Evergreen Solar CEO explains why company left Mass.

by: Jan A

Sun Jan 30, 2011 at 13:59:11 PM EST

We make silicon wafers that go into solar panels. In 2008 we decided to build a plant in Massachusetts to be near our research and development facility. There was a groundswell of optimism that the U.S. was going to take the lead in the drive for alternative energy.

There were challenges from the start. Lehman Brothers was our banker and had almost a third of our outstanding shares as part of a financing transaction. That disappeared in Lehman's bankruptcy and cost us about $300 million. Then we went to the federal government to get help from the TARP funds, but they said no because we weren't a financial institution.

In December 2008 we were approached by a Chinese company, Jiawei, which was impressed with our wafer technology. The Chinese government agreed to support a loan that would cover two-thirds of our expansion in China. The subsidies we received from the government here covered less than 5 percent of the cost of our U.S. plant. We received $20 million and some future tax credits, but you can't pay taxes if you don't make money.

According to El-Hillow, the Chinese subsidize businesses that are geared to the future; we subsidize bankers.  Is this "fair" trade?  I don't think so.  

Joan Vennochi nails the reason why the tax cuts won't help with jobs

by: Jan A

Thu Dec 09, 2010 at 10:48:08 AM EST

PROFITS ARE up, so it's time to slash the workforce.

That's the story at State Street Corp., which recently announced the elimination of 1,400 jobs, including 400 in Massachusetts. Those jobs are gone, even though State Street last reported profits of $427 million, up about 20 percent from a year ago. Operating revenue also rose 8.4 percent. . .

By cutting loose 1,400 workers, State Street shifts the burden of keeping them solvent from the private sector to the public. Now, it's the taxpayers' job to underwrite them, via unemployment benefits.

And that's only the start of the ripple effect on a still-fragile economy. How many of the newly unemployed will no longer be able to pay their mortgages, or keep up with cable and credit card bills? Without employer-backed health insurance, how many will turn to state-subsidized insurance?

While workers hit the streets, management hits the jackpot. According to Forbes.com, Hooley's 2009 compensation package totaled $13.9 million. And that was before he took over as State Street's CEO last March. Asked if management would be taking pay cuts or forgoing bonuses, Carolyn Cichon, a State Street spokesperson, said only that 2010 compensation, including executive incentive compensation, "will be determined in the first quarter of 2011.''

Gag me.  These are not people.  These are not citizens.  These are profit making machines that are killing the middle class.  Yeah, they deserve tax cuts and "free" speech protection . . . not.

More

This is what all incumbents should be doing something about

by: Jan A

Wed Jan 27, 2010 at 17:25:26 PM EST

From American Observer website:

Check out this map of the U.S. showing changes in unemployment rates by county from 2007 to 2009.  It is frightening.  There is a gap in numbers - it leaves out indices for 7-9% which might make it a bit less dire - but it shows what all our so-called representatives should be "focused like a laser beam" on - jobs, jobs, jobs.  

Shaws to move corporate headquarters from Bridgewater to India

by: Jan A

Wed Feb 18, 2009 at 15:10:39 PM EST

Shaw's to shift corporate jobs to India

WEST BRIDGEWATER, Mass. - Massachusetts-based grocery store chain Shaw's Supermarkets Inc. is gradually laying off about 50 technology workers from its West Bridgewater corporate headquarters and shifting their work to India.

Shaw's spokeswoman Judy Chong said the layoffs began in August and will continue through February. Chong said the shift of jobs to India will help the company remain competitive.

"Part of our strategy to succeed in a very competitive marketplace is to have a multi-geographic workforce," Chong said.

But customers outside the chain's Porter Square location in Cambridge voiced concern over the plan and the welfare of the displaced workers.

"I think it's terrible. In this economy, I think it's going to be a disaster for those people," said Anita Turner, a Cambridge resident, as she loaded groceries into her car. "It doesn't exactly make you proud to shop here."

No, it doesn't make you proud.  I shop there now, but that's about to change.

More on flip.