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Bonuses? They're Kidding. Right?

Updated on January 14, 2012

Say What?

Twilight Zone Time!

I wasn't going to write this morning. I swear I wasn't. I have a job to finish but it can wait until the afternoon when it warms up to the temperature where I can do it. I was just going to spend the morning doing the reading that I usually do which is time consuming in itself. Then I ran across an article, cross referenced it to make sure I wasn't being misled and I wasn't being at all. Then I got to thinking that we must now be living in the Twilight Zone where things just can't really be real but they are.

Life in these United States is getting to be quite surreal under the Obama administration. I am also positive that once this little incident becomes more than a little incident, the administration will once again say, "We didn't know anything about this." Just as they didn't get us in this fix of losing $500 billion in loan guarantees when Solyndra went belly up after this administration pushed for those loan guarantees even after being forewarned that the company already had one foot in the grave and one on the banana peel. Just like Obama never used Solyndra as the platform to launch his "green initiative" promoting a fairy tale. That I am getting used to, but this sort of nonsense needs to be squished like a bug.

Of all the times to be handing out bonuses Solyndra has picked this one. They must be following the lead of the overpaid executives at Fannie Mae and Freddie Mac who are also constantly at the government feed bucket. Then again, they have Obama in their corner. In court documents filed in bankruptcy court the company's attorneys propose to hand out over a half a million dollars in bonuses to "key" executives in order to keep them in place. Now mind you, these are probably the same people who were major contributors to the company going tits up in the first place. There must be some logic here. They want to keep some of the same people in place who drove the car into the ditch in the first place? Where is Bain Capital when we need them?

We're talking bonuses in the range of $10-50K for providing motivation because so many of the others caught with their hands in the cookie jar got just exactly what they had coming - THE AXE! So lets just extend the cookie jar out there one more time and see if there are any cookies left in it? If this is Obama's idea of creating a "pro-business environment" then we're truly screwed.

Here's another puzzler. If, in fact, none of the receivers of this largesse are key executives or sitting on the board of directors, who are they? The names were not disclosed in those court documents. They should be. The proposed bonuses are purportedly going to nine equipment engineers, general business and finance types and two information technology workers. Now let me see if I have this straight. All these people work for a company in bankruptcy who can't produce so much as an effective widget much less a cost competitive solar panel and they want to continue to prop it up with bonuses. The question is "who" wants that to happen? If it is this administration then that is the wrong answer. They're the ones who got us in this mess and caused $500 billion of our tax dollars to go up in smoke and mirrors in the first place.

More Money Down The Old Hole...

What's the top divvy out? $50K is supposed to go to a "senior director" who receives a base salary of $206,499. what was he directing when the balloon went up? Nice work if you can get it. Then two "senior managers" are set to receive bonuses of $30K and 32K respectively. Notice the word "senior" in both descriptions. In other words, they were there when the stuff hit the fan. So we are supposed to keep them because they are essential to this bankrupt company? My next question is crucial in all of this. And just where is this half a million dollars in largesse by a belly up company coming from? Hell, we can't even get the names of the people receiving these cookies so I don't expect an upfront answer to that last one.

This company received $500 million in federal loan guarantees two years ago and one year after receiving our dough Obama touted Solyndra as being the business model of the future. Good grief! Now understand this also. Last year the company employed 1,100 employees in the business of jousting with windmills. Today only 84 remain. So they want to take half a million dollars and spread it out over the remainder of a disaster case? I'll ask again, "Where is Bain Capital when we need em?"

Here's how company lawyers rationalized this nonsense and I quote, “Within the last few months, the debtors have experienced a serious loss of personnel, which has made the continuation of the sales process in an orderly fashion more difficult." Well DUH, they were trying to sell something that no one wanted to buy at the price they were trying to sell it for.

But wait it gets deeper. They wrote to the court that, “The further loss of experienced personnel may seriously jeopardize the ongoing sales efforts and, should it continue, require the engagement of experienced consultants at a much higher cost than maintaining the existing personnel.” There are just 84 people left on the carcass. It got worse when they contended that the bonus money “will motivate the eligible employees to work as hard as possible” to achieve a Chapter 11 restructuring plan and sale." Really? A total of 84 people are going to work that hard?

Three (3) of the employees make less than 100K a year so we're not talking about the "little people" Pelosi. Eight (8) make more than $150K base. As mentioned earlier, the highest paid widget maker makes $206,499 and his carrot is $50K. This sort of thing is amazing and mirrors the thinking witnessed during the last Fannie/Freddie congressional hearings. You have to pay for incompetence in order to keep it.

This isn't capitalism, it is crony capitalism at its sickest point. Obama knew from all reports, as did his senior advisers at the time, that Solyndra was a bad risk. They went ahead with losing $500 million of our money based upon a "green" crap shoot because it fit Obama's agenda. That's my take on the way it went down. Then he had the balls to tour the plant a year later and tell the nation that this was the future of business in America? And now they want bonuses? If that is the case folks, we're in deep kimchee without a pair of chop sticks.

As Always,

The Frog Prince

When Is Enough Enough?


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    • FitnezzJim profile image

      FitnezzJim 6 years ago from Fredericksburg, Virginia

      Key words "This is the business model of the future".

      Form a company, gain government funding, do nothing, blame failure on something (pink elephant maybe?), give bonuses. If it looks like a scam, acts like a scam, smells like a scam, well - just close your eyes and turn aside.

      Remember in November 2012.

    • drbj profile image

      drbj and sherry 6 years ago from south Florida

      When I read revelations like this, Frog, re Solyndra, etc., I feel like I am living in the Twilight Zone. Good sense and logic have definitely left the building.

    • The Frog Prince profile image

      The Frog Prince 6 years ago from Arlington, TX

      poetvix - Ironic isn't it that the very same man who has expanded the federal bureaucracy by 17% in three years now is an advocate of stream lining? Besides the fact that during the debates he promised to scrub the federal government bureaucracy from top to bottom. At the same time he has been running trillion dollar plus deficits every year for the past three years and counting. I know a hypocrite when I see one and he is one.

      You may want to take a peek at my latest BTW.

    • poetvix profile image

      poetvix 6 years ago from Gone from Texas but still in the south. Surrounded by God's country.

      I had to chime in here about the missleading part. I'm sure you heard he now says he wants to reduce the size of the government though all of his actions prior to now have done the opposite. You know, this has to be one of the most transparent, blatent flip flops in hopes of gaining some of the undecided and some of the more conservatives in front of the upcoming election ever done in our nation's history of politics. He deceives! I'm sure many will fall for this sheer, unadulterated nonsense and if he gets the election it will be right back to the same old mess... grrrrrr! He's throwing us dogs a bone, nothing more.

    • The Frog Prince profile image

      The Frog Prince 6 years ago from Arlington, TX

      Pegasis - Obama is cool as a cucumber about misleading the public. When is enough going to be enough?

      The Frog

    • profile image

      Pegasis 6 years ago

      This on top of the "investors" receiving all their money back and the taxpayers getting zero return on our money that Obama put in.

      The Obama administration dumped documents again yesterday, Friday the 13th (How appropriate!) which demonstrate clearly that not only did the WH know the bankruptcy was coming, they knew in late October 2010 and made damned certain it was not made public until AFTER the 2010 elections.

      Aren't they just supercool? Yeah, sarcasm button ON.

    • The Frog Prince profile image

      The Frog Prince 6 years ago from Arlington, TX

      Angela - My thinking seems to be going like this. We have allowed them to treat us like we're stupid for so long that they are now sure that we are.

      The Frog

    • Angela Blair profile image

      Angela Blair 6 years ago from Central Texas

      You nailed this one Frog -- again. Makes one wonder just how much b.s. the thinking public is supposed to absorb. There's bound to be a little common sense left out there but haven't seen a bunch of it lately in the business sector -- and certainly not our government -- great Hub and voted UP! Best, Sis

    • The Frog Prince profile image

      The Frog Prince 6 years ago from Arlington, TX

      OP - I fully understand. Secured creditors have priority in repayment. You're left holding the bag.

      I think you may want to check this out which I just published. This is just the tip of the iceberg it appears. In this case, the US tax payer is again left holding the bag.

      The Frog

    • profile image

      Old Poolman 6 years ago

      FP - As a small business owner, I have been on the receiving end of several bankruptcy letters. For those who have not had this pleasure, this is a letter you receive and fill out listing the amount of money the customer owes you, and what it is owed for. At the time you fill out the form you already know you will not be getting even one dime of the available assets.

      The last occurrence of this dreaded event still remains fresh in my mind as this customer owed me $3578.87 for equipment I had replaced at his home. Now the fact that I had to get in my pocket to purchase this equipment, and pay my employees to install this equipment, means nothing to the bankruptcy court. But on completion of the bankruptcy, this customer was suddenly debt free and several small business owners were beat out of their money, myself included. The bankruptcy court sends a final letter showing how the final assets were allocated, and who received the money. Of course the utility companies were near the of the list and all received their money including the cable company.

      Now the interesting part of this is this customer still lives in the same huge house, drives the same luxury cars, and still has the huge and expensive motor home parked beside the driveway. And the equipment I paid for out of my pocket and installed is purring away nicely in his beautifully landscaped back yard.

      One would think the bankruptcy courts would put a small business owner higher on the list than the giant utility companies, but that is not the way it works I guess. So the bonus money being paid at Solendra comes as no surprise to me.

    • profile image

      Ghost32 6 years ago

      Frog: I have to thank you for just plain keeping on keeping on. There's so much of this stuff every single bleepin' day from the administration that I sometimes have to just shake my head to clear it from the freakin' fog, Frog!

      But you and the rest of our clearsighted bunch keep me squared away. If you can't slow down on this march to November, neither can I--and in fact, I finally "paid up" so my Paint Shop Pro X4 subscription is the real forever deal.

      Meaning I can add ALL SORTS of snarky text to any photo I like, and....

      Do I sound punch drunk, Jim? Feels like it, sometimes.

      Remember in November!

    • profile image

      Stu 6 years ago

      Hey Frog, you know the ole story - if "we" weren't here, it would have been even worse.

    • The Frog Prince profile image

      The Frog Prince 6 years ago from Arlington, TX

      poetvix - They filed papers in bankruptcy court to obtain the judge's permission to pay out. I would hope the judge asks them if they're outta their friggin' mind?

      The Frog

    • poetvix profile image

      poetvix 6 years ago from Gone from Texas but still in the south. Surrounded by God's country.

      Three cheers for sir, Frog! One for honesty, one for the ability to cut through the BS, and one for keeping us informed. Funny, I glanced at the headlines before coming here and did not see a peep about this.

      OK, this is a real question as I'm no lawyer, but, is this not fraud on several levels? How can they be in bankruptcy and still pay this out? I'm sure their creditors would like all that money. Is it not fraud upon the American public to swear an oath of office to defend the nation's best interest and then go knowingly and willfully throw good money after bad? Is it not fraud to throw money at just a hand full of green companies when you say you want to push the green agenda nation wide? Would that not include smaller companies? Funny, I haven't heard of any smaller such companies getting a dime. In fact, I have heard of leagues of them shutting down across the country because they can't even get a loan.

      I have to wonder just how much money this company and/or those who work there or own shares in it contributed to the so called leader's campaign the first time around. One filthy hand washes the other. Thank you, Sir Frog for a most informative read.

      After thought- If he is so very interested in going green, you would think he would be all about saving the trees and doing things to use up less of them. It has been widely known for many years that whacky tobacky can be harvested four times a year and is great for making paper, TP, and numerous other textiles, oh yea, gas that’s toxic emission free too. Further, we have long had the science to do it in a way the has zero THC, the active ingredient, in it so we would not have to worry about people using it to get high. I think all this green nonsense is just that. It’s a smoke screen to get votes with zero real desire to help the environment or create jobs behind it.

    • profile image

      Lynn S. Murphy 6 years ago

      I'm not even surprised at the double standard anymore. It's beyond the pale. Keep up the awesome work!

    • TheManWithNoPants profile image

      TheManWithNoPants 6 years ago from Tucson, Az.

      Think of it like this. You're flying along at 37,000 feet in a great big 747 jumbo jet. The ride is getting bumpier and bumpier. It's getting so bad that the flight attendants can't even serve drinks. All of a sudden the cabin door flies open, and to your horror, you see that the captain flying the plane is a four-year-old and his copilot is Charlie Manson. (Nancy Pelosi Manson) that's how this old Texan sees it anyway.

      Hey Bro, if you haven't been over to my latest "eat the rich" get over there whenever you can. I want your thoughts. I sent you an e-mail like you send us, but maybe you missed it or something. Of course there's always the fact that you work for a living to consider too. (Laughing)

      Thanks for taking the time to put this together. As always, you did a good job.


    • breakfastpop profile image

      breakfastpop 6 years ago

      I think you have it exactly right and yes we are in deep trouble. All of these idiotic decisions are serving Obama's agenda. We are falling apart and becoming foolish and irrelevant. Up and awesome.