Another DOE loan gone sour...Volt battery maker furloughs workers (Obama, Michigan)

[HappyTexan]

LG Chem is a Korean company that got a DOE loan of $150 million.
Yeah..bringing back mfg jobs to the US. Hundreds of new jobs for US workers.
That was 2010.

Today...plant is furloughed 1 week a month, hasn't produced any batteries yet, no demand, workers layed off.

Now this is from Fox so some of you will think this is a made up story. So be it.

Plant that got $150M in taxpayer money to make Volt batteries furloughs workers | Fox News
The 650,000-square-foot, $300 million facility was slated to produce 15,000 batteries per year, while creating hundreds of new jobs. But to date, only 200 workers are employed at the plant by by the South Korean company. Batteries for the Chevy Volts that have been produced have been made by an LG plant in South Korea.

The factory was partly funded by a $150 million grant from the U.S. Department of Energy. LG also received sizeable tax breaks from the local government, saving nearly $50 million in property taxes over 15 years and another $2.5 million annually in business taxes. Landing the factory was hailed as a coup when shovels first hit the ground.

[bluesjuke]

Obama's outsourcing and spending at work.

[Frank DeForrest]

Aaaah another centrally planned succes story.

[amerifree]

That's just one reason Romney should lead this country for the next four years. Obama has zero experience in the business world. That was made clear in last weeks debate and we'll see the fact driven home in this weeks debate with Ryan and Biden.

[Frank DeForrest]

Originally Posted by amerifree

That's just one reason Romney should lead this country for the next four years. Obama has zero experience in the business world. That was made clear in last weeks debate and we'll see the fact driven home in this weeks debate with Ryan and Biden.

government shouldnt be spending public money on private business ventures, period. So mittens business acumen real or perceived is irrelevant here

[bluesjuke]

You're so right Frank on all counts.

[Oldhag1]

That's $750,000 per job that lasted two years. What a bargin!

By the way, that was a grant, not a loan. That was money out-and-out given away, never to be seen again.

[gomexico]

Thanks for keeping us informed, regarding government loans ... successes and failures. How about letting us know the success rate of the SBA loans for, say, the past 12 years? Year by year. Company by company. Thanks.

[chucksnee]

Originally Posted by gomexico

Thanks for keeping us informed, regarding government loans ... successes and failures. How about letting us know the success rate of the SBA loans for, say, the past 12 years? Year by year. Company by company. Thanks.

Why do you want to derail this OP? Afraid to talk about what is going on?

[Miborn]

Originally Posted by HappyTexan

LG Chem is a Korean company that got a DOE loan of $150 million.
Yeah..bringing back mfg jobs to the US. Hundreds of new jobs for US workers.
That was 2010.

Today...plant is furloughed 1 week a month, hasn't produced any batteries yet, no demand, workers layed off.

Now this is from Fox so some of you will think this is a made up story. So be it.

Plant that got $150M in taxpayer money to make Volt batteries furloughs workers | Fox News
The 650,000-square-foot, $300 million facility was slated to produce 15,000 batteries per year, while creating hundreds of new jobs. But to date, only 200 workers are employed at the plant by by the South Korean company. Batteries for the Chevy Volts that have been produced have been made by an LG plant in South Korea.

The factory was partly funded by a $150 million grant from the U.S. Department of Energy. LG also received sizeable tax breaks from the local government, saving nearly $50 million in property taxes over 15 years and another $2.5 million annually in business taxes. Landing the factory was hailed as a coup when shovels first hit the ground.

notice how this is not being talked a bout?