Eric Wesoff of Green Technology reports that Solyndra’s top executives awarded themselves substantial bonuses — on top of their already lavish salaries — just months before the solar company declared bankruptcy in early September 2011. Upon reviewing Solyndra’s 277-page bankruptcy document, Wesoff found the following:
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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.
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Ben Bierman, executive vice president of operations and engineering, received $120,000 in bonuses this year on top of his $276,000 salary.
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Paula Camporaso, vice president of information technology — $80,000 in bonuses on top of her $107,000 salary.
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Dave Sanat, vice president of supply chain — $80,000 in bonuses on top of his $111,000 salary.
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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.
Fortunately for them, they’ll all get to keep their money. American taxpayers, on the other hand, will have to hope that Solyndra’s remaining assets yield more than $75 million — the amount to which private investors were given priority as part of the company’s loan-restructuring agreement negotiated by the Energy Department — or else we’ll be out $530 million.
I imagine once word of this reaches Zuccotti Park, the entire tent city will erupt with indignation. Or not.
More here.
"The document also reveals that Chris Gronet, one of Solyndra’s founders ... negotiated a severance package worth more than $450,000."
And in just the past couple of days, the Big O was griping about the huge, unjust severance packages that these corporate fat cat CEOs get. And this, of course, is nothing compared to what the Fannie and Freddie execs got.
Reply to this commentLinkReport AbuseI thought bankruptcy court could undo any transfers ocurring a year before bankrutpcy?
Reply to this commentLinkReport AbuseUntil we address the underlying problem of rampant cronyism throughout our government, money is going to continue to be squandered until there's nothing left of our country.
Consider also what just happened in a federal court in Texas. As described at External Link
, 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..
Reply to this commentLinkReport AbuseThe more I hear about this company, the more I'm convinced it's just like Fannie Mae and Freddie Mac - a sham corporation set up for the purpose of enriching favored Democrats at the expense of the taxpayers.
Someone please assure me that lots of people are going to go to prison for this.
(captcha - "everybody wins")
Reply to this commentLinkReport AbuseThat's all horrible, don't get me wrong; however, in a company that is on the verge of going down the tubes the last thing that it can afford to have happen is an exodus of the executives. I know I've worked at companies in the past that had issues as a 'going concern' and I figured that, as a peon, if executive X of my department left, that would be my cue to start job hunting. Only, it wouldn't just be me. If even one of them left it would turn into a 'bank run' of talent and the doom would become self fulfilling.
Reply to this commentLinkReport AbuseI am the author of the piece referenced in the post.
Reply to this commentLinkReport Abuse1. The name of our publication is Greentech Media www.greentechmedia.com, not Green Technology
2. As I reported, the CEO did not receive his severance package, contrary to what your piece infers. This fiasco is bad enough without having that extra straw on the camel's back.
Sincerely,
Eric Wesoff
Ok, I'll ask: why will they get to keep the money? Cannot the bankruptcy court demand the bonuses be returned?
Reply to this commentLinkReport AbuseIn case anyone living on the outer planets isn't sure what will become of this, here's a hint.
Are any of these people in jail?
Audited by IRS?
Funds frozen?
Subpoenas?
That would be no, no, no and no.
Congress can be loosely divided into 2 groups, totaling 535 members:
A. those who believe that obeying the law is treachery to Obama
B. those who believe that ignoring this behavior will allow them to enjoy it in 2013, and prefer not to answer questions about their own past behavior
"Click to play the security code" is getting on my last nerve.
Reply to this commentLinkReport AbuseWhy was the marketing vice president making more than the VP of IT and Supply Chain? Sales are important, even in an industry glided with tax subsidies, but I would think that controlling costs (the biggest problem with "green industries") would be more important.
Check the VP of Marketing's dontations - I bet they lead to the Democrat Socialist Party.
Reply to this commentLinkReport AbuseThats a typo - the VP of IT was making ~170K not 107 according to the filing.
Reply to this commentLinkReport AbuseThe VP of IT was paid $170K not $107K - that's a typo
Reply to this commentLinkReport Abuse