“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.”
By Dell Hill
Via Director Blue
Some good news on the economic front: Solyndra execs received huge bonuses courtesy of President Obama
The headline in the San Jose Mercury News really says it all: "Solyndra executives collected hefty bonuses in months before Fremont company filed for bankruptcy:"
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.
The bonuses were paid despite the fact that "everyone knew that our solar panels were uncompetitive... including President Obama."
There’s more....lots more. Read the entire story by clicking right here.