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In Obama's world, Bankrupt Solyndra Execs Get Bonuses

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Above The Law

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Jun 24, 2012, 3:46:27 PM6/24/12
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(CNSNews.com) – A bankruptcy court ordered $368,500 in bonuses
for 20 top managers and employees of Solyndra, the solar panel
firm that received $535 million from taxpayers two years before
filing for bankruptcy and laying off 11,000 employees. The
bonuses kicked in on March 31.

The 20 high-level workers earned a total base pay of $2.49
million before the bonuses. One of the executives earned a base
annual salary of $206,499 and received a $30,000 incentive under
the court order handed down on Feb. 22 by U.S. Bankruptcy Judge
Mary F. Walrath in Delaware.

Another executive earning $189,000 in base pay was awarded a
$20,000 bonus and a third, who earned $190,800, received
$15,000 more.

Most of the bonuses awarded were between $15,000 and $25,000,
with the three top beneficiaries receiving $30,000, while the
three lowest received $10,000 each.

The Energy Department finalized a loan guarantee of $535 million
to Solyndra on Sept. 3, 2009, funded through the American
Recovery and Reinvestment Act – better known as the $787 billion
stimulus.

On Aug. 31, 2011, Solyndra filed for Chapter 11 bankruptcy.
Chapter 11 allows a debtor company to restructure and work out
agreements with creditors without being liquidated.

Court documents referred to the bonuses as a “Key Employee
Incentive Plan.” The ruling determined the payouts to be “in the
best interests of the Debtors, their creditors and all other
parties in interest.”

The court documents did not identify the individuals getting the
various increases, but did provide their titles, base salaries
and bonus awarded:

1. The senior manager for information systems earned a base
salary of $157,000, and got a $12,500 bonus.

2. The network administrator who earned $75,190 got an increase
of $15,000.

3. A senior manager of manufacturing engineering who earned
$159,073 received a $16,500 bonus.

4. Another senior manager of manufacturing engineering, earning
$162,400, got an increase of $19,500.
5. An equipment maintenance supervisor earning a base pay of
$120,000 got an “incentive” of $22,500.

6. The senior director of product line maintenance earning base
pay of $206,499 got an additional $30,000.

7. The facilities project manager earning $108,150 got $30,000.

8. A senior facilities sites service manager earning $108,900
got $20,000.

9. An environmental health and safety supervisor engineer with a
base pay of $124,500 got $30,000.

10. A senior facilities manager earning $123,500 got $10,000.

11. A facilities shift supervisor earning $100,000 got $20,000.

12. A facilities supervisor earning $85,000 received $15,000.

13. A facilities maintenance engineer earning $101,760 got
$25,000.

14. A lead facilities specialist earning $72,842 got $20,000.

15. A lead facilities technician earning $71,781 got $15,000.

16. A senior director of finance earning $190,800 got $15,000.

16. A director of financial planning and analysis earning
$150,000 got an extra $12,500.

18. An accounts payable manager earning $75,705 got $10,000.

19. A senior director corporate controller earning $189,000 got
another $20,000.

20. A senior accountant earning $114,400 got a bonus of $10,000.

Comments:

Concerened American
Why is this happening in our Country. Where are all of our
Congressman on this very simple black and white Corruption (no
punn intended )We the American people have got to stop this
nonsense.

Like Reply
2 weeks ago 2 Likes

Bob DD
MORE CORRUPTION!!! This is what the Taxpayer's get with HUGE
OBAMA GOVERNMENT!

Like Reply
2 weeks ago 1 Like

The Enemy, Constitutional Conservative. Bill of Rights defender.
"COURT ORDERED bonuses"? Ain't that corruption!

Like Reply
2 weeks ago 1 Like

dennis
It's called payback for getting him elected !!! Look at how
many of these green companies have gone bust,even after being
bailed out. Everything this president touches turns to shit, I
don't think he is that stupid, he is destroying the country
deliberately, so he can usher in his own socialist muslim nation
!!!

Like Reply
2 weeks ago 4 Likes

The Enemy, Constitutional Conservative. Bill of Rights defender.
dennis: Like Obamacare, the "stimulus" bill and the "jobs
bill", these "green energy" schemes are actually money
laundering activities for the Obama administration. It takes
lots of dough to destroy American capitalism and implement
Marxism, you know. So, they use taxpayer money for this like
everything else.

Like Reply
2 weeks ago in reply to dennis

Mom
It all went to the smart meter program that is why they said
nothing...Itron...Silicon...Solon....all across North
America...Coalition to stop smart meters....Citizens for safe
technology.org plead the fifth

Like Reply
2 weeks ago

J0eyabs
Kinda funny is I worked there for 3 years and some of us
warehouse workers were making $60K + a year just doing material
handling.

Like Reply
2 weeks ago

Mom
because of the radiation you were being exposed to?

Like Reply
2 weeks ago in reply to J0eyabs

Dianeleriche
What I'd like to know is How many "new businesses" can pay out
so many 6 figure salaries from the starting gate? Obviously was
fishy from the starting gate...This company never was set up to
succeed. It obviously was set up to take the $ and run....

Like Reply
2 weeks ago

craigs
As a country we will continue to have decisions like this
because money gets you into office; not your record.

Judges have to run for office; they have to kiss alot of butt to
get even to that point.

And where is the payoff? Look at how well these judges do.

Might not be obvious while they are on the bench.

Like Reply
2 weeks ago

MSpra
I just do not get it......... a failed company allowed to give
raises and bonuses... have any of us been in that situration.
A bankrupt judge allowing that, instead of giving it back to the
tax payers...... very odd..

Like Reply
2 weeks ago 1 Like

Dog
"The newly formed organization OZMTA will be taking donations to
buy food,rubbers,marijuana,malt liquor,solar panels, and chevy
volts to send all you Obama Zombies to Africa on your green
powered ship. Save the USA send all Obama Zombies to Africa
Today"

Like Reply
2 weeks ago

Krejoe
How is it possible to run a company into the ground- bankrupt:
Then be paid bonus money for doing a good job. Maybe this judge
has got to be fired to.

Like Reply
2 weeks ago 2 Likes

Gary Allan
you mean they were court ordered campaign donations.

Like Reply
2 weeks ago 5 Likes

Mary
If criminal charges are being dicussed for GSA partiers, why
would not the same be considered for these Obama Department of
Energy 'sham-companies'? Sham executives and managers apply for
grants and loans, pretend they are planning to hire 1,000 -
2,000 employees, pay themselves, pay grant/loan reviewer fees
and some legal/advice fees, rent a building and a photographer
to take some photos for the media, then claim bankruptcy, and
walk away with a little more money in bonus and incentives for
losing 3 batches of $500 million dollars each.

Like Reply
2 weeks ago 4 Likes

Intellibronc
Is it just me or does it seem like EVERYDAY we learn of more
malfeasance by this dictator,,,daily!!!!!

Like Reply
2 weeks ago 3 Likes

craigs
If I recall the obama administration the solyndra stuff started
under bush; perhaps they did but let's go along with that for a
second.

The obama administration put the pedal to the metal and burned
up alot of taxpayer cash in the process.

Like Reply
2 weeks ago in reply to Intellibronc

EdinNola
OMG - Obama Must Go

Like Reply
2 weeks ago 3 Likes

Boblee747
This only makes sense, because it is not "their" money, It's
ours!!
The Dictator in Theif can do whatever is best for himself.

Like Reply
2 weeks ago 2 Likes

Boblee747
How is there something not Criminal going on here?
I work at United Airlines, we were supposed to get
bailed out, but nothing happened. Now all the pilots have lost
millions! For all the screams of "fairness" on the left,
I see none at solyndra nor UAL.

Like Reply
2 weeks ago 3 Likes

julian8
They have to be paid off to keep them quiet about what they know.
You buy millions of $ worth of high tech stuff that in reality
is useless crap from your buddy, you have to have the people
destroying it keep quiet.
Green energy is just a scam, one day we will have renewable
cheap reliable energy and it will not come from any scam on the
taxpayers, real inventors are not scam artists.

Like Reply
2 weeks ago 1 Like

craigs
Hit the nail on the head; remember how they were caught throwing
away inventory that other companies would have otherwise
purchased from them.......

That story got squashed.

Like Reply
2 weeks ago in reply to julian8

pete39
Even the courts are in on the "green energy" scam. If these
guys ran that business into the ground and can't pay back half a
million in TAXPAYER "investments" the court should have taken
that pittance and used it as a down payment on behalf of the
thieves, and charged them with paying the rest of it back.

Walk out the door with millions, then have the court give you a
bonus for being such a failure!

"The king's cheese is half wasted in parings; but no matter,
'tis made of the people's milk.'"

Like Reply
2 weeks ago 2 Likes

Marsha
Obama gave favors to people connected with Solyndra and then
wasted our money on a failed enegry policy along with other
energy policies that did NOT work-Sunpower $1.2 Billion (belly
up) Ener 1 wasted $118 Million, Fisker Car Co. in Finland cost
us $529 Million from the Stimulus money to build electric cars,
Beacon Power going bankrupt at $43 Million taxpayers money,
Goverment lost $3.2 TRILLION on Chysler bailout the Treasurey
dept. announced on 7-21-11. $300 Million for a plant in Michigan
to build electric batteries for cars ONLY Koreans work for the
Korean plant because they said Americans did not know how to
make them! That money came from the Stimulus money at taxpayers
expense-even some of Obama's Union buddies didn't like this
one!!!! Along with all the parties with movie stars at the WH
and vacations, wonder why we are broke? Obama the "Tax and
Spend" President is a good title for him!!

Like Reply
2 weeks ago 3 Likes

Mom
Solyndra...Itron smart meter rip off scam across North America
smart meter grid system no building solar panels making smart
meters selling across the border to Canada to sell power back
across the border

Like Reply
2 weeks ago in reply to Marsha

Cojode
I was wondering how big the salaries of these incompetent
executives was and if they received an incentive. You must
understand the Obama Administration (via the judge) is not
rewarding incompetence but rewarding big campaign donors.
Wasn't Representative Pelosi's brother, brother-in-law, or some
other relative one of these executives? And now, Obama want's
to continue to further fund more of these energy green trolls.
Guess he wants to get more in his campaign coffers. Just more
of good ole Barack Hussein's smoke and mirrors transparency;
i.e., a about as transparent as a four foot square slab of
Mississippi mud.

Like Reply
2 weeks ago 3 Likes

Intellibronc
You're spot on with bela legosi...

Like Reply
2 weeks ago in reply to Cojode

Doug
No wonder this company went under.

Like Reply
2 weeks ago

craigs
because it was tied to the hip with the us government? You mean
the US governments resume doesn't speak for itself?

Postal service, amtrak, social security, medicare, medicaid,
obamacare........

All doing very well.

Like Reply
2 weeks ago in reply to Doug

Isabella1709
I think I can not be held ressponsible for anything I do when I
read of this crap day after day. Obama must be put out of office
one way or another.

Like Reply
2 weeks ago 2 Likes

Mboomer1957
If this judge was appointed by either Bush or Reagan, that would
heave been included. That leaves either Jimmie Carter, the
peanut farmer, or Billy Bob B.J. Clinton, as the appointing
president, unless it was the Bamster's work.

Like Reply
2 weeks ago 1 Like

Grjones
Outrageouas! The Dems talk about fair shares and taking care of
the poor. Ya right.

Like Reply
2 weeks ago 2 Likes

Mboomer1957
It's redistribution to their cronies. What's another million or
two, when we run a trillion dollar deficit.

Like Reply
2 weeks ago in reply to Grjones 4 Likes

Sam Huston
Shouldn't the GSA be investigating this? Oh that's right the're
busy.

Like Reply
2 weeks ago 3 Likes

Mboomer1957
Yeah Taking the fifth in congressional session, and drinking a
fifth on our dime.

Like Reply
2 weeks ago in reply to Sam Huston 3 Likes

julian8
The crap just keeps on coming with no sigh the administration
cares at all.
The GSA people who got caught stealing our money were given
bonusus even though the white house already knew about the Vegas
and Hawaii trips, why was it so long before we knew? All the
time they have known and did nothing, they endorse this
behavior, undersocialism the government are the rich.

Like Reply
2 weeks ago 3 Likes

MrNewCastrati
Obama's response? Let's double down on this nonsense!

Like Reply
2 weeks ago

apache6
AHHHH,the "INSANITY" of it all !!

Like Reply
2 weeks ago 1 Like

apache6
AHHHH,all the "INSANITY" !!

Like Reply
2 weeks ago

Senior, Native born senior citizen taxpayer with attitude.
Collapse
Typical & usual gov't management - - - the fox guards the
henhouse - -


http://cnsnews.com/news/article/subsidized-bankrupt-solyndra-
managers-got-368500-court-ordered-bonuses



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