Electric car battery-maker A123 Systems has filed for bankruptcy, according to Bloomberg News.

The company was promoted heavily by President Barack Obama and Michigan politicians and received hundreds of millions of dollars through federal “stimulus” and Michigan Economic Development Corp. programs. Earlier this year, Michigan Capitol Confidential uncovered a video of these politicians promising “hundreds” and “thousands” of jobs – the video was eventually taken down by the MEDC but saved by CapCon.

Despite known financial trouble, just a few months ago A123 awarded sweetened severance packages to its top executives.

via A123 Files for Bankruptcy [Michigan Capitol Confidential].