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> Solyndra Ii - A123 Systems
Webb
post Feb 27 2012, 12:38 AM
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Green energy company given federal stimulus funds lays off 125 workers, gives pay raise to executives

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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 A123’s 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.

“It looks highly suspicious,” Paul Chesser, associate fellow for the National Legal & Policy Center, told Mackinac. “It looks like they are trying to pad their top people's wallets in case something really bad happens.”

At least we're not dependent on mideast oil.


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jan
post Feb 27 2012, 02:15 AM
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Well... it actually makes sense.

Doesnt affirmative action and crony capitalism sort of go hand in hand?


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jan
post Apr 12 2012, 05:07 AM
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Beacon Power joins the happy beneficiaries of 0bamas failed bailouts - with our money of course.

Feds call bankrupt solar firm an ‘empty shell’


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Repeal dont ask, dont drill ...
 
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BadKharma
post Apr 12 2012, 02:20 PM
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QUOTE(jan @ Feb 26 2012, 09:15 PM) *
Well... it actually makes sense.

Doesnt affirmative action and crony capitalism sort of go hand in hand?


...in most instances.


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