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" A Delaware bankruptcy judge has approved close to $370,000 in bonuses for certain employees of Solyndra LLC, a solar panel manufacturer that received a half-billion dollar loan from the federal government before declaring bankruptcy."
"Attorneys for former Solyndra workers laid off just before bankruptcy filing objected to the proposed bonuses."
" A Delaware bankruptcy judge has approved close to $370,000 in bonuses for certain employees of Solyndra LLC, a solar panel manufacturer that received a half-billion dollar loan from the federal government before declaring bankruptcy."
"Attorneys for former Solyndra workers laid off just before bankruptcy filing objected to the proposed bonuses."
Guess what! The former Solyndra workers aren't the only ones objecting to the bonuses.
AMEN! BUT... when it's the finance industry or automotive industry... executive pay reforms were long overdue for reform prior to fiscal meltdown. And they still are thanks to republicans defending predators 'right' to prey. I'd like to see consumer protections favor investors/ shareholders far more than they favor prima donna's printing out blank checks for themselves in a LLC.
Is there a difference between garden variety losers kiting checks and these individuals? Is there a difference between legitimate commerce and organized crime?
GM stock was selling for over $40 a share 5 or 6 years ago. That stock is worthless today.
Today's GM is not the same company it was 5 years ago.
Maybe we should bailout buggy whip companies that went bust in the Financial Panic of 1907.
Quote:
Originally Posted by harborlady
AMEN! BUT... when it's the finance industry or automotive industry... executive pay reforms were long overdue for reform prior to fiscal meltdown. And they still are thanks to republicans defending predators 'right' to prey. I'd like to see consumer protections favor investors/ shareholders far more than they favor prima donna's printing out blank checks for themselves in a LLC.
Is there a difference between garden variety losers kiting checks and these individuals? Is there a difference between legitimate commerce and organized crime?
Out of the hundreds of out-of-work employees, vendors, investors and other creditors in the bankruptcy of government-backed solar-panel maker Solyndra LLC, one name stands out: the California Democratic Party.
Why California Democrats would be creditor to a company that received more than a half-billion dollars in federal loans to build a solar-panel plant isn’t clear.
and this today:
Another company that benefited from millions of dollars in stimulus money, as well as state aid, is laying off workers. According to CapCon, A123 Systems received a combined $390.1 million for it’s battery manufacturing operation, only to turn around and lay off 125 employees. What’s worse is that the company richly rewarded its top executives at the same time, even as the company was millions of dollars in the red. It looks like the bigwigs were the only people stimulated.
In the nine months since David Prystash was named Chief Financial Officer of A123 Systems — the battery manufacturer that received $390.1 million in federal and state subsidies — the company has laid off 125 employees and had a net loss of $172 million through the first three quarters of 2011.
A123 Systems also learned earlier this month that the company that was to be the main purchaser of its batteries — Fisker Automotive — had its federal funding cut off for missing milestones and had to lay off its own employees. A123 Systems had invested $23 million into Fisker.
Yet, this month A123’s Compensation Committee approved a $30,000 raise for Prystash just days after Fisker Automotive announced the U.S. Energy Department had cut off what was left of its $528.7 million loan it had previously received.
Prystash wasn’t the only executive to see a big raise this month. Robert Johnson, vice president of the energy solutions group, got a 20.7 percent pay increase going from $331,250 to $400,000, while Jason Forcier, vice president of the automotive solutions group, saw his pay increase from $331,250 to $350,000. Prystash’s raise was 8.5 percent, going from $350,000 to $380,000. (source, lonely conservative)
the rich get richer, and the rest of us get to pay for the privilege.
Last edited by floridasandy; 02-27-2012 at 03:43 PM..
And you think the Republicans, who aren't even in power, love Big Business ?
Better think again folks.
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Is there a difference between legitimate commerce and organized crime? 
