Solyndra: taxpayer-funded bonuses for the bankrupt — Update: subpoena issued

Posted by: Phineas on November 3, 2011 at 1:01 pm

**Posted by Phineas

Remember when Congress, the MSM, and President Obama were all aghast and outraged at the bonuses paid to AIG execs after the 2008 crash?

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)

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4 Responses to “Solyndra: taxpayer-funded bonuses for the bankrupt — Update: subpoena issued”

Comments

  1. Tim Barnes says:

    Chicago politics goes national.

  2. Carlos says:

    I wonder why Duh-1 isn’t out there bashing “greenies” like he bashes the bankers/Wall Streeters who took stimulus funds to pay hundreds of millions of dollars to their top execs (out of those self-same stimulus funds, as it turns out)? What’s the matter, Barry, aren’t the “greenies” political contributions just as good as Wall Street’s?

  3. free544 says:

    At the heart of these scandals is the rampant cronyism in our government.

    Consider also what just happened in a federal court in Texas. As described at http://LawInjustice.com, a Dallas business owner was involved in a civil dispute and paid millions of dollars to lawyers, and when he objected to additional fees after settling the case, they had a “friendly” judge seize all of his possessions, without any notice or hearing, and essentially ordered him under “house arrest” as an involuntary servant to the lawyers. The business owner has been under this “servant” order for 10 months and is prohibited from owning any possessions, prohibited from working, etc..

    …and some quotes from the judge:

    THE COURT: “I’m telling you don’t scr-w with me. You are a fool, a fool, a fool, a fool to scr-w with a federal judge, and if you don’t understand that, I can make you understand it. I have the force of the Navy, Army, Marines and Navy behind me.”

    THE COURT: “You realize that order is an order of the Court. So any failure to comply with that order is contempt, punishable by lots of dollars, punishable by possible jail, death”

  4. Carlos says:

    Where’s the outrage about multi-million dollar bonuses to Freddy Mac and Fannie Mae brass? Fer cryin’ out loud, these thugs don’t even were masks any more when robbing us blind.