Solyndra Executives Kept Getting Bonuses Even as Company was Collapsing

by Stephan Tawney on November 2, 2011

Executives at now-bankrupt, politically-connected solar company Solyndra continued to give themselves bonuses even as the company was collapsing. The company, whose primary investor was a major donor to Barack Obama, received a $535 million taxpayer loan from the Obama Administration despite analyst warnings that Solyndra’s business model was doomed to fail.

Karen Alter, Senior Vice President of Marketing at Solyndra, received $55,000 on April 15, 2011 and $55,000 on July 8 to go along with her quarter-million-dollar salary. Ben Bierman picked up $60,000 on April 15 and another $60,000 on July 8 to supplement his $276,000 salary. Bierman was EVP of Operations and Engineering and was presenting cheery, optimistic PowerPoint obfuscation sessions as late as July, as well.

The law firm representing Solyndra — Gibson, Dunn & Crutcher — raked in $616,838 over the summer, including $275,000 in August — just one month before the company went belly-up. Government analysts, who had opposed the administration’s decision to grant Solyndra the loan, had predicted the company’s collapse for September 2011.



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