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Obama blows $535 million dollars on a crony capitalist scheme declaring bankruptcy today (updated)
American Thinker ^ | August 31, 2011 | Ed Laswky

Posted on 08/31/2011 1:51:03 PM PDT by jazusamo

NBC is reporting on yet another green scheme going belly-up and this one is a big one. Scott McGrew reports:

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.

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.

The company has announced just a short while ago it is declaring bankruptcy.

I have written numerous times that Solyndra is a prime example of the foolish green schemes Barack Obama and his team have been promoting across America. Sadly, this promotion has been more than just Obama-like airy platitudes about moon shots and being world leaders. The taxpayers are on the hook for hundreds of millions of dollars that Obama extended as loan guarantees. The handwriting was on the wall even before Obama handed our money over as the firm's own accountants warned that the company was in dire financial straits and was unlikely to continue as a "going concern."

Solyndra had as an investor a big bundler for Barack Obama -- Oklahoma billionaire George Kaiser...

(Excerpt) Read more at americanthinker.com ...


TOPICS: Crime/Corruption; Culture/Society; Extended News; Government
KEYWORDS: 201005; bankruptsy; bellyup; billionaire; cronycapitalism; economy; georgekaiser; greenjobs; kaiser; obama; obamaspeeches; solar; solarpower; solartechnology; solyndra

1 posted on 08/31/2011 1:51:08 PM PDT by jazusamo
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To: jazusamo

Kickbacks coming to Washington????????????? Maybe that’s why they ran out of money.


2 posted on 08/31/2011 1:56:45 PM PDT by RC2
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To: jazusamo

Revenues $140 mil in 2010. What a joke!!


3 posted on 08/31/2011 1:58:24 PM PDT by Sacajaweau
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To: jazusamo

Geez, they blew through a half-billion in loan guarantees in less than three years.

Oh well, we have full employment at the mint in Carson City, Nev. printing more ‘green’ dollars. Harry Reid probably thinks this is proof that green jobs are growing.


4 posted on 08/31/2011 1:59:19 PM PDT by wildbill (You're just jealous because the Voices talk only to me.)
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To: jazusamo
The President visited the facility in May of last year ...

Obummer is the kiss of death if he stops by your business for a photo op. Remember when he popped into Chet's for a burger and they closed that week?


5 posted on 08/31/2011 2:03:10 PM PDT by Lazlo in PA (Now living in a newly minted Red State.)
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To: RC2

Anyone connected to short circuiting this process should be skinned!


6 posted on 08/31/2011 2:03:49 PM PDT by jazusamo (His [Obama's] political base---the young, the left and the thoughtless: Thomas Sowell)
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To: jazusamo

Probably being replaced with a liquor store.


7 posted on 08/31/2011 2:07:02 PM PDT by corlorde (NH)
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To: jazusamo
And you guys all represent that.

You guys?

I can't stand it when someone says that.

8 posted on 08/31/2011 2:07:57 PM PDT by HIDEK6
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Comment #9 Removed by Moderator

To: corlorde
Probably being replaced with a liquor store.

And Unionized.

10 posted on 08/31/2011 2:12:07 PM PDT by Logical me
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To: jazusamo

11 posted on 08/31/2011 2:14:21 PM PDT by pabianice (")
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To: jazusamo

Oh wait are conservatives supposed to be for or against crony capitalism?


12 posted on 08/31/2011 2:18:20 PM PDT by Tempest (Google: Rick perry bi-national healthcare)
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To: jazusamo

http://abcnews.go.com/Blotter/white-house-backed-solar-solyndra-company-collapses/story?id=14420755

ABC link. Reuters also carried it.

I’m sort of amazed it is being carried by the MSM. Obama better watch it. His own news agencies and people are not 100% in the tank for him anymore. They do try to cover it a touch, and the best the comment columns can say is, well, Bush did the same thing! They forget we were pretty mad at Bush over such things.


13 posted on 08/31/2011 2:18:54 PM PDT by I still care (I miss my friends, bagels, and the NYC skyline - but not the taxes. I love the South.)
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To: jazusamo

Just like Deval Patrick’s “green darling” - a solar company in MA that went tits-up about 2 weeks ago, but not before milking MA stimulus funds for about $75 mil ...


14 posted on 08/31/2011 2:21:49 PM PDT by Lmo56 (If ya wanna run with the big dawgs - ya gotta learn to piss in the tall grass ...)
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To: RC2

The kickbacks are more direct. The kickbacks come when Obama makes a trip to raise funds. His fund raisers are money laundering events

The Democrat Party is a CRIMINAL ENTERPRISE


15 posted on 08/31/2011 2:22:13 PM PDT by bert (K.E. N.P. +12 ....Rats carry plague)
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To: RC2

The kickbacks are more direct. The kickbacks come when Obama makes a trip to raise funds. His fund raisers are money laundering events

The Democrat Party is a CRIMINAL ENTERPRISE


16 posted on 08/31/2011 2:22:20 PM PDT by bert (K.E. N.P. +12 ....Rats carry plague)
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To: jazusamo

You only needed the first two words in the headline.


17 posted on 08/31/2011 2:22:55 PM PDT by dfwgator
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To: I still care
I'm kinda surprised too. I'd guess the enemedia figures this could get legs and don't want to put themselves in a position of full cover up mode.

It'll be interesting how and if he addresses green jobs in his address to the joint session of Congress and Americans. :-)

18 posted on 08/31/2011 2:25:09 PM PDT by jazusamo (His [Obama's] political base---the young, the left and the thoughtless: Thomas Sowell)
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To: bert

Maybe the company gave too much to Obama’s re-election.


19 posted on 08/31/2011 2:30:31 PM PDT by RC2
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To: Logical me

True:

Obama’s economics advisor is way out in left field despite his degrees. His Treasury Secretary just increases monetary supply by printing more paper, thus devaluing the dollar more and more,while he listens to AL Gore’s global warming fairy tales.

That company was probably the “front” for bogus carbon credit purchases that went straight to DEM candidates.

Perhaps the employess will sue the global warming looney tunes in MGMT?


20 posted on 08/31/2011 2:53:59 PM PDT by Lumper20
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To: Tempest

Crony capitalism is when Big Government and Big Business get together at the expense of the Republic. There are plenty of people in Washington and some running for President who CLAIM to be Conservative but are, in fact, Crony Capitalists. If you’d like to read a great primer on the whole topic, I suggest picking up a copy of SEIZE FREEDOM, by Cong. Thad McCotter. He covers the topic in detail as he does with the needed re-structuring of the banking system, the threat that is Communist China, and the re-structuring of a 20th century government to fit a 21st century economy. McCotter also speaks about all these and more as he campaigns for the Republican nomination for President. Others rarely, if ever, touch these subjects.


21 posted on 08/31/2011 2:54:56 PM PDT by cumbo78
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To: jazusamo

Obama isn’t opposed to capitalism. Just to capitalism that won’t “donate” millions of dollars to the Rats.


22 posted on 08/31/2011 3:02:20 PM PDT by Blood of Tyrants (Islam is the religion of Satan and Mohammed was his minion.)
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To: jazusamo

The real question about “green jobs” isn’t “Why don’t they work?” but rather “Why WOULD they?”.


23 posted on 08/31/2011 4:00:26 PM PDT by boop ("Let's just say they'll be satisfied with LESS"... Ming the Merciless)
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