The Corner

Solyndra Execs Cashed in Before Bankruptcy

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:

  • 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.

  • Ben Bierman, executive vice president of operations and engineering, received $120,000 in bonuses this year on top of his $276,000 salary.

  • Paula Camporaso, vice president of information technology — $80,000 in bonuses on top of her $107,000 salary.

  • Dave Sanat, vice president of supply chain — $80,000 in bonuses on top of his $111,000 salary.

  • 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

Andrew Stiles — Andrew Stiles is a political reporter for National Review Online. He previously worked at the Washington Free Beacon, and was an intern at The Hill newspaper. Stiles is a 2009 ...

Most Popular

Elections

Elizabeth Warren Is Jussie Smollett

Elizabeth Warren has a moving story about being fired from a teaching job because she was pregnant, a story that perfectly complements her political narrative that she is the tribune and champion of those who have been treated unfairly by the powerful. Joe Biden has a moving — and horrifying — story about his ... Read More
PC Culture

Defiant Dave Chappelle

When Dave Chappelle’s Netflix special Sticks & Stones came out in August, the overwhelming response from critics was that it was offensive, unacceptable garbage. Inkoo Kang of Slate declared that Chappelle’s “jokes make you wince.” Garrett Martin, in the online magazine Paste, maintained that the ... Read More
Culture

The Origins of the Transgender Movement

Editor’s Note: This article has been adapted from remarks delivered at a Heritage Foundation summit. I’ve been asked to talk about the origins of transgenderism and how it relates to children and their exploitation. But first, I would like to start with a little story. Yesterday I was wandering around ... Read More
Film & TV

Joker: An Honest Treatment of Madness

When I saw that the New York Times and The New Yorker had run columns berating the new Joker movie, criticizing it not simply on cinematic grounds but instead insisting that the film amounted to a clandestine defense of “whiteness” in an attempt to buttress the electoral aim of “Republicans” — this is a ... Read More