Solyndra Execs Reaped Bonuses Before Bankruptcy, Documents Show

Published November 04, 2011
| FoxNews.com

AP

Oct. 31, 2011: An auction sign is shown at bankrupt Solyndra headquarters in Fremont, Calif., before Wednesday's auction. Solyndra received a one half billion dollar loan guarantee from the government before filing for bankruptcy in Sept. 2011.
Solyndra executives were awarded quarterly bonuses worth up to $60,000 apiece earlier this year as the California solar-panel company headed for bankruptcy, court documents show.

Documents filed by the company in U.S. bankruptcy court in Delaware show the well-paid executives at the firm were given bonuses in April and in July, just months before the company filed for bankruptcy in September and laid off 1,100 workers.

The details add to the narrative of what was happening behind the scenes in the year leading up to the company's financial collapse, though congressional Republicans investigating the matter are looking for more details. After the Obama administration turned over 20,000 pages of documents earlier this week pertaining to Solyndra, House Republicans on Thursday night served the White House and vice president's office with a subpoena for more Solyndra documents.

"Unfortunately, we had to take this step after the White House has continued to slow walk the production of documents necessary for this investigation by only releasing selected documents and records," said Rep. Cliff Stearns, R-Fla., chairman of the House Energy and Commerce subcommittee investigating Solyndra.

The White House denies slow-walking anything, noting that it just submitted thousands of Solyndra documents earlier this week. "We'd like to see as much passion in House Republicans for creating jobs as we see in this investigation," White House spokesman Eric Schultz said Thursday.

While congressional Republicans are trying to find out more about the role the White House played in the $535 million loan guarantee that was awarded to Solyndra by the Department of Energy, the bankruptcy documents offer extensive information about what was happening internally at Solyndra.

According to the documents, chief financial officer Wilbur Stover was awarded a $60,000 bonus in April and in July. So were executive vice president Ben Bierman and senior vice president John Gaffney. Other executives enjoyed slightly smaller sums - marketing executive Karen Alter was awarded $55,000 in April and in July; Vincent Valentin, another vice president, earned two $44,000 bonuses.

The San Jose Mercury News first reported on the details of the bonuses.

A representative with Solyndra did not return a request for comment Friday from FoxNews.com.

One unnamed former employee of the solar firm told the Mercury News that the payments were seen as "retention" bonuses to slow the high rate of turnover at the company.



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"The White House denies slow-walking anything, noting that it just submitted thousands of Solyndra documents earlier this week. "We'd like to see as much passion in House Republicans for creating jobs as we see in this investigation," White House spokesman Eric Schultz said Thursday."

The duplicity of this statement makes me sick and enrages me. The whole goddamn Solyndra scheme was supposed to be a "green jobs" project was it not? Those who said it was a loot & burn operation were called "racists". I guess all smart people are racists! I support Newt, but this racist would vote for Herman Cain at the drop of a fucking hat, kiss his black ass, and wish him good luck and say "full speed ahead, homes" !!!

I hope at least a few will read some of this. This is a Q&A session between Neil Cavuto and Bernie Marcus, co-founder of Home Depot. This guy has created over a MILLION jobs since 1978 and HD now has 330,000 employees. I think he has some credibilty:

(edited for brevity)

Q (Cavuto):Has this admin been inconsistent in it's policies?

A (Marcus):Oh sure. You know that "card check" was knocked out by the Congress...both Dems and Repubs rejected it, but the NLRB is doing it anyway (Note-they are also opposing the start of a Boieng plant here in SC as a sop to the unions) and you have the EPA doing the same thing.While they're saying one thing outta the side of their mouth they're damaging the economy with the other side of their mouth. They've gotta put it all together and do the right thing for America. Creating jobs is not the government's business.

Q: So what do you say when Nancy Pelosi states that without the stimulus, unemployment would have been 15% instead of 9%?

A: Neil, I dunno what they're drinking but they ought to spread it around...we all need to have something good happen..(good things) are only happening in DC. I don't know where she's getting these fables from, but if she believes her GARBAGE, it's because she lives in the beltway and hasn't a clue about what's happening out here. Small businesses do almost all the hiring and they're not making it. If small businesses die, America dies.

Q: You, Steve Jobs, Bill Gates, and others started in iffy times, how do we know that enterpenures aren't starting successful businesses now in spite of government policies?

A: It wasn't easy...it took 30 years...and we didn't have the overwhelming regulations we have now. I can honestly say that if we had been faced with these regulations, we could not have gone beyond 10-15 stores.

Only Washington is turning a deaf ear to the cries for help, Pelosi is dead set against the plant in SC if it isn't a union plant ( money in Dems pockets ) I saw this interview you posted. The tone was somber and sincere, he is truly worried about the future for the middle and lower class. Our administration is doing nothing but piece by piece destroying us. Reality and common sense are gone. Now if Owebama can't get something passed he pulls the executive order and does it anyway.