Obama has B_LLS..Takes aim at Wall St. Pay

White House, Senate take aim at Wall St pay
By Susan Cornwell,3 hours ago
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WASHINGTON — The White House pledged action against "irresponsible" bonuses for executives at bailed-out Wall Street companies as a Democratic senator unveiled legislation to limit their compensation to $400,000 a year.

Sen. Claire McCaskill proposed a law on Friday that would prevent executives from making more money than the U.S. president until their companies no longer rely on the $700 billion Troubled Asset Relief Program (TARP).

McCaskill, an early endorser of President Barack Obama's candidacy, gave an angry speech on the Senate floor in which she said an average of $2.6 million dollars had been paid in bonuses to executives from the first 116 banks that got money from the TARP rescue plan.

"I am mad," the Democrat from Missouri said. "We have bunch of idiots on Wall Street that are kicking sand in the face of the American taxpayer. ... They don't get it!"

At the White House, Obama's spokesman said the president's upcoming plan for financial stability also would address executive compensation and bonuses.

"I think you will see the president and his economic team outline a plan to deal with what he found irresponsible yesterday," Robert Gibbs told reporters. "Stay tuned, because something on that is coming soon." He declined to say more.

Obama on Thursday said recent Wall Street bonuses, given the current situation, were "shameful." His Democratic administration is working on options to stabilize the U.S. banking industry after various experts have said the $700 billion already allocated to TARP will not be enough.

A senior Republican senator, Charles Grassley of Iowa, agreed that Obama should claw back the bonus money.

"The President should use his full power to pull back bonuses for bail-out recipients. That includes past recipients and those going forward," Grassley, the ranking Republican on the Senate Finance Committee, said on the Senate floor.

HUNDREDS OF BILLIONS MORE

The Congressional Budget Office chief said this week that U.S. banks will need hundreds of billions of dollars more.

Public outcry has grown over reports of corporate excess by companies getting bailout funds, including Citigroup Inc, which intended to purchase a private jet, and bonuses paid by Merrill Lynch & Co, now owned by Bank of America Corp.

Citigroup later canceled the plane order. Bank of America's Chief Executive Kenneth Lewis ousted former Merrill chief John Thain this month after Merrill awarded large bonuses just days before the merger closed, and following huge losses that led Bank of America to obtain $20 billion of government aid to absorb Merrill.

McCaskill's office said the $400,000 compensation cap she was proposing would apply to all employees of a firm and include salary, bonuses and stock options.

Bob Monks, a shareholder rights advocate and former executive who has written nine books on corporate governance, said McCaskill's proposal reflected the rage in the country felt by people who are "having a terrible time".

"That said, the idea is a genuinely bad one. The government mandating a pay-cap is a genuinely bad idea because it never works," he said.

Obama is also working with the Democratic-majority Congress to pass a stimulus plan of over $800 billion in tax relief and government spending to try to revive the moribund economy.

(Additional reporting by Jonathan Spicer; Editing by Tim Dobbyn)

Al Gore: Support a recovery that Repowers America

Dear Cathy,

Today, I will be testifying before the Senate Foreign Relations Committee about repowering America and the need for us to resume global leadership on the climate crisis. As you know, it's a critical time in our country and we all have a role to play.

I've recorded a short video message to share my perspective on what's at stake right now. Take a moment and please watch it.
Al Gore's message on the recovery.

In Congress, our leaders are debating an economic recovery package. It includes unprecedented support for putting Americans back to work building a clean energy economy.

But entrenched interests in Washington will be working hard to weaken the legislation -- opposing funding for clean energy programs that support things like wind, solar, energy efficiency and a new national electric grid.



As members of Congress work out the details of a bill that can pass both the House and the Senate, it's important that you let each of your elected representatives know that you want the recovery to be about repowering America.

You and I know that continuing with the status quo will not revitalize the U.S. economy. Please make sure your elected officials know, too.

Watch the video and send a quick note to Congress:

http://www.RepowerAmerica.org/RecoveryVideo

Today, we can start to get America back on track.

Thanks for everything,

Al Gore

www.RepowerAmerica.org

What were they thinking?

**What was Merrill Lynch CEO John Thain thinking when he spent over $1 million to redecorate his office? Big-ticket items included $87,000 for an area rug, four pairs of curtains for $28,000, a pair of guest chairs for $87,000, and fabric for a "Roman Shade" for $11,000. Thain replaced Stan O'Neal, who was ousted in late 2007 as the company suffered major losses from the toxic mortgage-backed assets on their books. In an interview regarding the expenses, Thain claimed he wouldn’t be as productive unless he refurbished the office. Here’s a thought: If you need to redecorate your office in order to be useful, maybe you’re not so useful after all.

**What was Congress thinking when they authorized $700 million for the Troubled Assets Relief Program without knowing where the money was being spent? In a recent interview, Nancy Pelosi, House Speaker was asked to justify why Congress hasn’t been more diligent in figuring out where the $700 million has gone. She put blame on the Republicans. House Minority leader John Boehner was asked the same question. He laid blame on the Treasury Department. Well, isn’t this a surprise, politicians not wanting to be held accountable for their actions.

**What was Michigan’s electric company thinking when they cut off power to the house of a 93-year-old man who then died of hypothermia? The temperature inside Marvin Schur's house was below 32 degrees and the water in the kitchen sink had frozen. Schur, a World War II veteran, was behind in utility payments, which the utility company claims forced them to limit his power and then ultimately shut it off. So this is how we treat senior citizens, especially veterans? What’s worse, no one from the utility company even bothered to contact Mr. Schur.

Of course there’s more news that made the headlines, which I’ll share with you below, along with the new research our editors are uncovering. If you have a “what were they thinking?” story you’d like to share, please send it to us at:

support@websuccess4you.biz

We Bailout GM,but They Give Lithium Battery Contract to Korean,not American Co.?WTF?

I do not have all the details of the Big 3 Auto Bailout. However, if the U.S.
government is loaning billions of dollars to Chrysler and General Motors,
shouldn't the contracts that GM signs for new lithium-ion batteries be with U.S. companies rather with Korean companies? If GM is being loaned money by the U.S.Government,We want contracts to go to American companies like A123Systems.com,not LGChem,a S.Korean co.

I reference this article:
its-official-gm-chooses-lg-chemcompact-power-inc-to-supply-chevy-volt-lithium-ion-battery-packs

While this is happening A123 Systems is applying for $1.84 billion dollars in loans from the Energy Dept.without the GM contract. This insane!!!!!
Complain to your Congressman!!!!!

A123Systems Announces Plan to Build U.S.-based Lithium Ion Battery Mass Production Facilities

Planned $2.3 Billion facilities will support aggressive expansion plan to deliver energy storage systems to A123’s multiple OEM customers in the Electric and Hybrid Electric Vehicle market

Watertown, MA – January 7th, 2009 – A123Systems today announced it has submitted an application under the U.S. Department of Energy’s Advanced Technology Vehicles Manufacturing Incentive Program to qualify for $1.84 billion in direct loans to support the construction of new world-class lithium ion battery manufacturing facilities in the United States, with the first construction location in southeast Michigan.

If A123’s application is approved, this program would enable the company to dramatically expand production capacity in the United States, with full production volumes designed to supply battery systems for five million hybrid vehicles or half a million plug-in electric vehicles per year by 2013.

"We’re entering an exciting new phase for the automotive industry where we increase the electrification of vehicles, reducing consumption of gasoline through advanced batteries. This new facility would greatly accelerate this change and help ensure that the American economy replaces its dependence on foreign oil with reliance on advanced, homegrown batteries,” said David Vieau, A123Systems President and Chief Executive Officer.

At full operation, A123 expects the combined plants would occupy as much as 7 million square feet and create over 14,000 jobs. These plants would produce battery cells and systems to meet the needs of A123’s broad automotive customer portfolio, which currently includes over seven vehicle manufacturers and 19 vehicle models ranging from HEVs (hybrid electric vehicles) to EVs (electric vehicles).

“Chrysler’s commitment to E-drive industry leadership has led us to a strategic relationship with US-based A123Systems as one of our key suppliers supporting production development of ENVI electric vehicles. Chrysler strongly encourages the efforts of A123Systems to develop and mass produce energy storage systems in the United States” said Lou Rhodes, VP of Advanced Engineering for Chrysler LLC and President of ENVI.

"At GM, we see the development of vehicles powered by electricity as key to the transformation of our industry. And advanced battery technology, is at the heart of this transformation," said Bob Lutz, GM Vice Chairman of Global Product Development. "A123's proposal to manufacture advanced battery cells and packs right here in the United States is a positive development for our industry and the nation."

“At Better Place, we truly believe that there is a path forward for the US to lead the world into a 21st sustainable century led by American innovation. Converting our national fleet of cars from fossil fuel dependent to fully electric revives our core industrial power, addresses key national strategic goals, and starts to address the biggest global risk we have – climate change. It represents a historic opportunity for the US to re-engineer its economy and its global reputation. We look forward to leading the transformation to sustainable mobility with partners like A123 as part of our mission to end the world’s addiction to foreign oil,” said Shai Agassi, Founder and CEO of Better Place.

A123 was born out of the research labs of the Massachusetts Institute of Technology and was funded initially with a $100,000 grant from the U.S. Department of Energy in 2001. Existing A123 customers include AES, BAE Systems, Black and Decker, Cessna, Chrysler LLC, General Motors, Project Better Place, and Th!nk.

Support for A123’s US battery plant plans is broad and spans the following:


Michigan State Government

“This plant will be a showcase to our economic turnaround in Michigan. We look forward to working with A123Systems to support their growth in our state,” said Michigan State Governor, Jennifer Granholm.


Senator Kerry


"The new Administration has a great opportunity to insure that a superior American technology originally developed by A123 out of MIT, leads the way to an electric transportation revolution. This is a way to produce tens of thousands of new jobs and millions of oil-free new cars right here in the United States. I look forward to the plant that will be based in Massachusetts as part of the fight we’ll lead to guarantee that the electric fuel of the future will be sourced right here at home instead of overseas," said Senator John Kerry.


Senator Stabenow


“We need a 21st century manufacturing strategy in this country to ensure that the research and production of advanced energy technologies are taking place here at home,” said Senator Debbie Stabenow. “Companies, like A123, are not only creating quality, good-paying jobs in Michigan, but are ensuring that we do not move from a dependence on foreign oil, to a dependence on foreign technology.”


Senator Levin


“The prospect for a new advanced battery production facility in Michigan is exactly the kind of hope that our state needs as we work through a deep economic downturn. Domestic production of American developed battery technology is a key step towards enabling the transformation of the automotive industry to produce greener and more efficient vehicles,” said Senator Carl Levin.


Congressman Markey


“Advanced lithium ion batteries used in hybrid and electric vehicles will be a driving force in strengthening our economy and fighting global warming. We support the efforts of A123Systems and the American battery industry to establish a robust North American mass production base, which will make the U.S. a leader in our clean energy innovation future,” said Congressman Ed Markey.


Congressman Dingell


“I am extremely excited about A123System’s plan to build a battery manufacturing facility in Michigan, home to the most talented workers in the world. The future of this country is dependent upon addressing two vital challenges – stopping the spread of global warming and creating the next generation of manufacturing jobs here in the United States. This project gets us closer to achieving both of these goals,” said Congressman John Dingell.

About A123Systems


A123Systems develops and manufactures advanced lithium-ion batteries and battery systems for the transportation, electric grid services and portable power markets. Founded in 2001 and headquartered in Massachusetts, A123 Systems’ proprietary nanoscale electrode technology is built on initial developments from the Massachusetts Institute of Technology. For additional information please visit www.a123systems.com.


PR Contact:

Steve Roy 212.819.4869 stephen.roy@edelman.com

2009 Reality Rap

Immortal Technique - Open Your Eyes [Video!-CrazyTalk]