If anyone wants to be added to the Michigan Cap Con ping list, let me know.
Posted on 10/10/2012 9:00:35 AM PDT by MichCapCon
In the fall of 2010, the Michigan Economic Development Corp. — the state's "corporate welfare” arm — uploaded a video to YouTube highlighting the battery manufacturer A123 Systems.
At the time, the company was promoted heavily by President Barack Obama, U.S. Secretary of Energy Steven Chu, former Michigan Gov. Jennifer Granholm and U.S. Sens. Carl Levin and Debbie Stabenow. Since then, A123 has shed money, laid off half its workforce, recalled products and seen its stock price plummet to about 26 cents this week from a previous high of $26.
Now, just two years after the initial roll-out, A123 is being acquired by a Chinese company. Shortly after this deal was rumored a few weeks ago, the MEDC made all of its promotional videos “private.” This is not the first time questions have been raised about the MEDC’s lack of transparency.
The company is a poster child of government subsidies for green energy initiatives. Michigan gave A123 Systems $100 million in MEGA tax credits and another $41 million in tax breaks and subsidies from a separate program. At the same time, the Department of Energy awarded A123 Systems a $249.1 million grant as part of the federal "stimulus program."
The videos were previously covered by Michigan Capitol Confidential and referred to as “a playlist of crony capitalism failures.” Michigan Advantage, the MEDC’s (now defunct) YouTube channel, was intended to promote the success stories of Michigan companies that received state and federal dollars for their operations. The MEDC previously promoted dozens of companies, many of which have gone bankrupt or not delivered promised jobs while costing taxpayers hundreds of millions of dollars.
All of the videos made private by the MEDC were saved by Michigan Capitol Confidential. Below is the A123 Systems video.
(Excerpt) Read more at michigancapitolconfidential.com ...
Didn’t they try to throw MORE money at A123 sometime recently?
” promoted heavily by President Barack Obama, U.S. Secretary of Energy Steven Chu, former Michigan Gov. Jennifer Granholm and U.S. Sens. Carl Levin and Debbie Stabenow.”
There’s your problem right there.
The Incompetent One sure knows how to pick losers. November 6th can’t get here fast enough.
“..The company is a poster child of government subsidies for green energy initiatives. Michigan gave A123 Systems $100 million in MEGA tax credits and another $41 million in tax breaks and subsidies from a separate program. At the same time, the Department of Energy awarded A123 Systems a $249.1 million grant as part of the federal “stimulus program...”
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And WHO do you think is ending up with much of this fraudulent money??
Next GM has to stop those idiot Volt commercials. I don’t know anyone who wants one. Folks I know are buying Hybrids like the Prius. BTW when these Hybrid and totally electric cars need a new battery, you might as well junk the car with the prohibited cost of a replacement. Also what is the cost of a home charging station, I am sure you will need one of those?
But to liberal morons, the electric car sounds like a good idea. Therefore, it must be.
China seems to benefit a lot when the Democrats are in the White House.
Added keyword A123 so that this can be found when searching for A123 related stuff later.
“WHO do you think is ending up with much of this fraudulent money??”
Those poor opium poppy farmers in Afghanistan? The New Black Panther Party? The Nation of Islam? al Qaeda?
Ping for the MI list.
I’d have my hands over my private parts, too...
WARNING! “Science” content ahead!
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