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proof that Obama and his policies are at odds with job creation

Grampa Murked U

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Solar Energy Company Touted By Obama Goes Bankrupt - ABC News

A half a billion of OUR tax dollars went to this company and now Obama wants us to trust him with more of our tax dollars to create more jobs? This is the 3rd company Obama has directly involved himself in that has gone belly up.
When will the left learn that govt can't create free market jobs but instead they simply need to get out of the way.

Snipit

“Regulatory and policy uncertainties in recent months created significant near-term excess supply and price erosion,” Solyndra president and CEO Brian Harrison said in a statement. “Raising incremental capital in this environment was not possible. This was an unexpected outcome and is most unfortunate.”
 
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Grampa Murked U

Grampa Murked U

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In 2009, the Obama administration fast-tracked Solyndra’s loan application, later awarding it $535 million in guarantees from the stimulus funds.

The deal later came under scrutiny from independent government watch dogs and members of Congress, which said the administration had bypassed key taxpayer protections in a rush to approve the funds — claims the administration has denied.

Solyndra and the White House initially estimated that government financing for Solyndra would help create 4,000 jobs.

The company had received at least $475 million and created just 585 jobs, according to the most recent figures posted on Recovery.gov, which tracks Recovery Act projects.
 

Care4all

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“Raising incremental capital in this environment was not possible. This was an unexpected outcome and is most unfortunate.”

fyi-that above is that company's excuse...........in the article u linked.
 

westwall

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Solyndra Closes Doors DESPITE 500 MILLION in Taxpayers Money



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

merged with existing thread.
 
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Grampa Murked U

Grampa Murked U

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No matter the "excuse" nearly a half a billion dollars for 500 jobs?
not just jobs, but for NOTHING, since the company declared bankruptcy!

Makes one wonder where all the money went. I just wish the govt would get out of the market and let companies stand or fall on their own merits. It's just like the auto bailout to prevent them from going under only for them to end up going bankrupt anyways. It's all such a massive waste of money.
 

hortysir

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I thought it was only evil republicans that moved jobs overseas?????

I wonder if the Munich location will shut down???

MUNICH, Germany, June 8, 2011 – Solyndra International AG, a subsidiary of Solyndra LLC, the manufacturer of the fastest, easiest to install cylindrical photovoltaic (PV) systems for commercial rooftops, today announced completion of a 3MW rooftop solar system in Zellik, Belgium.
Delhaize Demonstrates Environmental Commitment with World
 

Dr.House

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A little more on this:

The Obama Administration and Solyndra - ABC News

The Obama administration bypassed procedural steps meant to protect taxpayers as it hurried to approve an energy loan guarantee to a politically-connected California solar power startup, ABC News and the Center for Public Integrity's iWatch News have learned.

The Energy Department in March 2009 announced its intention to award Solyndra Inc. a $535 million loan guarantee before receiving final copies of outside reviews typically used to vet such deals. An independent federal auditor who has reviewed the energy loan program said moving so quickly without completing thorough reviews risked exposing the program to claims of political influence and put taxpayers at greater risk.

More at the link....
 

hortysir

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Damn company's only been in business 6 years


From their "About Us" page
The company employs approximately 1050 employees around the world and has offices in the United States, Switzerland, Germany, Italy, and France. Revenues were approximately $140 million in 2010.
 
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Grampa Murked U

Grampa Murked U

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This was Obamas pet project he spoke of in nearly all of his stump speeches. I think its quite clear that the free market has rejected his green ideology. These types of technologies will grow eventually when the people demand it. Unlike healthcare you can't force everyone into a solar powered Geo.
 

westwall

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A little more on this:

The Obama Administration and Solyndra - ABC News

The Obama administration bypassed procedural steps meant to protect taxpayers as it hurried to approve an energy loan guarantee to a politically-connected California solar power startup, ABC News and the Center for Public Integrity's iWatch News have learned.

The Energy Department in March 2009 announced its intention to award Solyndra Inc. a $535 million loan guarantee before receiving final copies of outside reviews typically used to vet such deals. An independent federal auditor who has reviewed the energy loan program said moving so quickly without completing thorough reviews risked exposing the program to claims of political influence and put taxpayers at greater risk.

More at the link....





I wonder how much of that 535 million he got for his services?
 

Dr.House

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A little more on this:

The Obama Administration and Solyndra - ABC News

The Obama administration bypassed procedural steps meant to protect taxpayers as it hurried to approve an energy loan guarantee to a politically-connected California solar power startup, ABC News and the Center for Public Integrity's iWatch News have learned.

The Energy Department in March 2009 announced its intention to award Solyndra Inc. a $535 million loan guarantee before receiving final copies of outside reviews typically used to vet such deals. An independent federal auditor who has reviewed the energy loan program said moving so quickly without completing thorough reviews risked exposing the program to claims of political influence and put taxpayers at greater risk.

More at the link....





I wonder how much of that 535 million he got for his services?


Barry's cut was about 50K...

The loan guarantee, the administration's first for a clean energy project, benefited a company whose prime financial backers include Oklahoma oil billionaire George Kaiser, a "bundler" of campaign donations. Kaiser raised at least $50,000 for the president's 2008 election effort.
 

Truthmatters

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“Regulatory and policy uncertainties in recent months created significant near-term excess supply and price erosion,” Solyndra president and CEO Brian Harrison said in a statement. “Raising incremental capital in this environment was not possible. This was an unexpected outcome and is most unfortunate.”


They couldnt get the loans they needed.

They also site the policy uncertainty.

Guess what that means?
 

Mr. Peepers

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Do you righties bitch and moan about all the small business loans given to huge franchisees like McDonalds and KFC? No, those are republican backed businesses. Ever research how many of these make it?

http://www.bluemaumau.org/6812/2008s_sba_loan_failure_rates_franchise_brand

Why is the SBA involved in any way with a GIGANTIC multinational corporation that has more than enough capital to fund its franchise financing anyway??? More corporate welfare! SBA is for SMALL BUSINESS LOANS.
 

Truthmatters

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they dont care about facts.

they only care about party.

they place party over everything including facts and the country
 
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Grampa Murked U

Grampa Murked U

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Do you righties bitch and moan about all the small business loans given to huge franchisees like McDonalds and KFC? No, those are republican backed businesses. Ever research how many of these make it?

SBA Loan Failure Rates for Franchises by Brand, 2009 | BlueMauMau

Why is the SBA involved in any way with a GIGANTIC multinational corporation that has more than enough capital to fund its franchise financing anyway??? More corporate welfare! SBA is for SMALL BUSINESS LOANS.

I certainly would have a problem with that except for one small detail..... fair lending practices. Besides lending to them is like a guaranteed bet in Vegas. And SBA loans are just that, loans, not handouts.
 

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