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Tag: Ponzi schemes

Senator Stabenows' Green is the new Brown

By Corinthian Scales, Section News
Posted on Thu Jul 21, 2011 at 12:54:56 AM EST
Tags: Debbie Stabenow, Battery Innovation Act, Public Private Partnerships, Taxpayer Subsidies, Wealth Redistribution, Ponzi schemes (all tags)

Yessiree, folks. Yet another Green Job PPP (Public Private Partnership) in Michigan is swirling down the commode.

Solar energy products manufacturer Energy Conversion Devices Inc. -- the firm that invented the battery technology used in most hybrid vehicles on the road -- said Tuesday it plans to sell its profitable battery subsidiary.

But of course, all smart, successful corporations deep-six the profitable side of their business. Nah, it couldn't have anything to do with a realization of Chevy Volt sales or the death of a Ponzi scheme in Salinas, California.

In May, the company announced plans to lay off 300 workers, including 115 in Michigan, after posting a $243 million quarterly loss and suffering the effects of cutbacks in government incentives overseas. The company primarily makes, sells and installs thin-film flexible solar products and systems to the building and rooftop markets and now has about 1,300 employees.

Solar. Ya, that side of ECD, Inc. leeching $37 million out of taxpayers pockets belongs to Debbie's friend Jenny.

But this battery thing...

(6 comments, 452 words in story) Full Story