Battery maker A123 Systems, unable to overcome its terrible name, has filed for bankruptcy despite having been granted $249 million in tax payer money by the Obama administration. A123 Systems said that the bankruptcy was unavoidable after it had lost $857 million over the last few years.

In addition to the federal dough, the Massachusetts-based company was also awarded $125 million in grants and tax credits from Michigan for building factories in the state. At the time that it was awarded the federal grant, Chief Executive David Vieux said that the company had plans to create 2,000 new jobs by 2012.

Obama called Vieux after an A123 plant had opened in the Wolverine State to say, “This is about the birth of an entire new industry in America — an industry that’s going to be central to the next generation of cars. When folks lift up their hoods on the cars of the future, I want them to see engines and batteries that are stamped: Made in America.”
 
Now, the dream is for the average American to earn enough to own a car with a hood.

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