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DOE Spends Taxpayers’ Money While A123 Goes Bankrupt

Institute for Energy Research -- The [A123] plant’s opening “is about the birth of an entire new industry in America — an industry that’s going to be central to the next generation of cars,” President Obama said during a call to A123 Systems in September 2010. “And it’s going to allow us to start exporting those cars, making them comfortable, convenient and affordable. It helps our manufacturing industry to thrive, and with it, that means our communities and our states and our country are going to thrive.”

President Obama also thanked Energy Secretary Steven Chu “for his extraordinary work to get the money out the door quickly and wisely.” Politico Pro, October 16, 2012.

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Submitted Nov 24, 2012 By: NedW

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honda0105 Champion Author Tallahassee Posts:18,834 Points:1,638,195 Joined:Nov 2008	Message Posted: Nov 27, 2012 6:01:23 AM Ignore honda0105 Report Abuse America needs cars, not Twinkies.
remay Champion Author Houston Posts:7,083 Points:2,144,190 Joined:May 2006	Message Posted: Nov 26, 2012 6:06:24 AM Ignore remay Report Abuse Figures...
Soglaos Champion Author Virginia Beach Posts:2,851 Points:765,405 Joined:Feb 2011	Message Posted: Nov 25, 2012 12:06:24 PM Ignore Soglaos Report Abuse Recycled news.
leeac Champion Author Ohio Posts:1,736 Points:461,605 Joined:Jan 2012	Message Posted: Nov 25, 2012 6:55:24 AM Ignore leeac Report Abuse This tax payer wants the government to support green energy.
petroengineer Rookie Author Idaho Posts:8 Points:64,160 Joined:Nov 2012	Message Posted: Nov 25, 2012 4:24:35 AM Ignore petroengineer Report Abuse "The company ran into trouble after producing defective battery packs that caused Fisker to recall its expensive Karma sedans." Irony. Is a non-profit political front group run by Libertarians ironic? Maybe.
wz Champion Author Twin Cities Posts:2,625 Points:1,304,935 Joined:Feb 2009	Message Posted: Nov 25, 2012 1:27:45 AM Ignore wz Report Abuse Another of Obama's investments goes sour. Makes one wonder how he is doing with his personal investments?
7SPEEDY7 Champion Author Flint Posts:1,426 Points:633,900 Joined:May 2011	Message Posted: Nov 25, 2012 12:54:58 AM Ignore 7SPEEDY7 Report Abuse Crazy
ShadowACE Champion Author Boston Posts:9,164 Points:2,178,250 Joined:Jun 2006	Message Posted: Nov 25, 2012 12:36:54 AM Ignore ShadowACE Report Abuse jkpsr said: "We need the technology. A few bumps on the road are enviable." I'm going to assume that you really meant "inevitable" rather than "enviable." Still, when they hand out $4.2 MILLION dollars in bonuses to 10 (TEN? Really?) employees "for staying on the payroll as the company’s assets are sold" I don't know whether to laugh or cry. On one hand it takes a incredible amount of bravado (a euphemism for Big B@lls) to do that while you're slamming the door on a $249M grant, and on the other hand I sure wish I had a job like that even for just a couple of weeks. At my current rate it will take me several years to make the $420K (average) of those bonuses, and I have to work damn hard for it. What did those ten people have to do to "earn" those bonuses? And how much "regular salary" did they make while they were earning all that extra money? The government gets way too much of the little I earn as it is. The least they (it?) could do is try to spend it on something that has some actual value.
Zonk Champion Author Michigan Posts:6,626 Points:2,130,690 Joined:Oct 2005	Message Posted: Nov 25, 2012 12:30:48 AM Ignore Zonk Report Abuse Typical obama, must be family member has some stock ownership.
Mr_Bill_W All-Star Author Virginia Posts:586 Points:380,460 Joined:Feb 2012	Message Posted: Nov 25, 2012 12:23:06 AM Ignore Mr_Bill_W Report Abuse This is criminal and should subject those within the now bankrupt company to both criminal charges and civil penalties as well as personal accountability for perpetuating fraud... And the government officials who literally passed out tax dollars away on a faltering company should be terminated ~ that's right FIRED!
obimerrill Champion Author Cincinnati Posts:1,585 Points:318,390 Joined:Jul 2012	Message Posted: Nov 25, 2012 12:19:38 AM Ignore obimerrill Report Abuse Another example of Obama giving our tax dollars to his donors nd them getting away with it
Bubba44612 Champion Author Ohio Posts:7,532 Points:1,905,055 Joined:Aug 2005	Message Posted: Nov 25, 2012 12:19:38 AM Ignore Bubba44612 Report Abuse What else is new.
pa79th Champion Author Pennsylvania Posts:1,922 Points:1,243,800 Joined:Jun 2007	Message Posted: Nov 25, 2012 12:19:28 AM Ignore pa79th Report Abuse Typical of O and how he wastes the taxpayer's money.
ican2step Champion Author Pittsburgh Posts:1,811 Points:452,400 Joined:Feb 2012	Message Posted: Nov 25, 2012 12:18:05 AM Ignore ican2step Report Abuse Really?
silverfoxv65 Champion Author Michigan Posts:4,623 Points:1,257,450 Joined:Sep 2009	Message Posted: Nov 25, 2012 12:16:26 AM Ignore silverfoxv65 Report Abuse Another wast of our tax dollars. . It never ends.
tedjm1 Champion Author New York Posts:5,609 Points:800,300 Joined:Dec 2006	Message Posted: Nov 25, 2012 12:15:08 AM Ignore tedjm1 Report Abuse Let us pray he is doing the right thing as opposed to wasting money (tax-payers) on a dead system.
crreed1 Champion Author West Virginia Posts:2,100 Points:2,550,715 Joined:May 2005	Message Posted: Nov 25, 2012 12:15:01 AM Ignore crreed1 Report Abuse there goes the money
kzrooster Champion Author Kalamazoo Posts:2,525 Points:544,450 Joined:Nov 2011	Message Posted: Nov 25, 2012 12:14:42 AM Ignore kzrooster Report Abuse Not all business thrive, it's just to bad it was our money that went down the tubes.
heartbroken2010 Champion Author Ottawa Posts:4,490 Points:925,910 Joined:Aug 2010	Message Posted: Nov 25, 2012 12:12:18 AM Ignore heartbroken2010 Report Abuse spend wisely.
Buddy2264 Champion Author Tampa Posts:11,797 Points:2,387,670 Joined:Oct 2005	Message Posted: Nov 25, 2012 12:12:02 AM Ignore Buddy2264 Report Abuse I guess it is a problem when it is government money. But other start ups go bankrupt all the time. We just see more of it when it is the government mistakes. However we should track all the waste and the over spending on things we do not really need just to keep local economies going. There will be some hard times as some of these things are cut back, as they should be.
LCSTEELERBOB Champion Author Gary Posts:2,961 Points:720,580 Joined:Oct 2008	Message Posted: Nov 25, 2012 12:09:31 AM Ignore LCSTEELERBOB Report Abuse they just like to waste money, its not theirs
gilfarm Champion Author Alabama Posts:6,936 Points:1,976,540 Joined:Sep 2005	Message Posted: Nov 25, 2012 12:08:55 AM Ignore gilfarm Report Abuse Government Waste!
WIWalt Champion Author Wisconsin Posts:1,857 Points:442,190 Joined:Mar 2012	Message Posted: Nov 25, 2012 12:08:51 AM Ignore WIWalt Report Abuse There goes our money
joel27nc Champion Author Raleigh Posts:10,677 Points:1,886,070 Joined:Mar 2008	Message Posted: Nov 25, 2012 12:08:33 AM Ignore joel27nc Report Abuse My money out the window!
jtfftj Champion Author New Hampshire Posts:2,216 Points:1,274,755 Joined:Sep 2005	Message Posted: Nov 25, 2012 12:08:06 AM Ignore jtfftj Report Abuse They need and get handouts whether we need the technology or not. What is our return on investment?AND IT'S NOT OK. [Edited by: jtfftj at 11/25/2012 12:10:11 AM EST]
rahcat Champion Author Grand Rapids Posts:2,693 Points:690,875 Joined:Jan 2010	Message Posted: Nov 25, 2012 12:08:02 AM Ignore rahcat Report Abuse More tax payer money up in smoke.
cheaper0ON Champion Author Ontario Posts:1,123 Points:425,755 Joined:Jan 2012	Message Posted: Nov 25, 2012 12:07:46 AM Ignore cheaper0ON Report Abuse ok
seeyardee Champion Author Sacramento Posts:9,242 Points:1,833,180 Joined:Apr 2008	Message Posted: Nov 25, 2012 12:06:42 AM Ignore seeyardee Report Abuse Yet no one blinks an eye at the trillions we wasted on those wars.
jkpsr Champion Author New Jersey Posts:4,212 Points:1,128,890 Joined:Jun 2005	Message Posted: Nov 25, 2012 12:05:55 AM Ignore jkpsr Report Abuse We need the technology. A few bumps on the road are enviable.
furiousfowl Champion Author Riverside Posts:16,975 Points:2,770,735 Joined:May 2005	Message Posted: Nov 25, 2012 12:05:09 AM Ignore furiousfowl Report Abuse Political Corruption.
Glock26 Champion Author Dayton Posts:1,654 Points:658,135 Joined:Mar 2011	Message Posted: Nov 25, 2012 12:04:57 AM Ignore Glock26 Report Abuse So, what else is new!!!
boatmen Champion Author New York Posts:3,207 Points:649,605 Joined:Jan 2011	Message Posted: Nov 25, 2012 12:04:43 AM Ignore boatmen Report Abuse Need news
JamesCalvin Champion Author Lancaster Posts:3,344 Points:547,255 Joined:Nov 2011	Message Posted: Nov 25, 2012 12:03:01 AM Ignore JamesCalvin Report Abuse The only money the government has is the taxpayers' money!
bababooey2 Champion Author Hartford Posts:6,492 Points:1,330,540 Joined:Sep 2009	Message Posted: Nov 25, 2012 12:02:45 AM Ignore bababooey2 Report Abuse I am getting sick of it.
SteelPenny Champion Author Dallas Posts:31,300 Points:2,634,645 Joined:Sep 2005	Message Posted: Nov 25, 2012 12:02:43 AM Ignore SteelPenny Report Abuse It figures. Corruption.
mrbee Champion Author Little Rock Posts:3,898 Points:2,494,285 Joined:Oct 2005	Message Posted: Nov 25, 2012 12:01:32 AM Ignore mrbee Report Abuse Political payoffs.
HailstormCA Champion Author San Diego Posts:7,955 Points:1,491,945 Joined:Nov 2008	Message Posted: Nov 24, 2012 11:59:57 PM Ignore HailstormCA Report Abuse We always knew it was a hoax.
s6sputnik Champion Author Austin Posts:6,337 Points:1,333,870 Joined:Jun 2007	Message Posted: Nov 24, 2012 11:59:10 PM Ignore s6sputnik Report Abuse Ok
scubadaniel Champion Author Dayton Posts:1,556 Points:719,525 Joined:Jan 2011	Message Posted: Nov 24, 2012 11:58:54 PM Ignore scubadaniel Report Abuse Reverse Midas touch. Everything this man touched turns to s....
HA4CNN Champion Author Toronto Posts:5,765 Points:1,571,190 Joined:Dec 2006	Message Posted: Nov 24, 2012 11:56:37 PM Ignore HA4CNN Report Abuse More mayhem.
boatmen Champion Author New York Posts:3,207 Points:649,605 Joined:Jan 2011	Message Posted: Nov 24, 2012 11:55:25 PM Ignore boatmen Report Abuse filler Article
Barfood Champion Author St. Louis Posts:3,368 Points:1,036,675 Joined:Jun 2009	Message Posted: Nov 24, 2012 11:52:31 PM Ignore Barfood Report Abuse Why this? Nothing to do with gas prices.
us4usa Champion Author Missouri Posts:6,124 Points:1,138,540 Joined:May 2008	Message Posted: Nov 24, 2012 11:50:17 PM Ignore us4usa Report Abuse Why should he care its not his money, so keep spending, its only money...
AKmailman Champion Author Alaska Posts:5,763 Points:1,585,565 Joined:Jul 2004	Message Posted: Nov 24, 2012 11:48:55 PM Ignore AKmailman Report Abuse if O said it, it's going to be a failure
Thomtec Champion Author Nashville Posts:2,600 Points:635,395 Joined:May 2011	Message Posted: Nov 24, 2012 11:47:39 PM Ignore Thomtec Report Abuse Scum all of this crooked administration. Corrupt as any this country has ever had. What amazes me is All of those people that just turn their heads to this corruption.
carpenter4u Champion Author Virginia Posts:2,476 Points:638,770 Joined:Jul 2011	Message Posted: Nov 24, 2012 11:46:36 PM Ignore carpenter4u Report Abuse another Obama winner
nimpy Champion Author Indianapolis Posts:8,275 Points:1,728,805 Joined:Oct 2007	Message Posted: Nov 24, 2012 11:42:41 PM Ignore nimpy Report Abuse So irresponsible
gd83goldwinger Champion Author South Bend Posts:1,428 Points:519,980 Joined:May 2011	Message Posted: Nov 24, 2012 11:40:31 PM Ignore gd83goldwinger Report Abuse Again gov. waste.
1Casey Champion Author Albany Posts:6,636 Points:1,811,170 Joined:Jun 2004	Message Posted: Nov 24, 2012 11:38:41 PM Ignore 1Casey Report Abuse what ?
rjoeh Champion Author Michigan Posts:7,212 Points:2,497,540 Joined:Jun 2004	Message Posted: Nov 24, 2012 11:34:49 PM Ignore rjoeh Report Abuse The only thing Obama has done quickly is to take taxpayer money and give it to business friends.,