When the capitalists raise prices for no good reason you you got excuses?
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.
"[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.
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.
Maybe, just maybe, some believe the govt isn't that great at operating with efficiency, idk
Green Company Gets $390M Subsidies, Lays Off 125
Could this $$$ have been better allocated?
Maybe, just maybe, some believe the govt isn't that great at operating with efficiency, idk
Green Company Gets $390M Subsidies, Lays Off 125
Could this $$$ have been better allocated?
The government is handing the private sector money only...this is just a grant, not the government running the business. Yet the government gets blamed if a private sector fails afterwards.
There is a simple solution to the energy crisis. Live next to your job, if you can or take public transportation.
But we can't continue to confiscate wealth from the productive class and squandering it on failed business practices.
I could agree with this statement, but there are two undefined terms.
Could you define "Productive Class" ? ? ?
And, could you define "Failed Business Practices." ? ? ?
Could you define "Productive Class" ? ? ?
I'm sorry, what does this have to do with why some are disappointed with higher taxes?
Did you mean to put this in another thread or something?
Read the thread topic...again!
your point?
Selective Recollection
Here I go, sticking my mine into someone else's business.
The way I read it though;
T.O.'s position is: Why Is It that You Pitch A Bitch When So Called Government Has [or raises] Taxes[,] But[,] [w]hen the capitalists raise prices for no good reason you got excuses?.If I am wrong (and I most certainly might be ..... LOL) then, maybe you guys can restate to the real issue.
Lamar counters: with examples where the government is spending needlessly [though, some of the examples of out-of-control spending are old and misleading]
T.O. then opines that when (A) Obama Seeks to End Subsidies for Oil and Gas Companies - - Lamar and others cry foul; but say nothing, for example, when (B) $5 a Gallon Gas on Way, Ex-Big Oil Exec Says - which I believe he is saying is an example of silence in the face big oil/capitalist taking advantage.
Here I go, sticking my mine into someone else's business.
The way I read it though;
T.O.'s position is: Why Is It that You Pitch A Bitch When So Called Government Has [or raises] Taxes[,] But[,] [w]hen the capitalists raise prices for no good reason you got excuses?.
Lamar counters: with examples where the government is spending needlessly [though, some of the examples of out-of-control spending are old and misleading]
T.O. then opines that when (A) Obama Seeks to End Subsidies for Oil and Gas Companies - - Lamar and others cry foul; but say nothing, for example, when (B) $5 a Gallon Gas on Way, Ex-Big Oil Exec Says - which I believe he is saying is an example of silence in the face big oil/capitalist taking advantage.
If I am wrong (and I most certainly might be ..... LOL) then, maybe you guys can restate to the real issue.
thought1 indicates that prices are going up for no good reason, and its simply not true. I've stated many times that prices rise due to the inflation of the money supply, it take a little time for the newly created money to move through the system, after that, the prices adjust to the total amount of money in circulation.
However, when a barrel of oil is priced in gold, the price of oil is falling! Thought1 can't explain that one, but then again, if he tried, he'd learn that I'm right!
ligament economist!
Ron Paul ands his type are heavily vested in gold, so why wouldn't they argue for the collapse of the current US dollar based system.
Ligament?
Gold is an instrument of wealth!
You can have your dollar debt-based note, we'd like competing currencies! Freedom is popular, even with currencies.
Green Firms Get Fed Cash, Give Execs Bonuses, Fail
President Obama's Department of Energy helped finance several green energy companies that later fell into bankruptcy -- but not before the firms doled out six-figure bonuses and payouts to top executives, a Center for Public Integrity and ABC News investigation found.
Take, for instance, Beacon Power Corp., the second recipient of an Energy Department loan guarantee in 2009. In March 2010, the Massachusetts energy storage company paid cash bonuses of $259,285 to three executives in part due to progress made on the $43 million energy loan, Securities and Exchange Commission records show. Last October, Beacon Power filed for Chapter 11 bankruptcy.
EnerDel, maker of lithium-ion battery systems, landed a $118.5 million energy grant in August 2009. About one-and-a-half years later, Vice President Joe Biden toured a company plant in Indiana and heralded its taxpayer-supported expansion as one of the "100 Recovery Act Projects That Are Changing America."
Two months after Biden's visit, EnerDel corporate parent Ener1 paid $725,000 in bonuses to three executives --including $450,000 to then-CEO Charles Gassenheimer, who led Biden on the tour. This January, Ener1 filed for Chapter 11 bankruptcy protection.
At least two other firms that benefited from Energy Department funding -- one a $500,000 grant, the other a $535 million loan guarantee -- handed out hefty payouts to executives and later went bankrupt.
The Department of Energy, asked about the payments examined by the Center and ABC, said it is troubled by the practice and intends to convey that message to loan recipients.
"We don't begrudge companies or their executives for their success, but it is irresponsible for executives to be awarded bonus compensation when their workers are losing their jobs," said department spokeswoman Jen Stutsman. "We take our role as stewards of taxpayer dollars very seriously, and as such, we will make clear to loan recipients our view that funds should not be directed toward executive bonuses when the rest of the company is facing financial difficulty."
The bonuses and bankruptcies come against a growing wave of trouble for companies financed with Energy Department dollars. Of the first 12 loan guarantees the department announced, for instance, two firms filed for bankruptcy, a third has faced layoffs and a fourth deal never closed.
The nonprofit Citizens Against Government Waste counts nearly 20 energy companies that have gotten federal loan guarantees or grants that have run into financial trouble ranging from layoffs to losses to bankruptcies. An outside consultant hired by the White House said the Energy Department's loan pool includes $2.7 billion in potentially risky loans and suggests the agency hire a "chief risk officer" to help minimize problems.
To watchdogs, the pattern of firms awarding bonuses only to file for bankruptcy raises questions about how well the Energy Department chose its winners, and how thoroughly it kept an eye on them once selected.
"Giving a bonus to the executives under these circumstances is rewarding failure with our money with no chance of getting it back," said Leslie Paige, spokeswoman for the nonpartisan Citizens Against Government Waste.
"Taxpayers need some representation here. They didn't really get it."
The setbacks have sharpened the focus on the president's environmental mission, already under scrutiny following the collapse of Solyndra Inc., the first recipient of an Obama green energy loan.
Solyndra, bankruptcy records show, was among the companies doling out thousands in executive payments -- in its case, just months prior to its late August collapse and early September bankruptcy. As a criminal investigation and House inquiry continue into the company's implosion, the government must navigate bankruptcy proceedings in hopes of recovering a piece of its $535 million investment.
In interviews, executives with companies backed by public dollars defended the payments as proper. Some said bonuses were granted for work done in a previous year, before financial storm clouds had fully developed, and that the executive cash infusions were sometimes linked to broad corporate milestones.
One company executive said the Energy Department explicitly allows for federal funds to be used to pay out executive bonuses.
DOE does not set salaries and benefits of companies it backs, "but we do closely scrutinize all of the expenses submitted by the companies before they are reimbursed to ensure that taxpayer dollars are being used appropriately," said spokeswoman Stutsman. "Funds are paid out as the work is actually completed."
Secretary Steven Chu declined an interview request. The department has long defended the green energy movement as a way for government to help spur development of cutting-edge products that aid the environment and economy. Sometimes, they say, investments in potential game-changing technologies simply don't work. The potential default rate, they say, is within the parameters set by Congress.
Yet some members of Congress -- already concerned about lucrative paydays at bankrupt Solyndra -- say they're particularly troubled that failed companies backed by Energy Department funds would pay bonuses at all.
"Any company that's going into bankruptcy or any executive that ran a company into bankruptcy shouldn't be getting bonuses in the first place," said Sen. Charles Grassley, R-Iowa, former chairman of the Senate Finance Committee. "In the case where there might be federal grants or federal loans, I would be very concerned."
You never answered; who is this "Productive Class"?