Green company gets $390M subsidies, lays off 125

[MrsSmith]

http://campaign2012.washingtonexaminer.com/blogs/beltway-confidential/green-company-gets-390m-subsidies-lays-125/394051

Green company gets $390M subsidies, lays off 125 (employees)

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...


A123’s Compensation Committee approved a $30,000 raise for [Chief Financial Officer David] Prystash...

Robert Johnson, vice president of the energy solutions group, got a 20.7 percent pay increase...

Jason Forcier, vice president of the automotive solutions group, saw his pay increase from $331,250 to $350,000...

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

Moral lesson:  Start a Green Company and get wealthy on the backs of taxpayers without ever providing any valuable service or employment.  This is the left in action!

[JohnnyReb]

Maybe they call them "Green" businesses because they're busy burning greenbacks.