Reward for failure: Solyndra employees get federal aid package worth $13,000

Tack on an additional $14.3 million to the half billion the taxpayers have already sunk into this turkey. In the topsy turvey world of green business, failure is rewarded because as we all know, it's not that Solyndra had an idiotic business plan, it's those evil Chinamen who are at fault for the company's collapse. IDB: 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...(Read Full Post)

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