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Solyndra Not Sole Firm to Hit Rock Bottom Despite Stimulus Funding
Fox News ^ | September 15, 2011

Posted on 09/15/2011 11:50:31 AM PDT by Oldeconomybuyer

Solyndra, the solar panel company whose highly publicized failure and consequent investigation by federal authorities has flashed across headlines recently, isn't the only business to go belly up after benefiting from a piece of the $800 billion economic stimulus package passed in 2009.

At least four other companies have received stimulus funding only to later file for bankruptcy, and two of those were working on alternative energy.

Evergreen Solar Inc., indirectly received $5.3 million through a state grant to open a $450 million facility in 2007 that employed roughly 800 people. The company, once a rock star in the solar industry, filed for bankruptcy protection last month, saying it couldn't compete with Chinese rivals without reorganizing. The company intends to focus on building up its manufacturing facility in China.

SpectraWatt, based in Hopewell Junction, N.Y., is also a solar cell company that was spun out of Intel in 2008. SpectraWatt was one of 13 companies to receive the money to help develop ways to improve solar cells without changing current manufacturing processes.

The company filed for bankruptcy last month, saying it could not compete with its Chinese competitors, which receive "considerable government and financial support."

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


TOPICS: Business/Economy; Government; News/Current Events; Politics/Elections
KEYWORDS: evergreen; evergreensolar; failure; greenjobs; mountainplaza; porkulus; socialism; solarenergy; solarpower; solyndra; spectrawatt

1 posted on 09/15/2011 11:50:40 AM PDT by Oldeconomybuyer
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To: Oldeconomybuyer

This issue is becoming a “were there’s smoke, there’s fire” issue real quick


2 posted on 09/15/2011 11:53:51 AM PDT by LMAO ("Begging hands and Bleeding hearts will only cry out for more"...Anthem from Rush)
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To: Oldeconomybuyer

What did BHO know and when did he know it?


3 posted on 09/15/2011 11:53:51 AM PDT by Gen. Burkhalter
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To: Jet Jaguar; NorwegianViking; ExTexasRedhead; HollyB; FromLori; EricTheRed_VocalMinority; ...

The list, ping

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

http://www.nachumlist.com/


4 posted on 09/15/2011 11:54:56 AM PDT by Nachum (The complete Obama list at www.nachumlist.com)
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To: Oldeconomybuyer

He wants to bankrupt our country.

Cloward/Piven


5 posted on 09/15/2011 11:55:37 AM PDT by RushIsMyTeddyBear (Attaaaack Waaaaaaaaaaaaaaaaaaaaaaatch!!!!! XD)
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To: Oldeconomybuyer
It should surprise no one that many of the companies receiving “stimulus” money fail.

These companies have to be too risky, or unsuccessful to attract private financing. Otherwise, how would the “stimulus” money “create or save jobs”? They also have to be promising enough to merit the “investment” of public money.

That can only work, where government analysts have “discovered” little bits of gold, that the private sector dumped in the tailings pond. Most of what glitters there are pyrites & that is what the government analysts are most likely to “discover”.

6 posted on 09/15/2011 11:58:47 AM PDT by USFRIENDINVICTORIA
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To: Oldeconomybuyer

Put heavy tariffs on China and things will level out.


7 posted on 09/15/2011 12:00:09 PM PDT by RC2
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To: Oldeconomybuyer

The problem isn’t merely that a couple of companies that took stimulus money failed. Failure is a normal part of any risky endeavor.

The REAL issue is that there are NO success stories to counterbalance the failures. None. Zero, zip, zilch, nada.

If there were they’d be in our face 24/7, courtesy of the Obama Press Corps.

No, the best result they can claim from this taxpayer rape is that “not every green-tech company we funded has gone bankrupt yet”. Lame.

If the GOP is skillful at communicating and exploiting this, it will be a torpedo below Barky’s waterline.


8 posted on 09/15/2011 12:00:40 PM PDT by Nervous Tick (Trust in God, but row away from the rocks!)
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To: Oldeconomybuyer
Thanks for locating and posting this article summarizing the fraudulent businesses fed by corrupt government officials. The interesting aspect will be uncovering the amount of taxpayer funds that were returned by "businesses" to the Democratic party and/or the White House.
9 posted on 09/15/2011 12:06:07 PM PDT by AEMILIUS PAULUS (It is a shame that when these people give a riot)
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To: Oldeconomybuyer
If a viable ‘green’ product or service comes along, the principles should have no trouble in raising private capitol to fund it. As it is now, Dear Leader is just throwing giant piles of taxpayers money away.
10 posted on 09/15/2011 12:08:08 PM PDT by JPG (Palin '12)
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To: Oldeconomybuyer
Looks like a Blue State mfg. bailout to me.

Don't hear about too many "Stimulus Companies" in Wyoming or Alabama.
11 posted on 09/15/2011 12:10:53 PM PDT by indthkr
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To: Oldeconomybuyer

Special prosecutor! !!!!!


12 posted on 09/15/2011 12:22:47 PM PDT by org.whodat (so Perry's purchase price starts at $5001.00: and $29,000 , was a sell.)
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To: Gen. Burkhalter

and what is he doing right now to keep any of these others from filling bankruptcy and landing in the headlines?


13 posted on 09/15/2011 12:24:27 PM PDT by Buckeye McFrog
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To: Oldeconomybuyer

And the hits just keep on coming. What a tangled web they weave.


14 posted on 09/15/2011 12:32:16 PM PDT by Jane Long (Soli Deo Gloria!)
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To: RC2

Maks sense to me...SCREW the consumer, right?


15 posted on 09/15/2011 12:33:34 PM PDT by Cyber Liberty (I like both Perry and Palin, and will vote for whichever of them wins.)
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To: Cyber Liberty

California, Mass, NY and Wisconsin.

What do these 4 states (now 3) have in common? Anyone? Bueller?


16 posted on 09/15/2011 12:38:46 PM PDT by EQAndyBuzz (Sarahcuda in 2012. Nothing but Net!!!)
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To: Oldeconomybuyer

Solar is a waste of money. Call a Solar company and get a quote. Then figure out how long you’ll have to live to pay it off. I did and the cost was over $30K. No way was I going for that, if with a refund.


17 posted on 09/15/2011 12:40:51 PM PDT by RC2
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To: EQAndyBuzz
What do these 4 states (now 3) have in common? Anyone? Bueller?

People who would benefit from stupid moves like jacking up tariffs to protect domestic union workers?

18 posted on 09/15/2011 12:48:13 PM PDT by Cyber Liberty (I like both Perry and Palin, and will vote for whichever of them wins.)
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To: LMAO
Like my grandmother used to say, “It all comes out in the laundry” .

We knew this was coming, but we all thought they could hide it past 2012.

American taxpayers, workers, and their children have been robbed by Hussein Obama.

19 posted on 09/15/2011 1:01:38 PM PDT by PA-RIVER
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To: RushIsMyTeddyBear
As I understand it, Obama was a student under Cloward and Piven. I bet he aced that class.
20 posted on 09/15/2011 1:06:38 PM PDT by PA-RIVER
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To: RC2

Been hearing a lot of radio ads around Albany, NY regarding Solar City, another Solar company. Albany has an averages about 53% of available year round sunshine and the shortest day of the year us a 9 hours and 3 minutes. It appears that Solar City locks you in to purchase Solar panels for years. Since the days are really short in the winter it would not appear that the payback period will NOT work out very well but will check it out. They entice potential customers by dangling tax credits as discounts.
Will check further.

http://news.cnet.com/8301-11128_3-9907982-54.html


21 posted on 09/15/2011 1:10:19 PM PDT by BilLies (330,000 northern whites died between 1861-65 so that Obama could use Affirmative Action.)
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To: PA-RIVER

Yep. Straight A’s.


22 posted on 09/15/2011 2:13:40 PM PDT by RushIsMyTeddyBear (Attaaaack Waaaaaaaaaaaaaaaaaaaaaaatch!!!!! XD)
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To: Nervous Tick
The problem isn’t merely that a couple of companies that took stimulus money failed.

For me, it's the idea that the President - any President - is playing venture capitalist. If I wanted to invest in a start up, I can do that myself. There's also the "moral hazard" concept. It has been removed in this case just like in the case of bundling mortgages and pawning them off on investors.

23 posted on 09/15/2011 2:21:06 PM PDT by IamConservative (Government is the only institution that can add ink to paper and make both worth less.)
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To: IamConservative

>> For me, it’s the idea that the President - any President - is playing venture capitalist.

Absolutely.

In my post I may have implied that that concept was okay. It isn’t. My bad.


24 posted on 09/15/2011 2:27:12 PM PDT by Nervous Tick (Trust in God, but row away from the rocks!)
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To: BilLies

I just read about lease arrangements where the solar company retains ownership of the panels .. they get much better incentives/rebates than homeowners ,, they also get a higher price for electricity sold back to the power company .. you get a fixed percentage of electricity sales .. low down $$$$ ..


25 posted on 09/15/2011 2:48:45 PM PDT by Neidermeyer
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To: Oldeconomybuyer

‘Fast & Furious’ & Solyndra & would be enough to impeach any White President !!


26 posted on 09/15/2011 4:44:29 PM PDT by TexasCajun ('Fast & Furious' & Solyndra & would be enough to impeach any White President !!)
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