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National Legal & Policy Center Associate Fellow Paul Chesser on green energy companies such as Solyndra giving out bonuses to top management.
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Burning through taxpayer money -- churning out big bonuses for Green energy executives.
One of the outrageous parts of the Obama administration's -- Green energy agenda.
It started as you know with the lender -- but it's spreading fast -- Chester is -- -- Policy center welcome back to the show great to CEO.
I what you -- gonna focus talk First Solar today.
And this shocks even me and I've heard every overspending story in the world probably.
But this company -- solar.
They get three billion in loan guarantees they give their present 32 million.
Over two years in bonuses what do you make of that.
Well he was in a very good Steward of that money he.
He when he was this is our rob Gillette who was even term he was a CEO for two years up until.
Toward the end of last year he replaced the founder Michael a -- and how Michael -- and is back in.
In charge and rob Gillette as you wish -- lose leading First Solar earth the stock price dropped from like a 143 dollars CR and an eighteen dollars now it's down below twenty dollars I checked a little while -- -- about nineteen dollars.
And and this is three billion dollars there were supposed to -- to towards helping create thirteen hundred construction jobs.
And 45 permanent jobs for three different solar but all wanna facilities it for what happened and said.
While you know we we it as -- reported it nationally on policy senator.
Rob -- got six dot thirty similarly you know -- -- years as as the stock was tanking is they were.
Finding problems -- their solar panels.
And eight top executives receive sixteen million last year and we as it was reported last week 2000 people were cut loose.
Across my lesson.
As some of these numbers for just a second so -- fiscal year 2011.
If they executives.
They get sixteen million in bonuses -- This company has promised that they would have thirteen hundred.
Construction jobs.
45.
Permanent jobs.
But in reality the company all over the globe is cutting 2000 jobs.
So here we are we given these executives literally millions of dollars bonuses and compensation.
It really looks -- you Tellme because you're the expert on this I am not.
It looks like our tax -- dollars flowed right through from us to these executives bank account.
Well -- certainly are profiting and so are the investors a private investors in First Solar.
And as I mentioned in my piece last week there is there are other companies like this like to have the battery company a one Q3 we've reported on them area.
Variety and ERA they're one of the facilities in California handle -- valley.
Solar facility.
They cut loose at the end of last year -- hundred employees.
And yet the Department of Energy just.
Release the funds for them 646.
Million in funds to go to that facility so it's really hard to understand what the Department of Energy is thinking.
Like I mentioned last week anyone Q3.
Was just -- it's here -- to spend their money their executives got 36%.
Bonuses last year.
Yet they cut off this person is really -- no rhyme or reason door of the Department of Energy is doing -- -- and here's what I really don't get about Wallis so the president on the one hand.
Decries the big money the say Wall Street CEO's get any really seems to believe because he says this all the time that there's.
It is -- given the money shared third and anything over that is too much anything over that is just greedy.
But look at these Green energy executives getting millions in bonuses nobody's calling them out why.
He got me your call on and I'm not really appreciate that but there's a you know a mutual back scratching issue here President Obama pres Vice President Biden.
They've they've shown up a lot of these facilities -- showed -- and it's a wonder they showed up to Ener1 in Indiana.
They go for these big ribbon cuttings in and to go for the media coverage.
And and it's just a mutual back scratching agreement and and and the executive sir -- You know they're doing well it going to the White House.
Who are being -- spending millions of dollars brought -- We are doing -- -- more time but I really wanna ask you this question.
Is it the appropriate role for the Department of Energy or any part of the governor -- frankly to be a venture capitalists to decide what companies to invest in -- what companies not to invest.
Well of course not Jerry.
You know I tell people even if these companies were were winners were home runs they were doing well.
Why should a government bureaucrats budget be benefiting from it it should be private investors -- -- putting their own capitalists say they should be the ones reaping the benefit.
And not a government agency taxpayers are not gonna experience a benefit we're not gonna get any tax breaks and are noting that and says these companies are losers.
Yeah we're paying more for electricity for -- solar panels and and wind and wind farms -- paying more for the cars so.
And you do a terrific job of covering that stuff we really appreciate it really detailed stuff thank you Paul appreciate it.
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