A123 Systems has filed for bankruptcy after giving sweetheart severance packages to its executives

  1. You have chosen to ignore posts from StalkingButler. Show StalkingButler's posts

    A123 Systems has filed for bankruptcy after giving sweetheart severance packages to its executives

    http://www.michigancapitolconfidential.com/17686

     

    Electric car battery-maker A123 Systems has filed for bankruptcy, according to Bloomberg News.

    The company was promoted heavily by President Barack Obama and Michigan politicians and received hundreds of millions of dollars through federal “stimulus” and Michigan Economic Development Corp. programs. Earlier this year, Michigan Capitol Confidential uncovered a video of these politicians promising “hundreds” and “thousands” of jobs – the video was eventually taken down by the MEDC but saved by CapCon.

    Despite known financial trouble, just a few months ago A123 awarded sweetened severance packages to its top executives. From CapCon:

    Vice President and General Manager of Energy Solutions Group Robert Johnson, for example, would see his severance increase an extra $200,000 from the agreement, boosting it from $400,000 to $600,000. Johnson’s base salary is $400,000 this year, up 21 percent from his 2011 base salary of $331,250. That raise is consistent with a pattern of large pay increases top executives at A123 Systems have received.

    In sum: The president of the United States, Michigan’s former governor, the state’s two U.S. senators and the U.S. Secretary of Energy promised thousands of jobs from a company that in a mere two years went bankrupt. Despite a bankruptcy or buyout predicted by outside observers, the company continued to reward its top executives while laying off most of its workforce.

     

    Where is your Dodd-Frank now May Day boy?

     

     

     

     
  2. This post has been removed.

     
  3. You have chosen to ignore posts from DirtyWaterLover. Show DirtyWaterLover's posts

    Re: A123 Systems has filed for bankruptcy after giving sweetheart severance packages to its executives

    Not only did Mitten's force the banks to accept $0.30 on the dollar, the reason the Bain was nearly bankrupt was because the Bain himself basically raped the company by taking out a huge line of credit and using it to pay himself $100 million.

     

     
  4. You have chosen to ignore posts from ThatWasMe. Show ThatWasMe's posts

    Re: A123 Systems has filed for bankruptcy after giving sweetheart severance packages to its executives

    In response to DirtyWaterLover's comment:
    [QUOTE]

    Not only did Mitten's force the banks to accept $0.30 on the dollar, the reason the Bain was nearly bankrupt was because the Bain himself basically raped the company by taking out a huge line of credit and using it to pay himself $100 million.

     

    [/QUOTE]


    Yeah sure, something Harry Reid missed.

     Nice of you to fill us in.

     

    GALLUP: R 50% O 46%

     
  5. You have chosen to ignore posts from StalkingButler. Show StalkingButler's posts

    Re: A123 Systems has filed for bankruptcy after giving sweetheart severance packages to its executives

     

    Sounds like the A123 execs read the Mittens book on 'good' corporate governance.

     

     

    Sounds to me that they've read the Obama book "Crony Capitalism - How to Succeed in Screwing the Taxpayer Without Really Trying."

     

     

Share