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Solyndra

A manufacturer of solar panels based in Fremont, CA

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A Quick Tip by drifter51

  • Sep 20, 2011
Another half a billion taxpayer dollars down the drain thanks to the largess of the Obama administration and their obsession with so-called "green" technology. When are the American people going to wake up to what this President is doing to us?  The House Energy and Commerce committee will be conducting an investigation as well it should.
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September 22, 2011
While I will not hesitate to state that this was wrong and should be looked into, in the modern world of the wasting of taxpayer dollars this pales by comparison with the enormous waste that took place in the Iraq war. There the waste is measured in the tens of billions of dollars. One must keep the proper perspective here and the overwhelming majority of that waste was pre-Obama.
 
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Paul Tognetti ()
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I guess I would qualify as a frustrated writer. My work requires very little writing and so since 1999 I have been writing reviews on non-fiction books and anthology CD's on amazon.com. I never could … more
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Wiki

Solyndra was a manufacturer of cylindrical panels of CIGS thin-film solar cells based in Fremont, California. The company suspended all of its operations as of August 2011 leaving behind the United States government as its largest creditor.[1]

In May 2010, the company was personally promoted by President Obama in his visit as a model for government investment in green technology,[2] and was also visited by former California governor, Arnold Schwarzenegger.[3] A $535 million loan guarantee was applied for under the Bush administration but the loan was denied.[4] The $535 million loan guarantee was later granted by the Obama administration. Private investors also invested more than $1 billion into the company.[2] The company's investors and executives had made substantial donations to Obama's campaign, and the company had also spent a large sum of money on lobbying.[5]

Due to overseas price pressure coming from China in the period of constructing the new plant, the Fab 2, the company had shut-down its original plant, Fab 1, and simultaneously reduced its staff to approximately 1,100 employees.[6] In early September 2011, the company ceased all business activity, filed for Chapter 11 bankruptcy, and laid-off all employees.[3] The company is also being sued by employees who were abruptly laid-off.[2]

On September 8th, 2011, Federal Bureau of Investigation Agents executed multiple search warrants at the company's headquarters in Fremont as part of an investigation ...

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Company, Business, Politics, Economics, Government Spending, Green Technology

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