Monday, November 21, 2011

Solyndra Employees Get Another Bailout




The Solyndra nightmare isn’t over yet. Now, the American people are getting another kick in the package from their employees.

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.

And how does the Obama administration justify paying his most favored company after they screwed the American people out of $528 million in guaranteed loans?

The TAA program offers help to domestic workers who have lost their jobs due to the trade practices of foreign countries. The assistance includes job retraining, allowances for job searching, health benefits and up to 130 weeks of income support. The average recipient gets about $13,000 in assistance

These guys didn’t lose their jobs because of foreign competition. They lost their jobs because a bunch of grafters started a company with a fraudulent business model.



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