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THE WEIRS TIMES & THE COCHECO TIMES, Thursday, April 5, 2012
AS EASY AS “A123” While Presi-
by Michelle Malkin Syndicated Columnist
dent Obama w a s bus y lambasting Big Oi l tax b r e a k s on T h u r s d a y , yet another one of his en- vironmental welfare re- cipients (the very kind he
DIPLOMATIC DUPLICITY WASHINGTON --
by Oliver North Syndicated Columnist
In the summer of 1987, just before my “tele- vision debut,” a true friend instructed me in a congres- sional hearing, “Rememb e r , the microphone is always on -- even when it’s
not!” It’s a lesson I never have forgotten. Apparently, Barack Obama doesn’t have any friends to give him similar advice, or he doesn’t learn well. Either way, an open mic during this week’s nuclear security summit in Seoul, South Korea, has revealed our president’s extraordinary hubris and his penchant for dangerous diplomatic duplicity. The video clip of an unscripted
exchange March 26 between Obama and outgoing Russian President Dmitry Medvedev should be grounds for the Ameri- can people to hire a new com- mander in chief in November. The two leaders, evidently unaware they were being recorded, were discussing new limits on U.S. bal- listic missile defense.
Obama: “On all these issues --
but particularly missile defense -- this can be solved, but it’s impor- tant for him to give me space.” Medvedev: “Yeah, I understand.
I understand your message about space -- space for you.” Obama: “This is my last elec-
tion. After my election, I have more flexibility.” Medvedev: “I understand. I
(will) transmit this information to Vladimir.” Note to reader: The “him” in
Obama’s opening soliloquy and the “Vladimir” in Medvedev’s final remark are the same per- son: Vladimir Putin -- the former and future president of Russia. On May 7, Putin and Medvedev exchange places in Moscow’s revolving-door government. This surreal moment of unin-
tended transparency from the Obama administration imme- diately went viral around the world. In Warsaw, where pro- U.S. politicians are still bruised from endorsing U.S.-built missile defenses -- only to have the O- Team “postpone” the project -- the president’s conversation is seen as proof that “Obama will cave in to Russia.” One Polish paper’s See NORTH on 28
wants to redistribute oil subsi- dies to) was teetering on the edge of bankruptcy. Who needs to win the Mega Millions lottery? Start a pie-in-the-sky eco-boondoggle, and a half-billion-dollar jack- pot ripe for squandering is all yours! The Solyndra of the week is
A123 Systems, an electric ve- hicle battery company based in Massachusetts. The firm also has battery plants in Michigan, where former Democratic Gov. Jennifer Granholm once her- alded A123 as a federal stimulus “success story.” Former House Speaker Nancy Pelosi visited the company headquarters and hailed it as a “great example of how Recovery Act funding is helping American companies.” In addition to nearly $300 million in Obama Recovery Act funds, Granholm kicked in another $135 million in tax credits and subsidies to bribe the company to keep jobs in her state. How’s the return on govern-
ment investment? This green dud will have taxpayers seeing red. A123’s official company motto is “Power. Safety. Life.” But the firm’s reality is “Out of power. Endangering safety. Clinging to life.” Earlier this week, the company announced a recall of malfunc- tioning battery packs manufac- tured in Livonia, Mich. A123
makes the products for Fisker, Chevrolet and BMW electric cars. Consumer Reports flagged the potentially hazardous defect caused by faulty calibration ear- lier this month. The recall will cost upward of $55 million. A Deutsche Bank analyst wrote:
“We no longer have enough con- fidence that (A123) can raise suf- ficient capital (without massive equity dilution) and/or continue to augment their book to future business. Recent quality is- sues may lead to concerns over (A123’s) ability to manufacture with quality at high volumes, potentially leading to customer defections or at least difficulty in procuring new contracts.” When it rains, it pours. The
dead battery debacle follows news of 125 layoffs in Novem- ber due to diminished vehicle production by top client Fisker Auto. That troubled company (which A123 has itself dumped $20.5 million of stock equity and cash into) admitted faulty wiring problems with its electric cars. While Michigan workers lost
their jobs, Massachusetts ex- ecutives burned through $155 million in cash this year and the company stock plummeted to just over $1. A123 lost a net $172 million over the first three quarters of 2011 and has yet to see a profit. Like Solyndra’s top brass, A123 managers have been living high on the hog and party- ing it up with Democratic Party bigwigs. The Michigan-based Mackinac
Center reports that in February, “A123’s Compensation Commit- tee approved a $30,000 raise for (Chief Financial Officer David) Prystash just days after (its pri- mary customer) Fisker Automo- tive announced the U.S. Energy Department had cut off what See MALKIN on 25
ECO-SCAMS ARE
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