A bankruptcy court has given 2o top Solyndra managers and employees over $368,500 in bonuses, as the failed-Obama company is continued to be investigated by the FBI and Congress.
Solyndra is one of the biggest crony capitalist deals that Obama has conducted since becoming president. The cronyism started in the months prior to the approval of the Solyndra loan by the Department of Energy in March of 2009, when billionaire and Obama bundler, George Kaiser, held numerous meetings with the White House about the pending loan.
George Kaiser holds the biggest stake in the now defunct Solyndra.
White House logs revealed that Solyndra executives and investors held four separate visits the week before the company received its cut of your stimulus cash. Those meetings all took place while a White House budget analyst warned in an email that, “this deal is not ready for prime time.”
On May 26, 2010, Obama visited Solyndra, boasted about the loan and said, “the true engine of economic growth will always be companies like Solyndra.” He praised Solyndra as a Recovery Act (stimulus) success story.
On September 6, 2011, Solyndra filed for bankruptcy. The immediate result was the layoff of 1,100 workers.
The scandal took another turn when, on September 8, 2011, the FBI raided Solyndra’s headquarters.
Obama was so impressed with the failed solar company that the administration wanted to give it another $469 million on top of the $535 million to make it an even billion dollars in taxpayer cash.
CNS News reported:
A bankruptcy court ordered $368,500 in bonuses for 20 top managers and employees of Solyndra, the solar panel firm that received $535 million from taxpayers two years before filing for bankruptcy and laying off 11,000 employees. The bonuses kicked in on March 31.
The 20 high-level workers earned a total base pay of $2.49 million before the bonuses. One of the executives earned a base annual salary of $206,499 and received a $30,000 incentive under the court order handed down on Feb. 22 by U.S. Bankruptcy Judge Mary F. Walrath in Delaware.
Another executive earning $189,000 in base pay was awarded a $20,000 bonus and a third, who earned $190,800, received $15,000 more.
Most of the bonuses awarded were between $15,000 and $25,000, with the three top beneficiaries receiving $30,000, while the three lowest received $10,000 each.