paulitician
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- Oct 7, 2011
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Many new green energy companies that received enormous loan guarantees from the Department of Energy in 2009 are in trouble with some even going bankrupt. Their multimillion-dollar loans, written courtesy of American taxpayers, may never be paid back.
But according to the Center for Public Integrity (CPI) and ABC News, top executives at many DOE-loaned companies received huge bonuses and payouts while their firms dealt with dire financial situations.
When CPI and ABC confronted the Department of Energy about this practice, the agency responded, saying it was troubled by the practice and would convey this to loan recipients.
Jen Stutsman, an Energy Department spokeswoman, said, We dont begrudge companies or their executives for their success, but it is irresponsible for executives to be awarded bonus compensation when their workers are losing their jobs.
While the DOE doesnt set the salaries and the benefits of the companies it funds, the Obama administration argues that the green energy movement is a way to stimulate the economy and aid the environment.
The administration does, however, admit that some investments in new game-changing technologies dont work out.
This is a more optimistic outlook than one from the watchdog group Citizens Against Government Waste.
Giving a bonus to the executives under these circumstances is rewarding failure with our money with no chance of getting it back, said the groups spokeswoman, Leslie Paige.
Taxpayers need some representation here. They didnt really get it.
Read more: Green Energy | Bankruptcy | Bonuses | Tax Dollars | The Daily Caller
But according to the Center for Public Integrity (CPI) and ABC News, top executives at many DOE-loaned companies received huge bonuses and payouts while their firms dealt with dire financial situations.
When CPI and ABC confronted the Department of Energy about this practice, the agency responded, saying it was troubled by the practice and would convey this to loan recipients.
Jen Stutsman, an Energy Department spokeswoman, said, We dont begrudge companies or their executives for their success, but it is irresponsible for executives to be awarded bonus compensation when their workers are losing their jobs.
While the DOE doesnt set the salaries and the benefits of the companies it funds, the Obama administration argues that the green energy movement is a way to stimulate the economy and aid the environment.
The administration does, however, admit that some investments in new game-changing technologies dont work out.
This is a more optimistic outlook than one from the watchdog group Citizens Against Government Waste.
Giving a bonus to the executives under these circumstances is rewarding failure with our money with no chance of getting it back, said the groups spokeswoman, Leslie Paige.
Taxpayers need some representation here. They didnt really get it.
Read more: Green Energy | Bankruptcy | Bonuses | Tax Dollars | The Daily Caller