By JGillman, Section News
Posted on Tue Nov 13, 2012 at 12:57:02 PM EST
Tags: Michigan, Taxes, Government, Crony Capitalism, A123 Systems, Azure Dynamics, United Solar Ovonics, Evergreen Solar, MEDC, Paybacks, Waste, Fraud, Causes (all tags)Its whats for dinner.
Continually feeding us the economic benefit angle of government intervention in free markets, leaders love to pad the wallets of their best buds in industry. To do so requires a "cause" however,as simply jacking the public treasury for personal gain is abhorrent to those on BOTH sides of the political divide. Climate change has become one of the easiest causes to gather around, because the science is so ambiguous, its been simply easier for governments to act and perhaps err on the side of caution.
So we promote and enhance business models that are designed to combat climate change with other peoples' money. Also included in these 'causes' is the argument that "new jobs are created" with the development of such technology. Such was the case with A123 Systems:"In 2009, A123 received millions in federal and state funds, for the creation of jobs for Michiganders. Taxpayers unwillingly, or unwittingly saw their paychecks shrink for promises never realized, and now they may have ultimately subsidized a technology transfer to a competing world power."Which in fact is now happening.
But the cherry in the pie is something even more disturbing. Adding insult to injury, the failure to produce promised results for taxpayer paid incentives and gratuity is now lining the pockets of the failed executives who apparently understand private public partnerships better than the rest of us.
Its a place where only the taxpayer loses:"The top executives who presided over its failure - and supported the president's cap-and-tax initiatives early in his term - are likely to receive millions of dollars in bonuses, thanks to their scheming earlier this year and a bankruptcy court judge."But wait.. there's more.
Below the fold.
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