Yet another Barack Obama green energy stimulus failure …
A123 Systems, an electric car battery company once touted as a stimulus “success story” … now not so much. Just like Solyndra, , Beacon, Amonix, EnerDel, Evergreen Solar, SpectraWatt, SunPower, and so many others. Barack Obama provided tax payer money to in the form of stimulus money that went up in smoke. The latest failure comes courtesy of A123 Sysstems. Since receiving $390 million, they have laid off 125 employees while still managing to hand out big pay raises to company executives.
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 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.”
Just how much tax payer money must be wasted by President Obama to fulfill his liberal, green agenda?