Skip to comments.Solyndra to Declare Bankruptcy
Posted on 08/31/2011 9:17:46 AM PDT by Hojczyk
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.
Solyndra Worker Speaks
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. NBC Bay Area has contacted the White House asking for a statement.
Some Republicans have been very critical of the loans. "I am concerned that the DOE is providing loans and loan guarantees to firms that aren't capable of competing in the global market, even with government subsidies" Florida Congressman Cliff Stearns told the New York Times.
(Excerpt) Read more at nbcbayarea.com ...
Another Obama FAIL. Gee, who saw that coming?
Rule 1: Socialism has never worked. Anywhere.
Rule 2: Pretty soon you run out of other people’s money (from Margaret Thatcher).
Rule 3: When you get to Rule 2, go back and read Rule 1.
apparently they “ran out of someone else’s money”
Turn off the coal/nuclear/hydro powered lights, pack up your petroleum based belongings, get in your gas powered vehicle and go.
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...
Has anyone kept a list of these “Green” job companies going out of business?? The last one I heard of appeared to be in existance, or started operations at about the time they rec. US Gov. monies.. A year later, gone! ????
Money laundering??? another con?? I don’t know, but somthing doesn’t just doesn’t add up here.
How about a country Spain.
Why does Obama want a road bill? he doesn't want anyone driving but himself
Spain, please pick up the courtesy phone.
Agreed, but I’m thinking more like marstegreg in post #9
Why anyone would do this in California of all places, is beyond me. Why not just directly shovel your money to all the levels of government that exist there, to take it from you? The stupid federal grant they got - a huge percentage of that I am certain just got pissed away in CA taxes and regulations.
I’m guessing a TON of money went into executive salaries and Democrat campaigns coffers.
Are companies still eager to have Øbama come and visit them?
How may companies has he ran into the ground so far?
F U B O
California is shutting down all traditional power plants, they said solar would take its place but of course that ain’t happening.
They call this plan, negawatt production.
The honchos at the RNC should be cutting a commercial RIGHT NOW showing Obama touting the plant last year on his visit. They should show the commercial immediately AFTER his ‘jobs’ speech to the Congress he is giving on September 7th, where by all accounts he is going to call for even MORE gov’t cash to create ‘green jobs’.
The first half of the commercial should show Barry at the plant touting the jobs and then juxtapose the people today being given pink slips in front of the chained gate.
The second half of the commercial should show drilling rigs in the US drilling for oil in the Bakken shale, Eagle Ford, or nat gas in the Marcellus. There should be a voice over saying the US oil industry is not asking for tax breaks and gov’t money to create phony ‘green jobs’, they are only asking for the gov’t to get the HELL OUT OF THE WAY and let them create good paying jobs.
This story perfectly illustrates the kind of crony capitalism this administration engages in, choosing winners and losers, rewarding friends and punishing enemies.
The $500 million went to build manufacturing plants in China. Solyndra goes bankrupt, and Obama has just gifted china with a new manufacturing capability at absolutely no cost to the Chinese people or government.
It’s ‘free trade’ free traitin’ shutdown of another US economic sector.
How’s those green jobs doing, Zero and Gov. Lord of the Flies?