Green Company Gets $390 Million In Government Subsidies Then Lays Off 125 While Giving Raises To Top Execs

Another Department of Energy Debacle? Taxpayers, you should be proud of Obama's  inept appointee, Steven Chu; this time your loss is only a quarter of a billion dollars.  Makes you feel all warm and fuzzy, doesn't it?

Wake Up America! 

Your hard earned tax dollars are like dust in the wind with that bungling bunch of idiots.

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.

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, according to the Mackinac Center.

"[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."

This month has seen significant pay boosts for other A123 executives, as well:

Robert Johnson, vice president of the energy solutions group, got a 20.7 percent pay increase going from $331,250 to $400,000, while Jason Forcier, vice president of the automotive solutions group, saw his pay increase from $331,250 to $350,000. Prystash’s raise was 8.5 percent, going from $350,000 to $380,000.

"It looks like they are trying to pad their top people’s wallets in case something really bad happens," Paul Chesser, associate fellow for the National Legal & Policy Center, suggested.

Washington Examiner

America's Per Capita Debt Worse Than Greece (Graph)

Think America Can't Burn Like Greece? Think Again!

 

 

Under Obama's Plan, Gross Federal Debt Alone Soars to $75,000 Per Capita in 2022

Obama Administration Invested Billions in Companies Supported by Energy Department Insiders

 If you think the incestuous glad handing within the Obama clique at the DOE ended with the exposure of Solyndra, think again. This time, Barry O's cronies - or friends of cronies - are set to receive another 4 BILLION DOLLARS of your taxpayer money for their pet projects. 

If it looks like a rat, and smells like a rat..it IS a rat.

Wake Up America!

Following on the Solyndra controversy, the Department of Energy under President Barack Obama is now accused of funneling billions of dollars in funding to companies that have connections within the department.

An investigation by The Washington Post found that the Energy Department has approved nearly $4 billion in federal grants and financing to 21 companies supported by firms with connections to five Obama administration staffers and advisers.

Of this amount, $2.46 billion flowed to nine businesses that have ties to VantagePoint Venture Partners, a venture capital firm where Sanjay Wagle, an Energy Department adviser, worked before coming to Washington.

The other four officials identified by the Post include Assistant Secretary David Sandalow, who previously worked for Good Energies, a company that received $737 million from the Energy Department; and Steve Westly, a longtime Silicon Valley entrepreneur and now a member of Energy Secretary Steven Chu’s advisory board. The Westly Group took in $600 million in federal financing.

The Obama administration says that the Energy Department employees and advisers took no part in grant-making decisions, which would mean that these business windfalls were just happy coincidences.

AllGov

Former US Comptroller General David Walker: US Will Look Like Greece in 2 Years

In two years, the U.S. economy will resemble that of Greece when the debt crisis began there, says David M. Walker, former U.S. Comptroller General and current CEO of the Comeback America Initiative.

The United States has never carried so much debt as it does today ever save during World War II, when such hefty borrowing and spending was needed to halt a devastatingly widespread war.

The United States, Walker tells the Worcester Economic Club, ranks 28th out of 34 countries in terms of fiscal responsibility, with the debt-heavy Greece coming in at last place.

"We’re about two years away from where Greece was when it had its debt crisis," Walker says, according to the Worcester Telegram & Gazette.

"The fact of the matter is government is not the engine of growth, innovation and job creation," Walker says, adding "spending is a bipartisan problem" that has gotten out of control in the last decade.

While federal spending was 2 percent of the gross domestic product in 1800, it hit 23.8 percent in 2011 and is on track to hit 36.8 by 2040, according to Walker.

Furthermore the U.S. spends double per person what other industrialized nations do on healthcare and education, while military spending should not be immune to budget cuts either.

"We can, we must and we will reduce defense spending," Walkers says.

President Barack Obama sent a $3.8 trillion budget proposal to Congress recently, and Republicans have pointed out that while the president is quick to hike taxes on the wealthy, he's not so quick to cut spending, which the country really needs.

"Instead of leading the effort to bring down our debt and make tough choices, the president is proposing that we spend more and more," says Rep. Cathy McMorris Rodgers, a Republican from Washington state, according to CNN.

"All his wasteful spending puts us deeper in debt to China. All his tax hikes would destroy jobs and make it tougher to compete with China."

Money News

Cop Tasers Handcuffed Girl in Back. She is Now Brain Dead (Video)

We have posted about this type of police abuse in the past and will continue to do so until it comes to an end. When are the citizens of this country going to rise up against the repeated assaults against those that the police have sworn to "serve and protect"? The only ones these goons serve are themselves and the only thing being protected are their own asses.

Wake Up America!

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Ron Paul: US Slipping Into a Fascist System Dominated By Big Government and Big Businesses

Kansas City: Republican presidential candidate Ron Paul says the US is "slipping into a fascist system" dominated by big government and big businesses.

The Texas congressman held a fiery rally on Saturday night across the street from a World War I Memorial, upstaging simultaneous Republican Party banquets being held on both sides of the nearby Missouri and Kansas line.

Paul said the US got off track during the era of president Woodrow Wilson, who led the nation through World War I and unsuccessfully advocated for the nation's involvement in a forerunner of the United Nations.

 Although campaign aides were aware, Paul told reporters after his speech that he did not know his rally was coinciding with long-established Republican Party events.  

ZeeNews.com

Attention US Taxpayers. You ARE Funding Overseas Mosques and Internet Access For Muslims. Surprised? You Shouldn't Be (Video)

The US State Department is giving away HUNDREDS OF MILLIONS OF YOUR TAX DOLLARS every year to pacify Arab Muslims overseas. We're broke and they are sending OUR money to support Muslim regimes.

We The People CAN demand an end to this abomination .

Wake Up America!