Solyndra Trashes Millions in New Unpaid For Parts: GOP Decries Solyndra Bonuses

Solyndra, Obama’s Five Hundred + Million Dollar Baby, is caught on tape smashing “millions of dollars worth of glass parts” which they haven’t yet paid for. The company which manufactured the tubes are still owed $8 MILLION dollars. Solyndra has asked for $500,000 for bonuses.  We have to conjecture why a bonus would be due – maybe for smashing and trashing more usable inventory than any other Obama bankruptcy, or for keeping their mouths shut about what they did to wrangle this unexplainable loan guarantee out of Obama’s administration? Tulsa investor George Kaiser, convinced our Department of Energy to put him ahead of the U.S. Taxpayer in bankruptcy court. Unusual. Actually unheard of. The whole thing is rotten. For the record, Kaiser pays ZERO taxes. Taxpayers also paid the legal bill for Solyndra of $2.4 MILLION.

Republicans are pressing Obama to turndown the bonuses, which will be paid for by you and me. Anyone really think that will happen? Solyndra employees who lost their jobs are against bonuses – they are taxpayers too. Solyndra officials said the bonuses were necessary to encourage remaining employees to stay while the company attempts to “attract” buyers. That died today as the offer for sale was rescinded when no one made a bid. The plan now is to sell the company off in bits and pieces – or at least what doesn’t end up in the trash.

Solyndra is the company which manufactured solar panels at a cost of $3 and sold them for $1.50. The Department of Labor, in addition to the $535 MILLION loan guarantee, approved $14.3 MILLION from taxpayers ($13,000 for each of the 1100 employees) know in government speak as “Trade Adjustment Assistance.” The Chinese undercut the price of the panels, and so we paid. The $14.3 MILLION was said to be used to retain employees, but these cheeky greenies have asked for another $500,000.

It [Solyndra] declared bankrupt in August last year, laying off 1,100 workers and proving to be one of the government’s most humiliating mistakes.

Now footage has emerged of workers at the vast complex using forklift trucks to pile brand new glass tubes, used in cutting-edge technology solar panels, into skips, smashing them to pieces.

Hundreds of thousands of tubes were on track to be smashed to smithereens…
Solyndra paid at least $2 million for the specialized glass, CBS 5 reported. The German company manufacturer is owned almost $8 million but said they had no idea they were being destroyed.

Court documents reveal the company received permission from the bankruptcy trustee to abandon the high grade glass, because the cost of storage exceeds the value.

A spokesman for Heritage Global Partners, the company in charge of selling the ruined company’s assets, claimed to have searched ‘exhaustively’ for buyers.

But…but…

But the glass tubes were not on the list of assets up for sale at two auctions last year. Source Daily Mail – see the video here.

George Kaiser is an Obama bundler. Payback is cream when your Democrat wins the presidency in America.

Thanks to cartoonist Nick Anderson and the Houston Chronicle for the Solyndra cartoon.

Posted by Maggie @ Maggie’s Notebook