Posted on 04/05/2012 12:45:43 PM PDT by MichCapCon
A virtually unseen video has surfaced that highlights the high-powered political rhetoric and unrealized promises put forth by President Barack Obama and Michigan’s top Democratic politicians regarding the heavily subsidized and now-troubled A123 Systems battery manufacturer.
The video, which had just over 600 views since it was posted in Oct. 2010 on Youtube, has Obama, U.S. Secretary of Energy Steven Chu, former Michigan Gov. Jennifer Granholm and U.S. Senators Carl Levin and Debbie Stabenow singing the praises of the now-troubled advanced battery manufacturer A123 Systems.
A123 Systems, which opened its lithium-ion battery manufacturing plant in Livonia in September 2010, saw its stock plummet to the lowest price ever at 82 cents this week. The previous high was nearly $26.
A class action lawsuit was filed against A123 Systems this week on behalf of shareholders alleging a violation of federal security laws. According to Business Week, the lawsuit claims A123 Systems withheld information about defective batteries from shareholders who bought stock between Feb. 28 and March 23, 2012. The company estimated last month that the cost of replacing the defective batteries would be $55 million.
Last month, the company reported losing $90 million in 2011. It also laid off 125 of its reported 1,000 Michigan employees last year.
The company has become a poster child of government subsidies for green energy initiatives. The state of Michigan gave A123 Systems $100 million in MEGA tax credits. A123 Systems also received another $41 million in tax breaks and subsidies from the state. The Department of Energy awarded A123 Systems a $249.1 million grant as part of the federal "stimuls program."
(Excerpt) Read more at michigancapitolconfidential.com ...
The list, Ping
Let me know if you would like to be on or off the ping list
Green? Gangrene is more like it.
EPIC FAIL!! wish the view count would go up.
Oh, and if I search the names of the "fired" GSA employees a year from now, where do you suppose they'll show up, in some other high-ranking bureaucrat position? I wouldn't even be surprised if they were told to do it, so that Obama would have something paltry to be outraged at, fall on their swords and get rewarded for it.
Check out my blog for more Obama outrages: The Obama Clarifier http://obamaclarifier.blogspot.com/
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