IBD: Solyndra Syndrome

“Outrageous bonuses and White House stonewalling guarantee that the Solyndra scandal, in which betting on green lost taxpayers $535 million, won’t go away. But Solyndra is no isolated failure.”

Investor’s Business Daily editorializes:

With 24 million Americans either without any job or underemployed, and 7 million claiming jobless benefits, the latest Solyndra news of wasted stimulus funds and noncooperation with Congress is sure to make taxpayers’ blood boil.

Nearly two dozen employees of the solar panel maker that got a $535 million federal loan guarantee shortly before bankruptcy got $368,500 in bonuses Wednesday from a federal bankruptcy judge — in spite of the company failing to disclose it gave several of the raises of as much as 70% months earlier, after it went bankrupt.

The Washington Times noted a lawyer representing fired Solyndra workers has argued the company’s liquidation benefits few beyond Argonaut Ventures, part of a foundation run by Obama fundraiser George Kaiser…

Read the entire editorial.

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