October 17, 2012

CRONY CAPITALISM DOUBLE-FAIL: GE Is Another Big Loser On A123. “GE made seven investments in A123 before its 2009 IPO, totaling $70 million, and GE’s research head Mark Little sits on A123’s board. GE Asset Management Inc. is listed as the company’s second biggest holder, with a 4.32% stake, according to LionShares.com. GE declined to comment on the bankruptcy filing Tuesday. In April 2009, at the time of GE’s seventh investment in A123, GE CEO Jeff Immelt commended the maker for battery systems for its technical and engineering breakthroughs in adapting lithium ion technology to commercial applications.”

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