A123 Systems, An Electric Car Battery Company … Another Barack Obama Green Stimulus Company Failure

 

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?



If you liked this post, you may also like these:

  • Obama White House Knew “Green” Electric Car Maker Fisker Automotive was Failing and Still Gave them More Tax Dollars
  • Another Obama Failed Green Energy Company: A123 Systems Defaults on Loan and May Seen Bankruptcy
  • Fisker Automotive Who Received Government Loan Totaling $529 million Fires 75% of Workers
  • Obama Green Energy Failure: Fisker Automotive Received More than Half-Billion Dollars in Federal Loans … Laying off Workers at their Delaware & California Plants
  • Another Obama Green Energy Company Fails … Ener1 Received $118.5 Million Stimulus Grant Files for Bankruptcy




  • Comments

    5 Responses to “A123 Systems, An Electric Car Battery Company … Another Barack Obama Green Stimulus Company Failure”

    1. A Texas Grandfather on February 26th, 2012 8:01 pm

      So now our idiot in charge is finding out that venture capitalists need to have some business experience to evaluate the viability of a company. VC companies expect to loose on some, but to make it back big on those that succeed.

      Goverment agencies don’t have to show a profit. Screwball ideas from these agencies are tried and when they fail, the people pay with the loss of our tax dollars.

      I would really like to know just what part of the Constitution of the United States gives the executive branch the authority to play venture capitalist with our tax dollars.

      This whole scheme is nothing more than an excuse to enrich the Demorats who will contribute big bucks to the party from their loans/gifts of our tax dollars.

    2. rightknight on February 26th, 2012 10:42 pm

      Buying votes with our tax dollars (and/or debt
      forwarded to our grandchildren) is great sport
      practiced by the Executive Branch. It is not at
      all legal, but, if it remains unchallenged, it may
      as well be legal, NO?

    3. brie. on February 27th, 2012 11:18 am

      Born a Muslim, lived as a Muslim, schooled as a Muslim, attended Rev. Wrights church and lived under his preaching, damn you America for over 25 yrs. He’s full of hatred and evilness. Denies our Constitution. Steals from taxpayers. How many acts of being a criminal has he performed?

    4. brie. on February 29th, 2012 9:52 am

      Obama is a living nightmare and he gets away with defying our Constitution. Born a Muslim, lived as a Muslim, schooled as a Muslim, followed Rev Wright’s, damn you American’s for over 25 yrs. He steals from the taxpayers, runs our country into the ground. Hate and evil. There are probably many criminal acts he has performed. Sealed all documents that could prove he is Barry Soetoro.

    5. brie. on February 29th, 2012 9:54 am

      33&4…sorry for some of the duplicates…

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