Posted on 01/12/2012 9:36:06 AM PST by LucianOfSamasota
Now seems an unlikely time for handing out bonuses at bankrupt Solyndra LLC, but that’s the plan of company attorneys intending to dole out up to a half-million dollars to persuade key employees to stay put.
Nearly two dozen Solyndra employees could receive bonuses ranging from $10,000 to $50,000 each under a proposal filed by Solyndra’s attorneys in U.S. Bankruptcy Court in Delaware.
The attorneys say the extra money will add motivation at a time when workers at the solar company have little job security and more responsibilities because so many of their colleagues have been fired.
The names of the bonus-eligible employees are not disclosed in the court filings that outline the bonus proposal. None of the employees is among the so-called corporate “insiders” — top officers or members of the board of directors, records show.
The proposed bonus recipients include nine equipment engineers, six general business and finance employees and up to two information technology workers.
The biggest bonus, for $50,000, would go to a Solyndra employee whose job title is listed as a senior director with a base salary of $206,499 per year. Two senior managers stand to receive bonuses of $30,000 and $32,500.
Bankruptcy attorneys said the so-called “key employee incentive plan” aims to keep important personnel from leaving the company.
Solyndra went broke just two years after winning a more than $500,000,000 federal loan-guarantee package, and one year after President Obama toured its California headquarters and hailed its prospects.
Most of Solyndra’s employees were laid off last year. The company employed about 1,100 people last year. Just 84 remain. Of those who managed to avoid the mass firings, many have been scrambling to find jobs.
(Excerpt) Read more at p.washingtontimes.com ...
Government sponsored efforts are certainly more efficient destroyers of wealth than any private firm could hope to emulate...
Let’s see, a bankrupt company; getting taxpayer dollars - then paying out “key employees” a bonus ....
Where have I heard of that before?
Flipside is, how key can these numbskulls be if they couldn’t run a company and keep it afloat?
Why pay bonus’s to keep them , when there are no other jobs out there for them to go to anyway?
Since they couldn’t keep their old company afloat, any other company that possibly existed [in theory] wouldn’t want them either.
Now I get. I just have to bankrupt my company and then ask this administration for a bonus. WOW....I never knew it was that easy.
Check it out! A “shovel-ready” project!
Obama’s cronies get to “shovel” taxpayers’ money in to their private bank accounts...
What "paying" these folks does is put them first in line ahead of the investors and the government.
Exactly. I would definitely want to stay away from listing Solyndra on my resume. Unless it was a government job. They certainly seem to embrace failure.
Yes, it does seem that government HR personnel look for the most pathetic resume lists they can find.
Rhymes with Ball Greet.
And it was defended by quite a few FReepers. Can't imagine why. I suppose when the lucre is going to those of whom you approve, it's not so filthy.
Wondering how MittRomney would handle it.
Mitt would think this was honorable and just to reward fraud. I would take these scoundrels and have them dangling from a stout tree.
That’s the response I was seeking. Voters will condemn Solyndra and vote for Mitt???, Astonishing, we truly do live in Alice’s wonderland.
In Obamaland this would be OK, because those bonuses would be ‘spread around’ to buy goods and services. Barry would proudly label it more economic stimulus....
Because, afterall, a $200K a year manager of a failed business propped up by taxpayer confiscation really deserves an extra $50K reward.
Also - Isn’t this company closed? You don’t pay bonuses for employees of a closed business! They need to smoke a lot less crack at the WH.
There are posters here on FR who are defending Mitt and his activities.
Despite Mitt saying that it was the exact same thing as what Obama did with GM.
But, knock what Mitt did and these posters start screaming at you that YOU are the socialist.
As you mentioned, Alice’s Wonderland.
Exactly right, and proud of it, even RUSH is defending him.
Guess talking out of both sides of the mouth is the new NORM for FR. Their new battlecry is "GO MITT ROMNEY"
ALICE? we are in wonderland!!!!!, and no way out.
Yeah, it’s “through the looking glass” on steroids and meth.
The difference between what Obama did and what Mitt did is this: There’s still a company called GM.
With Mitt, many companies like KB Toys and Digital Electronics Corp no longer exist.
And true capitalism would have been this: Taking the company, improving it and turning a bigger profit.
Splitting parts off to competitors, looting the company, and killing it off is vulture capitalism.
Which is a small step away from Crony capitalism and may overlap in many ways.
There is a big difference as you stated. Only those that are playing in these groups are objecting.
"""""And true capitalism would have been this: Taking the company, improving it and turning a bigger profit""""
God Bless you for truth. What kind of person does it take to reap millions, while watching people get laid off and suffer, how in good conscience can that happen? I believe "Vultures" is a proper name. Can't figure how that is defended.
Anyone defending Romeny on this is same/same. jmo.
I don't want to hear them whine when the GOV't/obama does the same thing when they closed dealerships, etc., can't have it both ways.
What the heck are the 84 folks still employed doing?
Adjusting the office thermostats and shredding documents?
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