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Forum Post: ABC: Green Firms Get Fed Cash, Give Execs Bonuses,...

Posted 6 years ago on March 6, 2012, 3:27 p.m. EST by sunstar (-14)
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By RONNIE GREENE and MATTHEW MOSK (@mattmosk) iWATCH NEWS and ABC NEWS March 6, 2012 President Obama's Department of Energy helped finance several green energy companies that later fell into bankruptcy -- but not before the firms doled out six-figure bonuses and payouts to top executives, a Center for Public Integrity and ABC News investigation found.

Take, for instance, Beacon Power Corp., the second recipient of an Energy Department loan guarantee in 2009. In March 2010, the Massachusetts energy storage company paid cash bonuses of $259,285 to three executives in part due to progress made on the $43 million energy loan, Securities and Exchange Commission records show. Last October, Beacon Power filed for Chapter 11 bankruptcy.

EnerDel, maker of lithium-ion battery systems, landed a $118.5 million energy grant in August 2009. About one-and-a-half years later, Vice President Joe Biden toured a company plant in Indiana and heralded its taxpayer-supported expansion as one of the "100 Recovery Act Projects That Are Changing America."

Two months after Biden's visit, EnerDel corporate parent Ener1 paid $725,000 in bonuses to three executives -- including $450,000 to then-CEO Charles Gassenheimer, who led Biden on the tour. This January, Ener1 filed for Chapter 11 bankruptcy protection.

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[-] 1 points by ogrdanny (73) from Grand Rapids Charter Township, MI 6 years ago

Welcome to "green" capitalism.

[-] -2 points by sunstar (-14) 6 years ago

Capitalism is just fine,funding "green" corps with taxpayers money while having full knowledge of that eminent failure is possibly a crime and Obama and Biden should both be impeached for these debacles as well as "Fast and Furious" along with Holder.

[-] 0 points by Newspeak1 (39) from Mt Shasta, CA 6 years ago

Ain't gonna happen. And Holder will still be Attorney General through Obamas second term. These clowns are changing more than anyone suspects.

[-] 0 points by F350 (-259) 6 years ago

Obama is just a criminal,a Chicago Hood,a Mafia Don.

[-] -1 points by sunstar (-14) 6 years ago

This is a must see video and no it's not from Fox so shooz won't be able to whore out his usual tired line 'Flakesnews".

[-] 0 points by JuanFenito (847) 6 years ago

It's true! Everything they say is a lie!

[-] 0 points by sunstar (-14) 6 years ago

You're not the sharpest tool in the shed,are you.

[-] 0 points by JuanFenito (847) 6 years ago

Don't blame me! I'm just telling the truth! We need to get the truth out about how rich people are evil!