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GasBuddy News Article

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Taxpayers’ Green ‘Investment’ in Battery Company Withers

NLPC -- 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.


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Submitted Apr 04, 2012 By: dhdiesel
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Taxpayers’ Green ‘Investment’ in Battery Company Withers Back to Topics
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52MPG
Champion Author Dayton

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Message Posted: Apr 5, 2012 9:14:05 PM

One more indication that centralized planing is not what it cracked up to be.
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bar1035
Champion Author Charlotte

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Message Posted: Apr 5, 2012 7:08:43 AM

"Would taxpayers have received a windfall if all the “green” energy companies were home runs? Of course they wouldn’t."

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gandalfthegrey1
Champion Author Houston

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Message Posted: Apr 5, 2012 4:08:40 AM

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?
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DellDude2
Champion Author Nashville

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Message Posted: Apr 5, 2012 3:36:03 AM

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
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HYEgasCA
Champion Author Fresno

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Message Posted: Apr 4, 2012 10:45:44 PM

I knew they would be bad, but I never though they would be this bad under Obama.

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HYEgasCA
Champion Author Fresno

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Message Posted: Apr 4, 2012 10:40:27 PM

AS the left always says....GREED!!
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dhdiesel
Veteran Author Riverside

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Message Posted: Apr 4, 2012 9:52:10 PM

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]
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Jeff4U
Champion Author Atlanta

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Message Posted: Apr 4, 2012 9:36:33 PM

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]
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JohnofGB
Champion Author Flint

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Message Posted: Apr 4, 2012 9:36:04 PM

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.
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dhdiesel
Veteran Author Riverside

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Message Posted: Apr 4, 2012 9:30:24 PM

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]
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Jeff4U
Champion Author Atlanta

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Message Posted: Apr 4, 2012 9:28:08 PM

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.
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wrunner
Champion Author Virginia

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Message Posted: Apr 4, 2012 9:23:41 PM

Taxpayers were battered by the battery company who did a 123 on the DOE grant and it was DOA.
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Jeff4U
Champion Author Atlanta

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Message Posted: Apr 4, 2012 9:21:59 PM

Another green one bites the dust ... again, and again.
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dhdiesel
Veteran Author Riverside

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Message Posted: Apr 4, 2012 9:15:08 PM

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...
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TableTalk
Champion Author Virginia

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Message Posted: Apr 4, 2012 9:12:22 PM

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.
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LanguageMan1
Champion Author Tampa

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Message Posted: Apr 4, 2012 9:08:27 PM

Government is good at wasting money, as well as politicians, and Democrats more so, but both sides do.
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el_fr
Champion Author Massachusetts

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Message Posted: Apr 4, 2012 9:06:43 PM

Why does the government keep wasting our money?
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NedW
Champion Author Indianapolis

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Message Posted: Apr 4, 2012 8:59:32 PM

Oh, the promises.
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Pozole
Champion Author Portland

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Message Posted: Apr 4, 2012 8:40:29 PM

...every day another one bites the dust...
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davenles
Champion Author Texas

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Message Posted: Apr 4, 2012 8:35:28 PM

No surprise.
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