Michellemaklin.com 02/25/12 Doug Powers
“The ‘Taxpayer Subsidized Clean Energy Company Losing Money and Laying Off Workers While Execs Get Raises’ Story of the day”
In 2010, Michigan Governor/Obama economic advisor Jennifer Granholm called A123 Systems a Recovery Act success story (the key to being able to proclaim anything an unqualified “success story” is to do so before it’s had time to fail). The company and the government predicted that 3,000 more jobs would be added as clean tech reached critical mass.
In the nine months since David Prystash was named Chief Financial Officer of A123 Systems — the battery manufacturer that received $390.1 million in federal and state subsidies — the company has laid off 125 employees and had a net loss of $172 million through the first three quarters of 2011.
Yet, this month A123’s Compensation Committee approved a $30,000 raise for 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.
Prystash wasn’t the only executive to see a big raise this month. 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.
Senator Debbie Stabenow visited an A123 factory in Michigan and announced that she would be seeking $2 billion more in taxpayer dollars for “battery research”
Common Sense Review
Any article that references Jennifer Granholm and Debbie Stabenow, you know that fraud will come out. Granholm’s proclamation that Michigan was going to be the “Green” state basically put a target on our back for failure.
Granholm/Stabenow’s governmental theory is “if we can get a Federal Govt grant, the economy will grow”.
Man, did they get their leadership skills from a Cracker Jack box?
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