Posted on 09/01/2011 6:01:49 AM PDT by IbJensen
This ought to be the top story on every news outlet nationwide, and ought to be the death knell for the “Stimulus” concept and for the “green jobs” fallacy. But I get the feeling the MSM will bury it.
When workers showed up at the Solyndra solar-panel factory in Fremont, California, this morning — they were ordered to leave by guards, and then given instructions on how to pick up their final checks. In other words, the dream is over:
Solyndra Shutting Its Doors
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.
Here’s what Obama had to say about Solyndra’s rosy outlook:
It’s here, that companies like Solyndra are leading the way toward a brighter, more prosperous future.
Remember, he said this just one year ago.
Basically, the federal government just invested $535 million of our taxpayer funds in a loser company that went belly up in only one year. And that whole investment — poof! Gone.
As an investor, Obama is either cursed, or perhaps merely blinded by ideology.
UPDATE I:
Maybe this is a clue as to why Obama gave $535 million to Solyndra in the first place — it was a union stronghold:
UPDATE II:
Solyndra Bankruptcy Announcement
Solyndra LLC, the American manufacturer of innovative cylindrical solar systems for commercial rooftops today announced that global economic and solar industry market conditions have forced the Company to suspend its manufacturing operations. Solyndra intends to file a petition for relief under Chapter 11 of the U.S. Bankruptcy Code while it evaluates options, including a sale of the business and licensing of its advanced CIGS technology and manufacturing expertise. As a result of the suspension of operations approximately 1,100 full-time and temporary employees are being laid off effective immediately.
Hmmm, guess that procedure was there for a reason.
And I guess that answers the question whether Obama is cursed or just ideologically blinded. I submit curses and “bad luck” have nothing to do with it.
Why are you complaining? Its only half a BILLION DOLLARS!
Yeah, by government standards, that’s cheap.
It only cast a half a million per job
Maybe some one can buy the place for $1 and make money.
That’s a great idea.....
Thanks, every now and then the light bulb “flickers” on.
$535 MILLION? THEY COULD HAVE GIVEN 535 PEOPLE A MILLION DOLLARS AND HAD MORE EFFECT ON THE ECONOMY THAN THIS RAT HOLE DID...................
is it a “new” or an “old” light bulb?
100 watt incandescent, 1960 vintage!
I agree this dude is a Curse of Death regarding any business he visits. Just look, he had flies, mice, bees, and every business he visit goes belly up including Moochelle fashion designers have gone belly up. So what does that say about ODumbo and Bigfoot?
The bad news about this is that the Regime is going to do exactly the same kinds of things with the “Infrastructure Bank”. It will be another Federal slush fund that will fund “Big Dig” projects all over the Country, all of them union jobs. The IB will save Congress Critters the embarrassment of defending earmarks, and will not be subject to any budgetary constraints. Its not even clear who would be approving the awards, cut it clearly won’t be any elected officials.
We’re just getting started here. Wait until Premier Hussein establishes a new Cabinet level “Department of Jobs”....
A 700 million dollar facility built with 535 million dollars of fed. money. Where did the other 165 million dollars come from? Investors? There was no public offering to raise money so who looses 165 million? Or did they?
“Where did the other 165 million dollars come from?”
There were a variety of other institutional and private investors, including a group based on Sam Walton’s money.
From what i’ve read, the other investors may all take a total bath on this one.
-PJ
What this criminal, illegal presidency does will always be a mystery.
Later when this phony returns to the sewers of Chicago and if it even looks like his mystery background will surface, the Demorats will lift the rug and the Republicrats will sweep the details.
Madrid, 1936 continues to come to mind.
Do Americans truly want to embrace communism and watch as this running dog stacks the Supreme Court with more leftist scumbags?
His regime's current evil action was to order Gibson guitars to move their operation offshore! He is anathema to American workers, but the big union socialist bosses love him.
Another Cayman Island bank account filled to overflowing!
But 700 million? poof!
The left loves to scold the rest of us about “sustainability”. With the bankruptcy of this green jobs enterprise, we have a metric by which to judge the left’s claim that green energy creates jobs.
The median household income in 2010 was $52,026. Solyndra employed about 1,100 and the federal government just guaranteed $535 million in loans that it took out. So, a “green job” costs about $486k each, or NINE TIMES the median household income.
At a 9:1 ratio, green jobs propel will us to penury faster than if we were riding on a bullet train.
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