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VinBucFan

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« : October 30, 2012, 06:24:47 PM »



Battery maker A123 Systems vowed thousands of new jobs when it received a nearly quarter-billion-dollar stimulus grant in late 2009, but federal job-tracking figures show only a few hundred positions were created before the company joined a growing list of federally backed energy businesses that ended in bankruptcy.
 
The latest quarterly report on file with a federal stimulus tracking database shows just seven positions created through the grant from April to June this year. Previous quarters’ job reports contained anywhere from a handful of positions created to more than 100 new jobs.
 
But even when the quarterly reports are combined, a total of 408 new positions were reported under the stimulus program since 2009, amounting to more than $300,000 spent for each new job reported.
 
“A123 has been struggling for some time. Was the company struggling when the Energy Department decided to award it a federal grant? Did the Energy Department perform enough due diligence before making this award?” Republican Sens. Chuck Grassley of Iowa and John Thune of South Dakota said when they recently pressed Energy Department officials to explain the selection process.
 
The company’s bankruptcy has spawned renewed scrutiny on the Energy Department after it backed several other businesses now involved in high-profile bankruptcies, including Solyndra LLC, the California-based solar panel manufacturer that went broke after burning through a half-billion dollars in federal money.
 
Energy Department officials say the job creation numbers are misleading, noting that the jobs verified by The Washington Times through the government database don’t include many other positions that were created but not reported on the federal Recovery.gov tracking website.
 
“Recovery.gov reflects a small portion of the total employees working on our projects — serving as a quarterly snapshot of only those workers paid directly with Energy Department funds,” department spokeswoman Jen Stutsman wrote in an email.
 
“A123’s manufacturing facilities are employing hundreds of workers on site in Michigan — plus workers up and down the supply chain — building advanced batteries here in the U.S.”
 
The Massachusetts-based battery maker received a $249 million grant in December 2009 through President Obama’s stimulus program, of which the company received about $129 million before it went bankrupt this month. Like all other recipients of stimulus loans or grants, A123 Systems was required to report job creation statistics to Recovery.gov.
 
Officials also say the grant was used for manufacturing equipment, so the jobs reported included workers responsible for installing the factory equipment, but not those who would later use that equipment during the assembly process.
 
The company declined to discuss how it reported jobs through the stimulus program.
 
The last quarterly report on file, from March to June 2012, lists seven jobs created, but it also hinted at other challenges, with the company acknowledging “operational challenges and quality assurance issues.”
 
In a quarterly report released months earlier, the company cited a weakening market and other factors for “negatively impacted” production levels.
 
The language contained in the stimulus reports stands in sharp contrast to the optimistic talk of company officials less than two years earlier.
 
“Over the next several years, we expect to create thousands of jobs in Greater Detroit and plan to continue our expansion in the area as we do our part in helping the U.S. emerge as a global leader in the production of advanced lithium ion batteries,” company President David Vieau said after the company opened a factory in Livonia, Mich., in the fall of 2010



http://www.washingtontimes.com/news/2012/oct/29/hiring-stats-elusive-in-latest-energy-failure/


Dolorous Jason

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« #1 : October 30, 2012, 07:22:39 PM »




 
But even when the quarterly reports are combined, a total of 408 new positions were reported under the stimulus program since 2009, amounting to more than $300,000 spent for each new job reported.
 


LOL , typical returns for the government....

What is your point? I was wrong? Ok. You win. I was wrong.

           

VinBucFan

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« #2 : October 30, 2012, 07:28:46 PM »

Can you imagine a private sector small business saying that it needs $300,000 in additional capital to hire 1 employee?

Ironic that the depth of our economic woes are attributable, in part, to government providing money to people who would not otherwise qualify for loans.  Of course, the "solution" is to do the same thing ....Only that much more ironic that the government CHOSE to allocate such substantial sums to companies aligned with the President's and his party's idyllic view of what the world should be.  Wonder where Al Gore is?
« : October 30, 2012, 07:31:42 PM VinBucFan »

John Galt?

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« #3 : November 01, 2012, 03:10:05 PM »

Capitalism vs Socialism:

In a Capitalist system, investors would look at the probability of success, the management's previous track record, and its proposed use of capital before investing in such a venture. Most investors would say "no, way too risky" and the company would be lucky to raise $2.5 million.

In a Socialist system, the "leaders" look at how the company fits in or addresses the Govts. agendas and how investing in this company can promote public policies. $250 million for some temporary propaganda is no problem, after all it's not their money.


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« #4 : November 01, 2012, 07:36:06 PM »

Good Jesus JG, you are correct and the sad part, both parties do  it to us and like shepp, we comply. Some day, hopefully soon, we Americans will figure out it's really not Bush, Obama or Romney that's to blame, it's the theives in congress we keep re-electing. It's legal larceny. The president's are just the Lee Harvey Oswald fall guys who the dumb Americans can focus on and blame while the Congress is in the back room cutting up the nights take.

                \'Every day above ground is a good day\'

GoldsonAges

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« #5 : November 11, 2012, 10:09:58 PM »

The problem here is that people are assuming the company wanted to succeed. With that kind of grant money, there isn't much incentive to succeed. They already hit the $249 million stimulus lottery. It will be much more profitable to go bankrupt, start a new company, and use your insider connections to get another grant. Granted, they did a bad job of it, because they only got $129m of the $249 million they could have if they had if they had kept it going for awhile longer. Oh well. As they say another day, another grant.

Why work for the money when the government is going to give it to you? If they are astute businessmen, they pocketed a great deal of that cash.

Mike Glennon
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CBWx2

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« #6 : November 12, 2012, 01:58:47 AM »

Aren't you too good for the Cove, Vinny?


VinBucFan

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« #7 : November 12, 2012, 03:37:59 PM »

weak sauce ^^^^  pretty scary how much I am in your head CBW.  May be the only thing of value up there though :-)

VinBucFan

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« #8 : November 12, 2012, 05:28:20 PM »

Vin you are such a tool man.

another dope with Vin on the brain. and I do mean dope . .

Chief Joseph

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« #9 : November 14, 2012, 06:18:33 PM »


"Weak sauce" and "I am in your head" in the same post. Now there's some irony.

Illuminator is a good poster. He sticks to his guns and makes good points. Some don\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\'t like that.

Mr. Milich

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« #10 : November 14, 2012, 06:27:58 PM »

Capitalism vs Socialism:

In a Capitalist system, investors would look at the probability of success, the management's previous track record, and its proposed use of capital before investing in such a venture. Most investors would say "no, way too risky" and the company would be lucky to raise $2.5 million.

In a Socialist system, the "leaders" look at how the company fits in or addresses the Govts. agendas and how investing in this company can promote public policies. $250 million for some temporary propaganda is no problem, after all it's not their money.

Too bad all that capitalist bravado got thrown out the window when I was asking the very same questions about Voter ID.

VinBucFan

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« #11 : November 15, 2012, 01:25:06 PM »

Capitalism vs Socialism:

In a Capitalist system, investors would look at the probability of success, the management's previous track record, and its proposed use of capital before investing in such a venture. Most investors would say "no, way too risky" and the company would be lucky to raise $2.5 million.

In a Socialist system, the "leaders" look at how the company fits in or addresses the Govts. agendas and how investing in this company can promote public policies. $250 million for some temporary propaganda is no problem, after all it's not their money.

Too bad all that capitalist bravado got thrown out the window when I was asking the very same questions about Voter ID.

apple to dump truck

CBWx2

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« #12 : November 16, 2012, 05:54:42 PM »

Capitalism vs Socialism:

In a Capitalist system, investors would look at the probability of success, the management's previous track record, and its proposed use of capital before investing in such a venture. Most investors would say "no, way too risky" and the company would be lucky to raise $2.5 million.

In a Socialist system, the "leaders" look at how the company fits in or addresses the Govts. agendas and how investing in this company can promote public policies. $250 million for some temporary propaganda is no problem, after all it's not their money.

Too bad all that capitalist bravado got thrown out the window when I was asking the very same questions about Voter ID.

apple to dump truck

It isn't, actually. It's pretty much spot on for those without a clear case of double-standardness.


VinBucFan

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« #13 : November 17, 2012, 09:59:43 AM »

Capitalism vs Socialism:

In a Capitalist system, investors would look at the probability of success, the management's previous track record, and its proposed use of capital before investing in such a venture. Most investors would say "no, way too risky" and the company would be lucky to raise $2.5 million.

In a Socialist system, the "leaders" look at how the company fits in or addresses the Govts. agendas and how investing in this company can promote public policies. $250 million for some temporary propaganda is no problem, after all it's not their money.

Too bad all that capitalist bravado got thrown out the window when I was asking the very same questions about Voter ID.

apple to dump truck

It isn't, actually. It's pretty much spot on for those without a clear case of double-standardness.

The intellectual dishonesty goes further than just me on this MB

Your comments mean so much . . .
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