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Author	Topic: Taxpayers’ Green ‘Investment’ in Battery Company Withers	Post a Reply Back to Topics

dhdiesel Veteran Author Riverside Posts:400 Points:44,800 Joined:Feb 2012	Message Posted: Apr 4, 2012 11:30:33 PM Ignore dhdiesel Report Abuse Massachusetts-based A123 received more than $279 million in grants from the Department of Energy.. The company laid off 125 factory workers in November, lost $257.7 million in 2011.. The class action complaint accuses A123 executives, including President David Vieau, of a failure to disclose “severe manufacturing deficiencies” that led to the delivery of the faulty batteries.. A123 executives gave more than $19,000 to key Democrats ahead of their stimulus-funded DOE grant.. The process of picking winners and losers only invites [the] appearance of cronyism at best and outright corruption at worst. Let private investors who can best afford to take the risks decide which corporate management and technological innovation holds the most promise. Visit NLPC for full article

dhdiesel

Veteran Author
Riverside

Posts:400
Points:44,800
Joined:Feb 2012

Message Posted: Apr 4, 2012 11:30:33 PM

Ignore dhdiesel Report Abuse

Massachusetts-based A123 received more than $279 million in grants from the Department of Energy..

The company laid off 125 factory workers in November, lost $257.7 million in 2011..

The class action complaint accuses A123 executives, including President David Vieau, of a failure to disclose “severe manufacturing deficiencies” that led to the delivery of the faulty batteries..

A123 executives gave more than $19,000 to key Democrats ahead of their stimulus-funded DOE grant..

The process of picking winners and losers only invites [the] appearance of cronyism at best and outright corruption at worst. Let private investors who can best afford to take the risks decide which corporate management and technological innovation holds the most promise.
Visit NLPC for full article

REPLIES (newest first)Ignore Short Messages

52MPG Champion Author Dayton Posts:7,253 Points:1,740,650 Joined:Apr 2006	Message Posted: Apr 6, 2012 12:14:05 AM Ignore 52MPG Report Abuse One more indication that centralized planing is not what it cracked up to be.
bar1035 Champion Author Charlotte Posts:9,142 Points:1,296,270 Joined:Aug 2006	Message Posted: Apr 5, 2012 10:08:43 AM Ignore bar1035 Report Abuse "Would taxpayers have received a windfall if all the “green” energy companies were home runs? Of course they wouldn’t."
gandalfthegrey1 Champion Author Houston Posts:1,184 Points:384,785 Joined:Feb 2011	Message Posted: Apr 5, 2012 7:08:40 AM Ignore gandalfthegrey1 Report Abuse As Oliver Hardy used to say, "Here's another fine mess you got me into." How many times do things like this have to happen for people to figure out the problem is in the White House?
DellDude2 Champion Author Nashville Posts:9,401 Points:2,120,785 Joined:Aug 2005	Message Posted: Apr 5, 2012 6:36:03 AM Ignore DellDude2 Report Abuse Maybe if I tape a solar panel on my car's roof I can get some quick govt. cash pretending to be doing research on reducing carbon emissions. lol
HYEgasCA Champion Author Fresno Posts:2,111 Points:909,250 Joined:Dec 2008	Message Posted: Apr 5, 2012 1:45:44 AM Ignore HYEgasCA Report Abuse I knew they would be bad, but I never though they would be this bad under Obama.
HYEgasCA Champion Author Fresno Posts:2,111 Points:909,250 Joined:Dec 2008	Message Posted: Apr 5, 2012 1:40:27 AM Ignore HYEgasCA Report Abuse AS the left always says....GREED!!
dhdiesel Veteran Author Riverside Posts:400 Points:44,800 Joined:Feb 2012	Message Posted: Apr 5, 2012 12:52:10 AM Ignore dhdiesel Report Abuse Yeah and a major Fisker [electric car maker involved with A123] investor Kleiner Perkins Caufield Byers, a Silicon Valley venture capital firm, has donated $2.6 million to candidates and political action committees, favoring Democrats over Republicans by a very wide margin. Fisker is being investigated by the SEC too... It just gets uglier the A123 executives gave themselves a pay raise when things began to unravel [Edited by: dhdiesel at 4/5/2012 12:56:16 AM EST]
Jeff4U Champion Author Atlanta Posts:8,744 Points:1,851,170 Joined:Nov 2004	Message Posted: Apr 5, 2012 12:36:33 AM Ignore Jeff4U Report Abuse Right, they are not on the hook, just the taxpayers as usual. So it's better, not as big a loss if only the taxpayers are screwed, right? I won't even begin to mention the crony tactics and sleasy deals made by A124 execs, bribing the Democrats in order to get the deal. [Edited by: Jeff4U at 4/5/2012 12:40:39 AM EST]
JohnofGB Champion Author Flint Posts:5,416 Points:1,095,220 Joined:Feb 2010	Message Posted: Apr 5, 2012 12:36:04 AM Ignore JohnofGB Report Abuse Again?????? Another Obama "green play" that is going under and costing taxpayers a ton of dollars. Obama needs to be a one term president along with his Energy Sec Chu.
dhdiesel Veteran Author Riverside Posts:400 Points:44,800 Joined:Feb 2012	Message Posted: Apr 5, 2012 12:30:24 AM Ignore dhdiesel Report Abuse Wrong, Jeff4U. I was pointing out that they aren't even on the hook to pay back the taxpayers as they would be with a loan. [Edited by: dhdiesel at 4/5/2012 12:33:31 AM EST]
Jeff4U Champion Author Atlanta Posts:8,744 Points:1,851,170 Joined:Nov 2004	Message Posted: Apr 5, 2012 12:28:08 AM Ignore Jeff4U Report Abuse dhdiesel, is that your nice liberal way to pretend that taxpayer money wasn't wasted, because it was called a grant? Wake up dude ... the money went up in flames, regardless of what title was given - grant or loan.
wrunner Champion Author Virginia Posts:4,435 Points:1,135,385 Joined:Dec 2009	Message Posted: Apr 5, 2012 12:23:41 AM Ignore wrunner Report Abuse Taxpayers were battered by the battery company who did a 123 on the DOE grant and it was DOA.
Jeff4U Champion Author Atlanta Posts:8,744 Points:1,851,170 Joined:Nov 2004	Message Posted: Apr 5, 2012 12:21:59 AM Ignore Jeff4U Report Abuse Another green one bites the dust ... again, and again.
dhdiesel Veteran Author Riverside Posts:400 Points:44,800 Joined:Feb 2012	Message Posted: Apr 5, 2012 12:15:08 AM Ignore dhdiesel Report Abuse By the way, a "grant" is not a loan. A govt grant does not have to be paid back. If you or I received free money, we'd be slapped with a gift tax...
TableTalk Champion Author Virginia Posts:1,184 Points:557,200 Joined:Nov 2008	Message Posted: Apr 5, 2012 12:12:22 AM Ignore TableTalk Report Abuse Crony capitalism at it's finest. Time to vote the democrats and the RINO republicans out and replace them with ordinary citizens who are smart enough to know that you balance a budget by not spending more than you take in. If you can't afford it, you don't spend it.
LanguageMan1 Champion Author Tampa Posts:11,712 Points:1,659,840 Joined:Apr 2008	Message Posted: Apr 5, 2012 12:08:27 AM Ignore LanguageMan1 Report Abuse Government is good at wasting money, as well as politicians, and Democrats more so, but both sides do.
el_fr Champion Author Massachusetts Posts:3,327 Points:743,500 Joined:Apr 2011	Message Posted: Apr 5, 2012 12:06:43 AM Ignore el_fr Report Abuse Why does the government keep wasting our money?
NedW Champion Author Indianapolis Posts:5,609 Points:1,141,270 Joined:Mar 2008	Message Posted: Apr 4, 2012 11:59:32 PM Ignore NedW Report Abuse Oh, the promises.
Pozole Champion Author Portland Posts:9,590 Points:1,593,545 Joined:Mar 2005	Message Posted: Apr 4, 2012 11:40:29 PM Ignore Pozole Report Abuse ...every day another one bites the dust...
davenles Champion Author Texas Posts:3,191 Points:716,935 Joined:May 2011	Message Posted: Apr 4, 2012 11:35:28 PM Ignore davenles Report Abuse No surprise.