Disturbing: Food stamp fraud rampant: GAO report
**Posted by Phineas
So you can be sure they’ll be pounding the podium over bonuses paid to executives of now-bankrupt Solyndra:
Karen Alter, senior vice president of marketing, received two $55,000 bonuses on April 15 and July 8 of this year, on top of her $250,000 annual salary.
Ben Bierman, executive vice president of operations and engineering, received $120,000 in bonuses this year on top of his $276,000 salary.
Paula Camporaso, vice president of information technology — $80,000 in bonuses on top of her $107,000 salary.
Dave Sanat, vice president of supply chain — $80,000 in bonuses on top of his $111,000 salary.
Bill Stover, the company’s CFO who took the fifth before Congress at a September hearing, was awarded at least $120,000 in bonuses on top of his $367,000 salary.
The document also reveals that Chris Gronet, one of Solyndra’s founders, was “transitioned to the role of adviser and consultant” from his position as CEO on July 1, 2011, and negotiated a severance package worth more than $450,000.
I especially like paying a hundred grand in bonuses to a “marketing” exec for a company that couldn’t sell enough product to stay in business. I bet they all had MBAs, too.
Bear in mind that Solyndra was a failing company: it was paying out more than it was taking in. The bonuses were essentially made possible by the loans Solyndra received from the Department of Energy. Even if no loan cash went directly into these bandits’ paychecks, the loans made them possible — money is fungible.
Meanwhile, as Stiles points out in the article, these clowns get to keep their money, but, thanks to the loan “deal” agreed to by the DoE, the taxpayer (that’s you and I) has a lower claim to any money recovered through a sale of Solyndra’s assets than do the private investors.
Obama is so good to his “friends!”
RELATED: Earlier posts on Solyndra.
PS: As a friend pointed out, isn’t it interesting how the various Occupy groups who are so angry at the banks have had nothing to say about the money the Obama Administration has blown on various “Green schemes?” Guess that’s different… somehow.
via Power Line, which also lists the… interesting pattern of political donations made by these executives.
UPDATE: The House Energy and Commerce Investigations subcommittee has lost patience with the White House’s stalling and has issued a subpoena for documents relating to Solyndra.
(Crossposted at Public Secrets)