Thursday, October 11, 2012

MEDC Removes Video of Failed Battery Maker

MEDC Removes Video of Failed Battery Maker [Michigan Capitol Confidential
At the time, the company was promoted heavily by President Barack Obama, U.S. Secretary of Energy Steven Chu, former Michigan Gov. Jennifer Granholm and U.S. Sens. Carl Levin and Debbie Stabenow.
Since then, A123 has shed money, laid off half its workforce, recalled products and seen its stock price plummet to about 26 cents this week from a previous high of $26.
Now, just two years after the initial roll-out, A123 is being acquired by a Chinese company.
Shortly after this deal was rumored a few weeks ago, the MEDC made all of its promotional videos “private.”
This is not the first time questions have been raised about the MEDC’s lack of transparency.

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