Taxpayers Reward Executives for Failure as Green Jobs are Slashed

First Solar Logo

First Solar, the beneficiary of at least $3 billion in Department of Energy loan guarantees, paid its former CEO $32 million over two years as he stewarded its stock price from $143 to below $100. Today it sells for less than $21-per-share, hitting a 52-week low last week, and yesterday the company announced it would slash global payroll by 2,000 workers in Malaysia, Europe and the U.S.

The Arizona Republic reported Thursday that Rob Gillette, who was terminated as CEO in October, received $16.55 million during the first three months of employment in 2009 (October to December), and then $13.3 million for all of 2010. Last year he made $2.46 million, $1.7 million of which was severance. The newspaper also reported First Solar also paid its eight top executives nearly $16 million last year. 

Before yesterday’s news, the company announced in December it would sever 100 employees. Then …

Another Taxpayer-Funded Solar Company Looks Like a Failure

Biden Strickland photoAn Ohio-based solar company received millions of dollars in state and federal subsidies despite government officials’ knowledge that the company was in financial trouble, and now a local newspaper reports little activity at the manufacturer’s Perrysburg plant.

According to a report last month in The Toledo Blade, Willard & Kelsey Solar Group was lent $10 million by two state agencies even though the company showed little more than a half million dollars in revenue for 2009 – that being a grant from the Buckeye State – and a loss of $4.2 million. State officials told the newspaper that loan was completed because it had already been promised.

“We are just executing that commitment at that point,” Daryl Hennessy, assistant chief of the business services division at the Department of Development, told The Blade. “While it looked like a lot of bad things happened in between, the commitment had …