Posted on 09/01/2011 10:35:50 AM PDT by Libloather
Solyndra Bankruptcy Could Dry Up Solar Industry Funding
September 1, 2011 8:37 AM
FREMONT (KCBS) – While many venture capitalists remain bullish about solar companies, a Republican call for further investigation of how bankrupt Solyndra spent millions in federal loans could mean less public money for the solar industry.
In February, the House Energy and Commerce Committee looked into how Solyndra won approval in 2009 for a $535 million Department of Energy loan guarantee. That investigation focused on one of the company’s investors, George Kaiser, who contributor to President Barack Obama’s campaign.
Energy Department officials said the company’s application was carefully vetted, and pointed out that investing in startup companies always carries risk.
(Excerpt) Read more at sanfrancisco.cbslocal.com ...
Yet Another (Failed) Obama 'Jobs Plan'
Biden Warns Against Abandoning Clean Energy
California solar company goes bankrupt, more than 1000 workers laid off
Another crony capitalism-socialism failure. With Chris “Hat-Check-Girl-Sandwich” Dodd and Barney “Wide-Receiver” Frank ru[i]nning the banking & housing industries, and Barry “Street-Agitator” Soetero ru[i]nning the economy, who needs enemies?
“While many venture capitalists remain bullish about solar companies...”
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Fine, then by definition as “venture capitalists”, let them invest their OWN money.
No taxpayer subsidies, no inside tracks, no punishing other market energy sources.
Follow the money. George Kaiser, a key bundler for Obama in 2008, owned a large share of Solyndra.
Where did the money go? How much of it ended up back in Obama’s campaign coffers?
I think it’s worth a House hearing at the very least. This is a huge story if the GOP chooses to make it one.
One might wonder what actually happened to the loan; if it was lost in the enterprise or squirreled away in an offshore bank account.
Here’s an expose written up on the whole thing by Krasting the day before it went bankrupt: (follow the link on Zerohedge)
Don’t listen to anything the socialist infested democrat frauds try to spin. If fully investigated this will be packed with political/idealogical fraud from the beginning, can you expect anything less from the obama administration. No company is that inept where their products cost 2 to 3 times more than the competition to produce and they just realized this within the last 12 months. I don’t believe it.
http://www.followthemoney.org/database/StateGlance/contributor.phtml?d=352021664
The list, ping
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Here’s the deal.
The government funded this Industry with the knowledge it would fold.
The proprietors get their salaries and benefits and have a bailout option that gives them a nice severance package.
There never was an intent to actually produce products for the solar industry, and try to compete with other companies.
I see this go on all the time on large and small scales.
The government ‘funds’ these ‘small businesses’ (like tattoo parlors) that are open for a year or so, then they go bankrupt and the ‘owners’ leave with a nice wad of cash.
Solyndra’s solar power solutions offer strong return on investment and make great business sense. Our cylindrical technology was designed for the rooftop and offers the benefit of light weight, low cost and the fastest, easiest installation of any solar technology. In more than 1000 installations around the world our customers are converting underutilized rooftop space into clean energy from the sun
The above spiel was taken from Solyndra's home page.
Here is the plant that your tax dollars built.
Bet you 2:1 that a a huge amount of the money went to bail out the Democrat investors to make sure they didn’t lose their money.
Seems the CFO of this Front Co. needs to be subpoenaed along with a few others.
Not only them, but the government employee (or more likely, Obama administrator) who approved this loan guarantee even though the company’s own accountants were telling them that not even $525 million would get this company out of trouble needs to be subpoenaed.
Also, the company reported their gross income of $59 million and gross operating cost of $108 million for one year. If you extrapolate that out, that is operating costs of $218 for two years.
Where did the other $307 million go?
$10,000?
I figured it would be MUCH more than that.
My bad, I forgot to subtract the gross income from the gross costs. The amount that is unaccounted for is $407 million. In other words, 80% of the money is not accounted for.
That’s just 2010, and just California. I’d imagine a lot of money moved much less transparently - to suppliers in districts where votes needed to be bought.
these people belong in jail.
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