Green Company Gets $390 Million In Government Subsidies, Lays Off 125

by Evil 1 Posted 2012/02/25 14:08:44

Related Topics: Stimulus, Car, Vice President, America, Electric Car, Clean, Electric, Employees, Laid Off, Government

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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.

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.

Doug King 2012/02/25 14:13:00

+5
Wait! When you throw a crapload of taxpayer money at a project, they are supposed to add jobs. Unless it was a STUPID idea!
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darcie lamar 2012/02/25 15:33:45

+2
I have read about many of the companies that received stimulus money have gone bankrupt. It's interesting that they are Obama supporters.
Just another devious plan by Obama and his thugs.
http://exposethemedia.com/201...

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Mike 2012/02/25 15:09:00

+3
Obama and his well thought out plans gives away American tax payer money as though he was witting personal checks

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Andrew 2012/02/25 14:27:01

+4
Could it be that there was a "quid pro quo" and this is how donors are paid off? Donate to this Administration and we'll see to it that your company gets the subsidies it "needs" and then you can pay yourself back by using that for executive pay increases?! This is more "crony capitalism" and if you can't see that, take of the blinders!

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Doug King 2012/02/25 14:13:00

+5
Wait! When you throw a crapload of taxpayer money at a project, they are supposed to add jobs. Unless it was a STUPID idea!

reply