234 Jobs Gone with the Wind

It seems the U.S. Government (through The Export-Import Bank) approved a $32 million loan to a foreign-based wind-energy outfit.

Bank of America is handling the loan.

Bank of America made a statement prior to the loan:

“Ex-Im Bank’s financing, which guarantees a Bank of America loan, will support approximately 250 permanent American jobs at the company’s Little Rock, Ark., and Grand Forks, N.D., manufacturing facilities,” the bank said in a release.

BUT:

The company maintains a manufacturing presence in Arkansas and North Dakota—but the company laid off 234 of the Arkansas plant’s roughly 300 workers just two days after its loan was approved.

“We have this week told our workforce that we are re-sizing our workforce and business to fit our plans for 2013,” Adam Ruple, human resources director for LM Wind Power, told the City Wire of Arkansas.

The company in question also has had numerous OSHA violations and seems to be in financial trouble.

It seems the current Administration is still involved in great business decisions !!

Read the whole article for details and supporting links.

Green energy firm sacks two-thirds of American workforce days after receiving $32 million government loan


Related article:
.....HotAir. com

We keep losing more and more jobs while Obama gives illegals from 15 to 30 years of age his deferred program allowing them work permits without any fear of deporatation.

32 Million divided by 250 employees rounds out to about 128,000 per employee.

So unless these were all PHD doctorates then were getting ripped off.

Another thing that really irks me is I have to get a credit check before I can even get a job now a day.

Why docent the government do a revenue check on a business to see if it financially stable.

Instead of being one bad decision away from bankruptcy.

Sounds like the left because they were getting tired of all the citations due to unsafe working conditions.

LM Wind Power also has had numerous citations for workplace safety violations. The Department Of Labor’s Occupational Safety and Health Administration cited the firm 11 times in an investigation beginning October 2010 for exposing workers to unsafe conditions and noted the company had demonstrated a “continued pattern of failing to comply” with OSHA standards.

But not to worry thanks to Cantor and Hoyer the Export-Import Bank won't be running out of money anytime soon.

Under a deal cut in Congress by House majority leader Eric Cantor and House minority whip Steny Hoyer, the bank’s lending limit was increased to $140 billion over three years, up from its previous $100 billion limit.

Whenever a company does something like this the government should demand our money back and if it isn't returned then throw the owner in jail.

reply to post by xuenchen


And how about this: California turns to Chinese company, labor to build most of new Bay Bridge span Source and article: www.pri.org...

Washington needs to be totally clean out of all the corrupt "leaders and reps" and we need to really start getting people in positions of power that are really for The People and not against it's own citizens.

But as long as the average American keeps quiet, complies and OBEYS, it's only going to get worse.

Our government is now insourcing as well as allowing outsourcing of jobs leaving it's American Citizens jobless.

And that is the way the Republic crumbles.

FYI: Romney is no better, with his company, he outsourced mega big time............he's as much a crook as Obama.

Personally, I'm not voting this year.

I'm done with all the BS.

reply to post by Zaanny


Read my location to answer your question.

reply to post by xuenchen


So...I'm a little confused about this. Did the Ex-Im bank give Bank of America $32 million to give to this Danish company? Isn't that what it's supposed to do?

What's with the hate on the Ex-Im bank anyway? One of the very few government agencies that manages to actually make money for the government to the tune of $1.9 billion.

Originally posted by links234
reply to post by xuenchen

 

So...I'm a little confused about this. Did the Ex-Im bank give Bank of America $32 million to give to this Danish company? Isn't that what it's supposed to do?

What's with the hate on the Ex-Im bank anyway? One of the very few government agencies that manages to actually make money for the government to the tune of $1.9 billion.

Well let's see

“Ex-Im Bank’s financing, which guarantees a Bank of America loan, will support approximately 250 permanent American jobs at the company’s Little Rock, Ark., and Grand Forks, N.D., manufacturing facilities,” the bank said in a release.

It's a loan guarantee.

That means if the loan defaults, the taxpayers get stuck (sound familiar)

The entire point as outlined is that BOA said jobs would be preserved.

Now the company in question lays off 234.

I guess one wild idea would be to assume those 234 are sacrificial all in the name of the common good?

And what "hate" on the Ex-Im bank are you talking about?

reply to post by xuenchen


The 'hate' is for the ex-im bank...we have to be angry at some government organization for this travesty, they're the only ones listed. It's hardly the governments, or this particular government agency's fault, that this company did this. Is this some sort of wonky way to express outrage at renewable energy?

What the hell is the point you're trying to make?