Posted on 09/13/2011 7:00:01 AM PDT by Oldeconomybuyer
Six weeks before closing their solar-panel factory and laying off most of their 1,179 employees, Solyndra executives assured members of Congress that the Fremont company was in no danger of shutting down.
At the same time, Solyndra, which received $528 million in federal stimulus loans, was telling investors and the U.S. Department of Energy that it would have to cut its revenue forecasts. Soon, the company was scrambling to find more funding.
The committee has asked Harrison and Solyndra's chief financial officer, W.G. Stover, to attend Wednesday's hearing. Committee members say they want Harrison to explain his earlier, upbeat comments about the company's fiscal health.
"These assurances appear to contrast starkly with his company's decision to file for bankruptcy last week," wrote Reps. Henry Waxman of Los Angeles and Diana DeGette of Colorado, the committee's ranking Democrats, in a letter to one of their Republican colleagues. "He did not convey to us the perilous condition of the company and the Committee should know why."
(Excerpt) Read more at sfgate.com ...
Henry Waxnose was worried ?
Looks like obama is mesmerized, but at what?
Wow, this guy is sharp...I would have never picked up on this!
Mike
Having worked in lower level corporate environments for 30+ years, I can tell you that NOBODY is allowed to say or publish anything going against the accepted corporate line. If you did that it would be the last thing you said or wrote for that company. Several years ago somebody asked the CEO of VW about the failed high-dollar VW Phaeton. His response was something mild like “We made a mistake about the market’s readiness for a $60,000 VW.” He was fired before the meeting ended.
The pursers on the Titanic who knew the ship was doomed sent people back to their rooms telling them there was nothing to worry about. Bill Clinton said “I did not have sexual relations with that woman.”
People lie to keep up the present façade, whatever it is. Nobody wants to take it upon themselves to tell the truth because the first guy who speaks it gets into trouble.
Having said that, there are some truth in accounting laws that might send some of these guys to a luxury Air Force run prison until Obama can pardon them on the last day of his presidency. They’ll play a lot of golf.
I'm thinking the filing is a means of protecting their excess assets to let certain senior management bleed them from the company rather than pay off their creditors at 100% of the bills due.
bump for later
So there is a Congressional hearing tomorrow????
I would have thought the Price Waterhouse report prior to them opening the doors saying they were not going to make it would have alerted someone.
As I’ve said before, the executives of the company are going to take the hit. The politicians will skate, as usual.
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