"A123 Systems, an electric car battery company once touted as a stimulus "success story" by former Gov. Jennifer Granhom, D-Mich., has laid off 125 employees since receiving $390 million in government subsidies -- but is still handing out big pay raises to company executives. "[T]he company has laid off 125 employees and had a net loss of $172 million through the first three quarters of 2011," the Mackinac Center for Public Policy reports, observing that the company'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: Robert Johnson, vice president of the energy solutions group, got a 20.7 percent pay increase going from $331,250 to $400,000, while Jason Forcier, vice president of the automotive solutions group, saw his pay increase from $331,250 to $350,000. Prystashs raise was 8.5 percent, going from $350,000 to $380,000. "It looks like they are trying to pad their top peoples wallets in case something really bad happens," Paul Chesser, associate fellow for the National Legal & Policy Center, suggested. The Department of Energy gave the battery company $249.1 million in grant money, while the Michigan government provided A123 with another $141 million in tax credits and subsidies, according to the Mackinac Center." http://campaign2012.washingtonexami...n-company-gets-390m-subsidies-lays-125/394051 Hmmmmmmmm....... N' the Chicago thug, (who said he wants $5 per gallon gasoline), n' has policies to support such, thinks he's sooooooooo smart he can pick the winners n' looooooosers with yer tax dollars better then the marketplace can..... Hmmmmmmmmmm....................
Oil and natural gas produced in the United States by American workers does not require any government handouts of taxpayer money. The projects are financed entirely by private investors. The reason that alternative energy exists on welfare is because it is unprofitable. But being unproductive gives the alternative energy industry something in common with welfare babies like Obama so they are a natural fit together.
I think we're just seeing the tip of the iceberg with Obama's 'Green' investments of taxpayer bucks. I think I'll apply for some loan guarantees for my 'Time Machine' company. It appears that whether or not any way to 'travel through time' has been invented yet. (or if it ever will) I'll just write the word 'green' in my mission statement a few times...to garner some attention.
