Solyndra declares bankruptcy

[Steinhauer]

Solyndra to Declare Bankruptcy | NBC Bay Area

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.

 

[netrox]

and ... ?

 

[jillio]

Point, please?

 

[Reba]

"Solyndra was touted by the Obama administration as a prime example of how green technology could deliver jobs."

I guess it wasn't.

 

[Foxrac]

 

[Banjo]

Bad management, I reckon.

 

[Jiro]

"Solyndra was touted by the Obama administration as a prime example of how green technology could deliver jobs."

I guess it wasn't.

I have a feeling that Republicans torpedoed this company

Solyndra, a major manufacturer of solar technology

 

[darkdog]

I have a feeling that Republicans torpedoed this company

Republicans forced them to sell a product for half of what it costs to make? I don't think so.

"Here's the bottom line," Lynch said. "It costs them $6 to make a unit. They're selling it for $3. In order to be competitive today, they have to sell it for between $1.5 and $2. That is not a viable business plan."

Solyndra Investigation: Probe Into White House Role in Massive Energy Loan - ABC News

All these "green jobs" subsidies are a waste of money. They're just subsidizing inefficiency, and that's no way to get an economy back on track. Green jobs will come when they can stand up on their own in the market.

At least the venture capitalists who poured money into this boondoggle lost their own money. The taxpayers on the other hand really didn't have a choice.

 

[TXgolfer]

We paid $535 million to lose 1,100 jobs.....stimulating!

 

[Jiro]

Republicans forced them to sell a product for half of what it costs to make? I don't think so.


Solyndra Investigation: Probe Into White House Role in Massive Energy Loan - ABC News

All these "green jobs" subsidies are a waste of money. They're just subsidizing inefficiency, and that's no way to get an economy back on track. Green jobs will come when they can stand up on their own in the market.

At least the venture capitalists who poured money into this boondoggle lost their own money. The taxpayers on the other hand really didn't have a choice.

We paid $535 million to lose 1,100 jobs.....stimulating!

so...... who to blame for this? Obama?

 

[TXgolfer]

so...... who to blame for this? Obama?

Who gave them the money? The loan was part of the historic stimulus package.

 

[Jiro]

Who gave them the money? The loan was part of the historic stimulus package.

you tell me.

 

[TXgolfer]

Just did..... . I get the historic part now..... That money is his.....to.....ry.

Can't wait for the historic jobs plan this week.

 

[jillio]

Bad management, I reckon.

Yep. Just because the financial management of the company was poor doesn't mean that it isn't an example of a way in which green technology can deliver jobs. Obama didn't say anything about their financial management...just that it was an example of a way in which green technology could deliver jobs. I guess he should have added, if their financial managers don't send them into bankruptcy. I don't see the connection, as Obama never stated they would deliver jobs.

People are grasping at straws again.

 

[jillio]

I have a feeling that Republicans torpedoed this company

Of course.

 

[Jiro]

Just did..... . I get the historic part now..... That money is his.....to.....ry.

Can't wait for the historic jobs plan this week.

do you mean to tell me that the President of United States can singlehandly write out a $535 million check of our tax money to Solyndra?

 

[TXgolfer]

Yep. Just because the financial management of the company was poor doesn't mean that it isn't an example of a way in which green technology can deliver jobs.

Evergreen Solar got $58 million, Spectrawatt got $8 million and Solyndra got $535 million..... All three declared bankruptcy in August. Is this the stimulus at work? If so I'm sure glad I didn't get any.

Obama didn't say anything about their financial management...just that it was an example of a way in which green technology could deliver jobs. I guess he should have added, if their financial managers don't send them into bankruptcy

.

Apparently they had enough faith in the financial management to give them $535 million in taxpayer money.

I don't see the connection,

The company became the first recipient of an Energy Department loan guarantee under the stimulus in March 2009, which was intended to “finance construction of the first phase of the company’s new manufacturing facility” for photovoltaic solar panels.

The Energy Department estimated in a March 20, 2009 press release that the loan guarantee would create 3,000 construction jobs and a further 1,000 jobs after the plant opened.

And President Barack Obama and Vice President Joseph Biden each personally showcased Solyndra as an example of how stimulus dollars were at work creating jobs, during appearances at the company over the course of the following year.

Biden personally announced the closure of Solyndra’s $535 million loan guarantee in a Sept. 9, 2009 speech, delivered via closed-circuit television, on the occasion of the groundbreaking of the plant.

The vice president justified the federal government’s investment in Solyndra in front of employees and other dignitaries, including Secretary Chu and former Calif. Gov. Arnold Schwartzenegger, saying the jobs the company intended to create would “serve as a foundation for a stronger American economy.”

“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,” Biden said.

According to Biden’s speech, the $535 million loan guarantee was a smaller part of the $30 billion of stimulus money the administration planned to spend as part of its Green Jobs Initiative.

Obama made similar claims in a May 26, 2010 speech at the plant, but the 1,000 jobs he and Biden touted in their respective speeches failed to materialize.

Green jobs company Solyndra | Obama endorsed | squanders stimulus money | The Daily Caller

or

"The economy needs clean tech alternatives to help it recover, but our planet requires clean tech solutions in order to survive," said Solyndra CEO and founder Dr. Chris Gronet. “Fab 2 will allow us to meet customer demand while making a positive impact on the world’s energy and environmental needs. We are grateful for the vision and support of President Barack Obama, the U.S. Department of Energy, the U.S. Congress and our investors.”

Solyndra breaks ground on new 500-megawatt solar plant

I wouldn't say all of Congress.

....as Obama never stated they would deliver jobs.

[ame=http://www.youtube.com/watch?v=6qD-8OEwA3s&NR=1]Pr. Obama at Solyndra (2) California Solar Plant - YouTube[/ame]

people are grasping at straws again

no doubt

 

[TXgolfer]

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.

"There's a consequence if you don't follow a rigorous process that's transparent," said Franklin Rusco, an analyst with the Government Accountability Office. "It makes the agency more susceptible to outside pressures, potentially."

The Solyndra loan guarantee, advertised by the administration as part of its signature effort to create jobs while weaning the U.S. from traditional energy sources, already has drawn scrutiny on Capitol Hill. Republican members of the House Energy and Commerce Committee have requested documents from the Energy Department as part of an investigation into how the company qualified for government support and then, a year later, closed a plant, laid off workers, and eventually had to renegotiate the terms of the loan guarantee. The shortcuts at the dawn of the deal identified by government auditors have stoked more questions.

Energy Department officials said their analysts had gathered more than enough information to bet on Solyndra. They said politics played no role, and they did not give Solyndra or any other company special treatment.

"All applicants within any solicitation are treated the same way," said Jonathan Silver , executive director of the Energy Department's Loan Programs Office, which oversees the administration's $90 billion in spending on promising alternative energy and on green automobile projects.

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.

Several political allies of the president have ties to companies receiving Energy Department loans, grants or loan guarantees. For instance, the venture firm of another top Obama bundler, Steve Westly, has financially supported companies that won more than half a billion dollars in energy grants and loans during President Obama's time in office, iWatch News and ABC News reported in March. Relatively few applicants succeed in winning such benefits. The Energy Department said every one of those awards was won on merit.

When the Obama administration announced financing for Solyndra in 2009, the company was only four years old, and had been shipping solar panels for about a year. Officials said the administration was eager to stimulate the economy and encourage green energy start-ups. Energy Secretary Steven Chu promised Solyndra's package alone would create more than 4,000 jobs.

The Obama Administration and Solyndra - ABC News

*shrug*

 

[jillio]

And?

 

[jillio]

Evergreen Solar got $58 million, Spectrawatt got $8 million and Solyndra got $535 million..... All three declared bankruptcy in August. Is this the stimulus at work? If so I'm sure glad I didn't get any.



Apparently they had enough faith in the financial management to give them $535 million in taxpayer money.







Green jobs company Solyndra | Obama endorsed | squanders stimulus money | The Daily Caller

or



Solyndra breaks ground on new 500-megawatt solar plant

I wouldn't say all of Congress.


Pr. Obama at Solyndra (2) California Solar Plant - YouTube



no doubt

Which quote in there exactly do you disagree with and why? I still don't see anything about Obama promising they would create jobs and not go bankrupt.