Solyndragate – the Audacity of Crony Capitalism

0
Share

Time to be outraged! Just when you think Solyndra can’t get worse, it gets worse. Taxpayers are now on the hook for the compensation packages of the fired Solyndra employees.

Meanwhile, the Obama donors who invested in Solyndra are being paid back before the taxpayers, which is the opposite of what happened when auto dealerships were closed down. It’s all about who you know with this corrupt administration.

It is not that I don’t care about the employees who lost their jobs because of the Solyndra debacle, I do, but why isn’t this being paid for by the Obama donors who are on the front of the payback line? Taxpayers are at the end of the line when money is returned and at the front of the line when paying for the failure.

The Labor Department today announced that it had approved Trade Adjustment Assistance for the former employees of the bankrupt solar panel maker Solyndra.

That means all of the firm’s 1,100 ex-employees are eligible for federal aid packages, including job retraining and income assistance. The department has valued packages at about $13,000 a head.

Taxpayers will have to cough up yet another $14.3 million as a result of Solyndra’s bankruptcy. They are already on the hook for $528 million in federal loan guarantees to the company that are unlikely to ever be paid back.

The department’s decision also bodes well for a trade complaint made against China by a coalition of domestic solar panel makers. The request for the TAA was based on the claim that Solyndra failed because China was underselling U.S. manufacturers. By granting the assistance, the Labor Department has indicated it believes those charges have at least some merit.

The announcement was made quietly today by the DOL’s Employment and Training Administration on its website. The decision was reached Friday…[blogs.investors.com]

Share