Solyndra Closes Doors DESPITE 500 MILLION in Taxpayers Money

Discussion in 'Environment' started by westwall, Aug 31, 2011.

  1. westwall
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    westwall USMB Mod Staff Member Gold Supporting Member Supporting Member

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    Yep, Solyndra, the company that Obama said was the next bee's knee's in green energy technology took our money and ran. They managed to burn through 535 million bucks in a YEAR! They only had 1100 employees or so. I wonder where the rest of the money went?





    Solyndra to Declare Bankruptcy | NBC Bay Area
     
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  2. ScienceRocks
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    ScienceRocks Blue dog all the way!

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    Pure idiocy. The market place don't went this crap it appears.
     
  3. Quantum Windbag
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    Quantum Windbag Gold Member

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    Another example of stimulus success.
     
  4. Trajan
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    Trajan conscientia mille testes

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    yup, the Obama Brown stop off for green tech. rah rah has screwed the pooch.

    we have had several conservations on Solyndra, going way back ( see links below) .

    I watched their second plant break ground and get built everyday as I rode past it on 880 Nimitz freeway on the way to work and, here we are, a scant 18 months later, as I alluded to in my article last summer, they're model was not workable and, they are bust.



    http://www.usmessageboard.com/energy/137175-solar-panel-production-china-eats-our-lunch.html

    http://www.usmessageboard.com/energ...lf-billion-dollar-green-energy-boondogle.html


    * SEPTEMBER 1, 2011

    Solar Flare-out
    Another green government favorite goes belly up.

    Another day, another stimulus burnout. On Wednesday, solar panel maker and White House favorite Solyndra announced plans to suspend business and file for bankruptcy. Its demise is a reminder of the perils of politically directed investment.

    This wasn't supposed to be the storyline. In March 2009, Solyndra was the first company to get an Energy Department loan guarantee, worth $535 million. Vice President Joe Biden spoke via closed circuit TV at the groundbreaking of the company's Fremont, California plant, and President Obama touted the thousands of jobs the stimulus money would create. Such investments were all the better, Mr. Obama said at a visit to the plant last spring, because "The true engine of economic growth will always be companies like Solyndra." You know, "green jobs."

    Lots of venture capital companies bought into the hype, investing in green technology to piggyback their own capital on federal favoritism. Solyndra's relationship with the White House came under special scrutiny because of Solyndra backer and Tulsa billionaire George Kaiser's history as an Obama fundraiser. In a letter to Energy Secretary Steven Chu in February, the House Energy and Commerce Committee raised concerns about the loan, noting that the company had suffered "financial setbacks," and asking for information about "whether Solyndra was the right candidate" for the loan guarantee.

    The Department of Energy marched on anyway, and yesterday it said it has "always recognized that not every one of the innovative companies supported by our loans and loan guarantees would succeed." Well, sure, businesses fail, but most failures don't saddle taxpayers with as much as $535 million in potential losses.

    more at-

    Review & Outlook: Solar Flare-out - WSJ.com
     
  5. Trajan
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    Trajan conscientia mille testes

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    the money got literally sunk into the ground by way of that second plant I watched get built. I know folks who work there in my particular field, they never had confidence they would make it deep down.....
     
  6. editec
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    editec Mr. Forgot-it-All

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    Vexing that.

    Heads ought to roll in Obama's admin.
     
  7. IanC
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    IanC Gold Member

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    does the money lost in boondoggles like this get factored into the price of renewable energy?

    sorry, stupid question. we all know the answer.
     
  8. bitterlyclingin
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    bitterlyclingin Silver Member

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    Just keep repeating "High Speed Rail!" "High Speed Rail!" to yourself, you'll get over it. Just forget the inconvenient little truth that that project itself through California's flatter than a pancake Central Valley is 6.8 billion over budget (Courtesy Michael Barone: Bus Ride Back To The Future)
    What we are witness to is Government of Boondoggle, by Boondoggle, for Boondoggle.
    What else could we expect? "A little weed and a little blow and whaddyano? With a stroke of the hand you're signing bills that become the law of the land"
     
  9. ColonialMarine
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    ColonialMarine DEUS VULT

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    :lol:
    I love it!
     
  10. signelect
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    signelect BANNED

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    This is a prime example of the type of people that Obama listens to and caters to. Go Green, recycle Obama in 2012
     

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