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Monday, February 27, 2012

Another Stimulus Story: -125 Workers & $172 Million in Losses

The latest taxpayer-funded clean energy debacle–A123 Systems, an electric car battery company–” has laid off 125 employees and had a net loss of $172 million through the first three quarters of 2011,” reports the Mackinac Center for Public Policy.

Now, the clean energy battery maker that received $390.1 million in federal and state subsidies has slashed jobs and posted massive losses.
But that hasn’t stopped A123 Systems’s top brass from giving themselves raises:
This month A123’s Compensation Committee approved a $30,000 raise for [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.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.
The raises were reported by the company in its filings with the U.S. Securities and Exchange Commission. (Full story)

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