- Feb 12, 2007
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Obama funneled hundreds of millions of STIMULUS dollars into Solynda, on the pretext that it would create 3,000 construction jobs and 1,000 manufacturing ones.
The result? A taxpayer loss of nearly $400M in loan guarantees and the loss of 175 jobs as an old plant was shut down.
The main investor in Solyndra is George Frazier, an Oklahoma Billionaire who was a major campaign donation bundler for Obama.
How Hopey Changey is That?
On Sept. 9 that year in a special closed-circuit TV program for the groundbreaking of Solyndra's new plant, Vice President Joe "Recovery Summer" Biden announced the signing of the $535-million federal loan guarantee, the Energy Department's first under the stimulus plan.
Joe said, "These jobs are the jobs that are going to define the 21st century that will allow America to compete and to lead like we did in the 20th century.Obama bounds on stage at Solyndra 5-26-10
The money would finance construction of a Solyndra facility, creating 3,000 construction jobs and 1,000 full-time positions in the modern plant making photovoltaic solar panels.
Because it was such a promising venture, Obama himself visited Fremont eight months later (see photos here and video report here) to hail his administration's decision to move in that direction.
The president said the facility was "leading the way to a brighter and more prosperous future" and the plant was "a testament to American ingenuity and the best workers in the world."
He said high-tech facilities like Solyndra would help "lay a new foundation for lasting growth."
Then came last November, the day after the midterm elections when everyone was focused on the historic shift to Republican control of the House. Solyndra announced then that not only was it not going to create those 1,000 full-time jobs so eagerly hailed by Obama and Biden, but it also was going to close an older factory and actually lay off 175 full- or part-time workers.
That left U.S. taxpayers holding the financial bag for nearly three-quarters of that loan guarantee, about $390 million....
House members probe $535-million loan guarantee by Obama Energy Dept. for Solyndra solar plant | Top of the Ticket | Los Angeles Times
The result? A taxpayer loss of nearly $400M in loan guarantees and the loss of 175 jobs as an old plant was shut down.
The main investor in Solyndra is George Frazier, an Oklahoma Billionaire who was a major campaign donation bundler for Obama.
How Hopey Changey is That?
On Sept. 9 that year in a special closed-circuit TV program for the groundbreaking of Solyndra's new plant, Vice President Joe "Recovery Summer" Biden announced the signing of the $535-million federal loan guarantee, the Energy Department's first under the stimulus plan.
Joe said, "These jobs are the jobs that are going to define the 21st century that will allow America to compete and to lead like we did in the 20th century.Obama bounds on stage at Solyndra 5-26-10
The money would finance construction of a Solyndra facility, creating 3,000 construction jobs and 1,000 full-time positions in the modern plant making photovoltaic solar panels.
Because it was such a promising venture, Obama himself visited Fremont eight months later (see photos here and video report here) to hail his administration's decision to move in that direction.
The president said the facility was "leading the way to a brighter and more prosperous future" and the plant was "a testament to American ingenuity and the best workers in the world."
He said high-tech facilities like Solyndra would help "lay a new foundation for lasting growth."
Then came last November, the day after the midterm elections when everyone was focused on the historic shift to Republican control of the House. Solyndra announced then that not only was it not going to create those 1,000 full-time jobs so eagerly hailed by Obama and Biden, but it also was going to close an older factory and actually lay off 175 full- or part-time workers.
That left U.S. taxpayers holding the financial bag for nearly three-quarters of that loan guarantee, about $390 million....
House members probe $535-million loan guarantee by Obama Energy Dept. for Solyndra solar plant | Top of the Ticket | Los Angeles Times
