The Conservative Cave
Current Events => Politics => Topic started by: MrsSmith on February 25, 2012, 08:09:12 AM
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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!
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Maybe they call them "Green" businesses because they're busy burning greenbacks.