Solyndra Filing a Disaster for Obama

NBC Bay Area ^ | Wednesday, Aug 31, 2011 | Scott McGrew

[muleskinner]

President Obama faces political catastrophe in the form of Solyndra -- a San Francisco Bay area solar company that he touted as a gleaming example of green technology. It has announced it will declare Chapter 11 bankruptcy. More than 1,100 people will lose their jobs.

[muleskinner]

Unbridled enthusiasm to spend ..."It's not his statements the administration will regret; it's the loan guarantees. The President was celebrating $535 million in federal promises from the Department of Energy to the solar startup. The administration didn't do its due diligence, says the Government Accountability Office."

[Parley Baer]

By the way how is that “green” car doing called the Chevy Volt?

[cicero2k]

As I said on a similar thread:

“Joe Biden, pick up the courtesy phone. Doesn’t a $700 million green mistake mean anything to you?”

[Nachum]

The list, ping

Let me know if you would like to be on or off the ping list

http://www.nachumlist.com/

[dila813]

They are going to go bankrupt, who didn’t see this coming...oh wait...Democrats a.k.a. idiots

[sam_paine]

THE ENERGY MARKET IS RACIST!

White sunlight makes the black solar cells do all the work. It never ends.

[Eric in the Ozarks]

This should pop a few of Biden’s head plugs...

[kittymyrib]

The biggest winners in BO’s quixotic “green energy” scheme were China, that makes cheap solar panels, and Germany, that makes the windmill blades and other equipment for wind farms...all subsidized by the U.S. taxpayer, of course.

Someone needs to go to jail for wasting billions of porkulus money with nothing to show for it.

[relictele]

Green jobs, like green leaves, have a limited shelf life.

[PMAS]

Less than 2 weeks ago ...

Company Press Releases:

“Chris Gronet Takes on Advisory Role for Solyndra
August 19, 2011

Dr. Chris Gronet, Founder of Solyndra and former CEO and Chairman, has transitioned to the role of advisor and consultant. He will be pursuing new opportunities and challenges in clean-tech. We would like to thank Chris for his innovations and efforts that gave birth to Solyndra and for his visionary leadership during the first 5 years.
We wish him success in his new endeavors.”

Follow the money and the executives from this company, probably bundlers for the dems and zerO.

[Georgia Girl 2]

I guess all those jobs will have to be replaced with “shovel ready jobs”. LOL!

[The Cajun]

Dr. Chris Gronet, Founder of Solyndra and former CEO and Chairman, has transitioned to the role of adviser and consultant taking the money and running.

Hope you don't mind my little change.

[txrangerette]

Bush’s fault.

[Mikey_1962]

I think that makes 5 by my count of places Obama has given a speech or mentions in a speech that went out of business.

There was New Chet’s Restaurant in Toledo Ohio, the screw works place that made wind turbine towers , Evergreen Solar, and a few others.

[GQuagmire]

Google Evergreen solar.Obama’s mini-me ,Deval Patrick did the exact thing with Evergreen.$40 odd million later of MA taxpayer dollars and whoosh,off to China or bankruptcy,I can’t remember which

[Oldeconomybuyer]

"It's not his statements the administration will regret; it's the loan guarantees. The President was celebrating $535 million in federal promises from the Department of Energy to the solar startup. The administration didn't do its due diligence, says the Government Accountability Office. "There's a consequence if you don't follow a rigorous process that's transparent," Franklin Rusco of GAO.

[green iguana]

“By the way how is that “green” car doing called the Chevy Volt?”

They’re selling as many as they can make. GM just can’t make that many yet.

[kcvl]

President Obama, center, is given a tour of Solyndra by Executive Vice President Ben Bierman, right, as Chief Executive Officer Chris Gronet, left, walks alongside at Solyndra Inc. in Fremont, Calif., May 26, 2010

May 24, 2011

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 Here

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.

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.

[Ernest_at_the_Beach]

Related thread:

Solyndra Shutting Its Doors ( Goverrnment guaranteed loan of 535 million Dollars for Green Jobs)/b>

[hsalaw]

And Caterpillar.