Mornin' Mojo

Full Caf Americano™

China Buys Out Obama Garage Sale

imagesThis is sort of like that old Thigh Master you bought and never used that ended up in the garage. Except with taxpayer money. Remember all those stimulus bucks that went to so-called ‘green energy’ companies?

Well, this week Obama Porkulus recipient A123 Systems, a company that made electric car batteries too big to fit in Tonka Toys, was auctioned off. And the Chinese won.

Gimme a big Yes We Can!!!

Hot Air:

Let me get my obligatory free-trade qualifier out of the way here first: It’s not so much that there’s anything at all wrong with businesses buying and selling on the international arena, because foreign markets may have demands for products we don’t, and we all stand to make money off of one another in a mutually beneficial and productive way. Free-trade is not a zero-sum game, and everybody wins.

The problem here is that in the case of A123 Systems, a manufacturer of lithium-ion batteries for electric cards, the Obama administration spoon-fed hundreds of millions of dollars of taxpayer money into what they assured us was a guaranteed-successful endeavor at ushering in the glorious green-energy revolution and leading us down the path of ostensibly necessary energy independence. Not only has President Obama’s “investment” failed to inspire a dearth of American-made electric car-buying (which has also been very generously subsidized, courtesy of the taxpayer), but it’s brought us no closer to the energy self-sufficiency at which President Obama constantly suggests he’d like us to arrive.

All right. First you borrow money from the Chinese to finance products no one in the U.S. besides Ed Begley, Jr. and a few flakes from San Francisco want, then you sell it back to the Chinese for pennies on the dollar. Got it.

Next thing you know, the Chinese will be buying up homes in Florida. Wait. The Chinese are buying up homes in Florida.

Let’s see. As long as the Chinese are in the neighborhood, what else do we have lying around they could use? How about AIG. Remember AIG, the company George W. Bush sold us for $85 billion and change back in 2008?

Bloomberg:

A Chinese group agreed to buy 80.1 percent of American International Group Inc. (AIG)’s plane-leasing unit for $4.23 billion in the nation’s largest acquisition of a U.S. company.

The International Lease Finance Corp. acquirers, led by New China Trust Co. Chairman Weng Xianding, have an option to buy another 9.9 percent, New York-based AIG said today in a statement. The transaction, which values ILFC at $5.3 billion, passes China Investment Corp.’s $3 billion purchase of a stake in Blackstone Group LP (BX) in 2007 as the biggest Chinese-U.S. deal.

The acquisition gives the group control of the world’s second-largest aircraft lessor as rising travel in China and Asia spurs demand for planes. AIG, which counts the U.S. government as its largest investor, is selling the Los Angeles-based unit as Chief Executive Officer Robert Benmosche focuses on insurance operations and works to reduce debt.

Okay, not the whole AIG. Just the part that’s making money.

Meanwhile, the smart Obama-supporter money flies off to Bermuda.

h/t Drudge

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