Solar company Obama touted--& loaned 535 MILLION guaranteed loan announces bankruptcy

oreo

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Update: Solyndra announces it plans to file Chapter 11 bankruptcy, is suspending operations and seeks a reorganization. Click here for the company's full statement.

Solyndra, a major manufacturer of solar technology in Fremont, has shut its doors, according to employees at the campus.

"I was told by a security guard to get my [stuff] and leave," one employee said. The company employs a little more than 1,000 employees worldwide, according to its website.

Shortly after it opened a massive $700 million facility, it canceled plans for a public stock offering earlier this year and warned it would be in significant trouble if federal loan guarantees did not go through.

The company has said it will make a statement at 9am California time, though it's not clear what that statement will be. An NBC Bay Area photographer on the scene reports security guards are not letting visitors on campus. He says "people are standing around in disbelief." The employees have been given yellow envelopes with instructions on how to get their last checks.

Solyndra was touted by the Obama administration as a prime example of how green technology could deliver jobs. The President visited the facility in May of last year and said "it is just a testament to American ingenuity and dynamism and the fact that we continue to have the best universities in the world, the best technology in the world, and most importantly the best workers in the world. And you guys all represent that. "

The federal government offered $535 million in low cost loan guarantees from the Department of Energy. NBC Bay Area has contacted the White House asking for a statement.

Some Republicans have been very critical of the loans. "I am concerned that the DOE is providing loans and loan guarantees to firms that aren't capable of competing in the global market, even with government subsidies" Florida Congressman Cliff Stearns told the New York Times.
So there goes another 535 MILLION taxpayer dollars down the toilet.

One Big Ass Mistake America

$fore.jpg

2012 cannot come soon enough.
 

bassho

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Given the fact Obama has never done anything productive in his life, this should be no surprise. He's an organizer plain and simple...all this guy knows how to do is waste loads of money he confiscates one way or another from the hardest working americans and campaign, campaign, campaign.
 
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oreo

oreo

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Given the fact Obama has never done anything productive in his life, this should be no surprise. He's an organizer plain and simple...all this guy knows how to do is waste loads of money he confiscates one way or another from the hardest working americans and campaign, campaign, campaign.

100% agreed--that's what ya get for hiring a community organizer to be President of the free world. This guys experience amount to NOTHING.

In his New York Times Sunday Review essay “What Happened to Obama?” Emory University psychology professor Drew Westen summed up the president’s lack of experience with devastating succinctness.

“Those of us who were bewitched by his eloquence on the campaign trail chose to ignore some disquieting aspects of his biography: that he had accomplished very little before he ran for president, having never run a business or a state; that he had a singularly unremarkable career as a law professor, publishing nothing in 12 years at the University of Chicago other than an autobiography; and that, before joining the United States Senate, he occasionally, as a state senator in Illinois, voted ‘present’ on difficult issues,” wrote Westen, author of The Political Brain: The Role of Emotion in Deciding the Fate of the Nation.
[...]
Great: Now Even Committed Democrats Concede Obama ‘Had No Accomplishments Prior to Being Elected’ – Thanks for Nothing, Dems! | Conservatives4Palin
 

OohPooPahDoo

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Update: Solyndra announces it plans to file Chapter 11 bankruptcy, is suspending operations and seeks a reorganization. Click here for the company's full statement.

Solyndra, a major manufacturer of solar technology in Fremont, has shut its doors, according to employees at the campus.

"I was told by a security guard to get my [stuff] and leave," one employee said. The company employs a little more than 1,000 employees worldwide, according to its website.

Shortly after it opened a massive $700 million facility, it canceled plans for a public stock offering earlier this year and warned it would be in significant trouble if federal loan guarantees did not go through.

The company has said it will make a statement at 9am California time, though it's not clear what that statement will be. An NBC Bay Area photographer on the scene reports security guards are not letting visitors on campus. He says "people are standing around in disbelief." The employees have been given yellow envelopes with instructions on how to get their last checks.

Solyndra was touted by the Obama administration as a prime example of how green technology could deliver jobs. The President visited the facility in May of last year and said "it is just a testament to American ingenuity and dynamism and the fact that we continue to have the best universities in the world, the best technology in the world, and most importantly the best workers in the world. And you guys all represent that. "

The federal government offered $535 million in low cost loan guarantees from the Department of Energy. NBC Bay Area has contacted the White House asking for a statement.

Some Republicans have been very critical of the loans. "I am concerned that the DOE is providing loans and loan guarantees to firms that aren't capable of competing in the global market, even with government subsidies" Florida Congressman Cliff Stearns told the New York Times.
So there goes another 535 MILLION taxpayer dollars down the toilet.

One Big Ass Mistake America

View attachment 15070

2012 cannot come soon enough.

Says it offered them the loan. Where does it say they took it?
 
OP
oreo

oreo

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Update: Solyndra announces it plans to file Chapter 11 bankruptcy, is suspending operations and seeks a reorganization. Click here for the company's full statement.

Solyndra, a major manufacturer of solar technology in Fremont, has shut its doors, according to employees at the campus.

"I was told by a security guard to get my [stuff] and leave," one employee said. The company employs a little more than 1,000 employees worldwide, according to its website.

Shortly after it opened a massive $700 million facility, it canceled plans for a public stock offering earlier this year and warned it would be in significant trouble if federal loan guarantees did not go through.

The company has said it will make a statement at 9am California time, though it's not clear what that statement will be. An NBC Bay Area photographer on the scene reports security guards are not letting visitors on campus. He says "people are standing around in disbelief." The employees have been given yellow envelopes with instructions on how to get their last checks.

Solyndra was touted by the Obama administration as a prime example of how green technology could deliver jobs. The President visited the facility in May of last year and said "it is just a testament to American ingenuity and dynamism and the fact that we continue to have the best universities in the world, the best technology in the world, and most importantly the best workers in the world. And you guys all represent that. "

The federal government offered $535 million in low cost loan guarantees from the Department of Energy. NBC Bay Area has contacted the White House asking for a statement.

Some Republicans have been very critical of the loans. "I am concerned that the DOE is providing loans and loan guarantees to firms that aren't capable of competing in the global market, even with government subsidies" Florida Congressman Cliff Stearns told the New York Times.
So there goes another 535 MILLION taxpayer dollars down the toilet.

One Big Ass Mistake America

View attachment 15070

2012 cannot come soon enough.

Says it offered them the loan. Where does it say they took it?
1000 employees--say's a business needs a lot of capital--a low interest Guaranteed loan was more than likely taken--or why would they even mention it in the article. You'll note the republican response in the last paragraph-- indicating it was taken.
 

ScienceRocks

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China and everyone else subsidizes their green industry, but pubs will only help Big Oil. Brilliant!! Morons...
I think Hydrogen is the answer to this.
1# It is the number one gas in the fucking universe. Meaning it will NEVER run out.
2# It is clean and green as its bi-product is water
3# It makes the most sense as a green energy source

I think within the next decade that it can break obrit (make it within the market)without subsides. Because there is unlimited amounts of it and there is a pretty hard push towards a green economy. If it can become economical then watch it past oil.

Wind and solar can't beat it. The whole question is when will something become workable within the market...Right now I'd say Hydrogen.
 

LibocalypseNow

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Well it wasn't his or their Money,so i doubt they care. Pretty much Democrat mentality. Half a Billion in hard-earned Tax Dollars gone forever. Thanks a lot Mr. President.
 

Oddball

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This article hits it right on the head:

Obama promised to create 5 million green jobs within ten years. Investors’ Business Daily has a list of that plan’s "successes" so far.

- On his recent jobs tour Obama stopped at a Johnson Controls plant in southern Michigan, which received $300 million in green grants and plans to create a whopping total of 150 jobs, at a cost of $2 million per position.

- Evergreen Solar Inc., which received unknown amounts of green stimulus funds on the hope that it would create “between 90 and 100 jobs” two years ago, filed for bankruptcy this week, $485.6 million in debt. Their Massachusetts plant once employed 800 people; in March it was replaced with a factory in Wuhan, China.

- Green Vehicles, an electric car “maker” in Salinas, California, took $500,000 from the city and almost $200,000 from the state but has failed to produce even one car.

- And as reported earlier on this site, Seattle was one of a handful of cities that received $20 million in federal grants as part of Retrofit Ramp-Up, a program designed to refit houses with more energy efficient materials. Unfortunately, as KOMO4 of Seattle reports, after more than a year “only three homes had been retrofitted and just 14 new jobs have emerged from the program.”

<snip>

It’s understandable and even forgivable that a political candidate would talk about green jobs on the hustings, especially when the Democratic Party is divided between job hungry blue collar workers and fastidious greens who break out in hives in the presence of coal. What worries me isn’t that the President’s team advised him to make a few speeches on this subject; if a candidate can’t throw chum to the base now and then what’s the point of having elections? What worries me is that they didn’t understand that making something this bogus a central plank of his actual governing plan on an issue as vital as jobs would have serious costs down the road.

Many liberals want green jobs to exist so badly that they don’t fully grasp how otherworldly and ineffectual this advocacy makes the President look to unemployed meat packers and truck drivers.

Let me put it this way. A GOP candidate might feel a need to please creationist voters and say a few nice things about intelligent design. That is politics as usual; it gins up the base and drive the opposition insane with fury and rage. No harm, really, and no foul.

But if that same politician then proposed to base federal health policy on a hunt for the historical Garden of Eden so that we could replace Medicare by feeding old people on fruit from the Tree of Life, he would have gone from quackery-as-usual to raving incompetence. True, the Tree of Life approach polls well in GOP focus groups: no cuts to Medicare benefits, massive tax savings, no death panels, Biblical values on display. Its only flaw is that there won’t be any magic free fruit that lets us live forever, and sooner or later people will notice that and be unhappy.
Feeding The Masses On Unicorn Ribs | Via Meadia
 

Soggy in NOLA

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No doubt this is all Bush and Cheney's fault.
 

LibocalypseNow

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This another example of corrupt Cronyism at its worst. This President and many of his minions had very close ties with the founders of this failed Company. They were given preferential treatment and given a Half Billion in hard-earned American Tax Dollars. This debacle should be investigated. It just stinks of awful corruption.
 

LibocalypseNow

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This Company and this White House should be fully investigated. They stole from the Tax Payers. This kind of cronyism should not be allowed to stand.
 

boedicca

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Solyndra is a scam...and a pay back to Obama campaign contributors.

Its auditors questioned the survival of the company within a few months of the federal loan guarantees. The federal loans were supposed to have first liquidation preference - but after investors put another $75M into the company, taxpayer money was subordinated to the new funds, and then put on pari pasu basis with $175M of investor capital (unless the company avoids liquidation - which of course, is not the case).

If any one company is a poster child for the government's inability to make good investment decisions, Solyndra is.

Taxpayers Rank Behind Solyndra Investors Under Obama

Solar company Solyndra's survival in doubt pre-IPO | Reuters
 
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LibocalypseNow

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Solyndra is a scam...and a pay back to Obama campaign contributors.

It's auditors questioned the survival of the company within a few months of the federal loan guarantees. The federal loans were supposed to have first liquidation preference - but after investors put another $75M into the company, taxpayer money was subordinated to the new funds, and then put on pari pasu basis with $175M of investor capital (unless the company avoids liquidation - which of course, is not the case).

If any one company is a poster child for the government's inability to make good investment decisions, Solyndra is.

Taxpayers Rank Behind Solyndra Investors Under Obama

Solar company Solyndra's survival in doubt pre-IPO | Reuters
Such awful Cronyism. Many members of this Administration had very close ties with this Company's founders. It should have never happened. I do feel that investigations need to take place. A terrible crime was committed here. The American Tax Payers don't deserve this. Hopefully they wont get away with it.
 

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