Democratic Senatorial Campaign Committee

Tesla CEO Elon Musk Fights Perceptions as Stock Drops

Elon MuskTaxpayer-supported Tesla, recipient of a $465 million stimulus loan guarantee to produce yet another electric toy car (the Model S) for rich people, reported its 4th quarter earnings last week. The word from billionaire CEO Elon Musk (Flickr photo: Jurvetson) was, “we’ll do better next quarter – promise.”

That’s a paraphrase, but nonetheless Tesla’s announcement fell short of most Wall Street analysts’ expectations. The company lost $90 million for the quarter as it ramped up production to fill pre-orders, paying workers to put in an average of 68 hours per week in December. On Thursday the company suffered the biggest one-day drop in its stock price – tumbling nearly 10 percent – in more than a year. Shares fell to $35.16 before recovering slightly on Friday, but were at $34.38 for Tuesday morning's opening.

After Layoffs, Execs Get Big Raises at Taxpayer-Funded A123

A123 logoA taxpayer-funded electric vehicle battery company, that is considered in great danger due to its dependency on troubled EV company Fisker Automotive, has awarded its top executives big salary increases despite a steep downward trajectory in its stock price.

Massachusetts-based A123 Systems -- which received $279.1 million in stimulus money from the Department of Energy, and up to $135 million in incentives from the State of Michigan -- boosted the base salaries of two vice presidents and its chief financial officer on February 8.

Democratic National Committee Taps Crony Corporations

Obama InvescoAs Democrats struggle to raise funds to coronate President Obama as nominee in Charlotte, N.C. this September, the role of two crony corporations increases daily.

Bloomberg reported yesterday that the president’s re-election organization will consider moving his acceptance speech at the Democrat National Convention to Bank of America Stadium.

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