Skip to comments.Green energy company given federal stimulus funds lays off 125 workers, gives pay raise
Posted on 02/26/2012 3:42:51 PM PST by ColdOne
full titleGreen energy company given federal stimulus funds lays off 125 workers, gives pay raise to executives
An electric car battery company reportedly has laid off 125 employees since receiving $390 million in government subsidies, but is still handing out big pay raises to company executives.
A123 systems, which was touted as a stimulus "success story" by former Gov. Jennifer Granholm, D-Mich., had a net loss of $172 million through the first three quarters of 2011, according to the Washington Examiner's "Beltway Confidential" blog, citing a report from the Michigan-based Mackinac Center for Public Policy.
A123's primary customer, Fisker Automotive, is also struggling financially. "Yet, this month A123s Compensation Committee approved a $30,000 raise for [Chief Financial Officer David] Prystash just days after Fisker Automotive announced the U.S. Energy Department had cut off what was left of its $528.7 million loan it had previously received.
This month has seen significant pay boosts for other A123 executives, as well, including vice presidents Robert Johnson and Jason Forcier.
The raises were reported by the company in its filings with the U.S. Securities and Exchange Commission, according to the Mackinac report.
(Excerpt) Read more at foxnews.com ...
The White House is the OWS protester and we’re the cop car......
Has there ever been a more corrupt administration? Not a peep from the MSM. Of course, the MSM are full partners in the corruption.
Baraq only had the leftist theory at Columbia and Harvard.
He had to do the "community organizer" program to really learn the "Chicago Way"
A master's degree in "operations" from the Chicago political mob.
What is “normal business” in politics amounts to corruption, unethical behavior, treason and poor taste anywhere else in our life or business dealings. Politics is a “necessary evil” required to create a balance on various regional, cultural, economic, social issues; BUT when government overreaches into the personal lives of citizens, manages what should be a private and market driven function, this “political institution” brings with it its modus aparandi. Everything becomes a “political decision,” at that point as seen with Freddy and Fanny., how social security is used to buy votes, the faddy issues that come and go within the Veterans Administration and consume millions... Once government runs anything, these institutions becomes enslaved to policy makers using them to advance their political career or some ideology often in a complete vacuum of pragmatism. NOTHING is exempt to this and even the DOJ, or Federal Reserve are consumed by these games that often are dysfunctional albeit very popular at the time. Clinton, for example had the FBI chase dead beat dads when that was in the public consciousness as a hot button topic. To bad national security wasn't an issue, huh? You see it overseas where a queer will get a gender reassignment surgery paid by the public health system but a 72 year old person with renal failure is basically told to die, as in the UK. One group is very vocal, organized and employed (money), the other small, unorganized and is mostly economically poor. Guess who wins in this scenario? That's social justice in action, which is really nothing more that buying people with other peoples money, promising the lie of a free lunch, and in return taking ever more control of their lives.
As we socialize, one thing that Americans will soon learn is that there is no such thing as “not legislating morality.” ALL LAWS LEGISTLATE MORALITY. It's just an issue of who's morality we legislate once the government runs the show? i.e. health care and abortion, sterilization and contraceptives.