Green energy company given federal stimulus funds lays off 125 workers, gives pay raise to executives

Green energy company given federal stimulus funds lays off 125 workers, gives pay raise to executives

 

Published February 26, 2012 | FoxNews.com

 

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.”

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Welcome! It is an honor to have a moment of your day. We are in favor of all forms of energy. We care about the future of this great Nation and seek to expose the corruption behind the Kemper County CO2 capturing experimental Lignite coal Demonstration unit. Our Chief complaint is that the rate payers pay for it in their electric bills. The CO2 capturing does not produce electricity so therefore serves no purpose for the ratepayers. It is a money scam for Mississippi power and Southern Company. Mississippi is first in following the (United Nation's Agenda 21) Kyoto Protocols for the regulation of carbon dioxide, a gas we breathe out of our lungs, by forcing the people to pay for it through energy bills and taxes. Through the process of investigating the Kemper County Coal Plant issue, we feel criminal acts have been committed and that soon FCC violations will be added to the offenses. People are being lied to, deceived, or misled and therefore are fully cooperating with this Lignite experiment. "This blog or any content may contain copyrighted material. Such material is made available for educational purposes, to advance understanding of political pathways, Constitutional infringements, democracy, science, and other issues. This constitutes a 'fair use' of any such copyrighted material as provided for in Title 17 U.S.C. section 107 of the US Copyright Law. This material is compiled and distributed without profit. This blog does not always agree with certain personal views or agendas of the published authors, but we will overlook such views many times in order to present facts, conclusions, and connections for knowledge or clarification. We hope you gain from this critical subject matter of the article/op-ed."

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