivered to the state a new proposal aimed at saving the city from fiscal collapse, Detroit’s financial review team declared that a severe financial emergency exists in the city.

The report may lead Republican governor Rick Snyder to appoint an emergency commission to once again bail out the desperate city. Detroit officials and residents are fuming at the prospect of the austerity measures needed to save the city from bankruptcy.

Residents cried racism and warned of mass unrest if the state intervenes. Of the 100 public comments, only one person delivered a reality check to the audience. His job title may have saved him from the hostile crowd.

“Detroit is nothing but pollution, crime, garbage and murder,” said Michael McMahon, a resident and cage fighter, eliciting boos and insults from the audience. “I believe in cuts, layoffs and firings. If they can’t get the job done downtown … I say fire them, send someone else from Lansing and clean up this mess.”

Full article: Detroit Isn’t Back, It’s Broken (Washington Free Beacon)