Subsidized, Bankrupt, Corrupt: Solyndra Managers Got $368,500 in Court-Ordered Bonuses

By Gary P Jackson

One could spend all day, every day, writing about nothing but corruption involved in the so-called “green” industry. While there are hundreds of stories like Solyndra, this company is, without a doubt, the poster child for the culture of greed, corruption, and malpractice fostered by the Obama regime.

The latest though, is mind-blowing. Instead of jail sentences for all involved, Solyndra managers got court-order bonus instead, “in the best interests of the Debtors, their creditors and all other parties in interest.

Crime pays, especially if it’s in the Obama sanctioned “green” industry.

From CNS News:

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.

For a list of all of the bonuses paid, click here.

Only in Obama’s America are failures, who steal tax payer money, rewarded handsomely, while the rest of the nation suffers.

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2 Comments

Filed under In The News, Politics

2 responses to “Subsidized, Bankrupt, Corrupt: Solyndra Managers Got $368,500 in Court-Ordered Bonuses

  1. Mike

    That subsidy program began with Bush II: http://goo.gl/VSiii

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