Posted on 11/02/2011 9:54:13 PM PDT by NormsRevenge
Senior executives at Solyndra collected hefty bonuses -- ranging from $37,000 to $60,000 apiece -- as the Fremont company bled cash and careened toward bankruptcy this summer.
Bankruptcy documents filed in Delaware earlier this week reveal that more than a dozen senior executives at the defunct solar manufacturing company were awarded sizable quarterly bonuses April 15 and again July 8. Solyndra ceased operations in late August and filed for bankruptcy Sept. 6. About 1,100 employees were laid off without severance pay.
The bonuses, awarded to more than a dozen executives, came on top of what were already highly competitive salaries. Karen Alter, Solyndra's vice president of marketing, had an annual base salary of $275,000; she was awarded a $55,000 bonus in April and again in July. Ben Bierman, Solyndra's executive vice president of operations and engineering, had an annual base salary of $300,000; he was awarded $60,000 in April and again in July. Will Stover, the company's chief financial officer, was also awarded a $60,000 bonus in April and again in July.
Details of the bonuses come as Solyndra attempts to auction off the manufacturing equipment that remains in the idled Fremont factory.
Bruce Grohsgal, Solyndra's Wilmington, Del.-based bankruptcy attorney, did not respond to a request for comment Wednesday.
But a former Solyndra employee, who spoke on condition that he not be identified, said the bonuses were put in place in an effort to retain talent at Solyndra, which suffered from enormously high turnover during its five years in operation.
(Excerpt) Read more at mercurynews.com ...
Rats fleeing the sinking ship.
Goldbricker’s rewards.
Cue Claude Rains
Russia has nothing on us. We don’t have capitalism, just common corruption. And it didn’t start w zero, he just accelerated it. We’re all serfs now.
“the bonuses were put in place in an effort to retain talent at Solyndra, which suffered from enormously high turnover during its five years in operation.”
This is hardly surprising, given that Forbes says the average salary for CEOs in the top 500 companies ranged from $10 to $13 million the past two years.
| How dare Republicans question the waste of a mere half a billion dollars on some sham company that was a big Zer0 donor. No criminal negligence and malfeasance with taxpayer dollars for political purposes here. /sarc |
Why aren’t the Repub’s doing anything about it? I’m losing faith in our Republic.
We don’t have capitalism, just common corruption.
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Would that be bureaucrat-capitalism?
Looters looting is news?
A guy gets a bonus and donates half to obama’s campaign.
I am willing to bet this was a laundering operation. Those that came and went were given big severances, a portion or which was donated to the DNC or directly to Obama.
Someone needs to track the players and the donations.....I will bet anything that you will find our tax money going through these people right into the DNC.
Unless its an Obama Judge.
The justice department should be able to put the taxpayer ahead of George Kaiser ( net worth 10 Billion according to Forbes 400 richest.)
Ha, the joke is on them! they have to pay taxes on those bonuses! that’ll show ‘em!
Bfl.
The amount of crap has most of us overwhelmed...
I guess you didn't read (in other articles) where the Obama Admin made the Energy Department loans subordinate to the main investors.......therefore, the Obama buddies get their money first from the fire-sale of Solyndra assets and the US Taxpayers get whatever is leftover (which will be nothing).
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