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What was touted by Obama as a model of success for wise stimulus funding of green energy and job creation, has turned into a wastebasket.
According to a Feb. 17 letter signed by Energy and Commerce Committee Chairman Fred Upton, Michigan Republican, and Oversight Subcommittee Chairman Cliff Stearns, Florida Republican, to Energy Secretary Steven Chu, the Fremont, Calif.-based solar panel manufacturer squandered $535 million of stimulus money. …
Instead, Solyndra announced on Nov. 3 it planned to postpone expanding the plant, which cost the taxpayers $390.5 million, or 73 percent of the total loan guarantee, according to the Wall Street Journal.
It also announced that it no longer planned to hire the 1,000 workers that Obama and Biden had touted in their speeches and that it planned to close one of its older factories and planned to lay-off 135 temporary or contract workers and 40 full-time employees.
A closer look at the company shows it has never turned a profit since it was founded in 2005, according to its Securities and Exchange Commission (SEC) filings.
And Solyndra’s auditor declared that “the company has suffered recurring losses, negative cash flows since inception and has a net stockholders’ deficit that, among other factors, [that] raise substantial doubt about its ability to continue as a growing concern” in a March 2010 amendment to its SEC registration statement.
What was touted by Obama as a model of success for wise stimulus funding of green energy and job creation, has turned into a wastebasket.
According to a Feb. 17 letter signed by Energy and Commerce Committee Chairman Fred Upton, Michigan Republican, and Oversight Subcommittee Chairman Cliff Stearns, Florida Republican, to Energy Secretary Steven Chu, the Fremont, Calif.-based solar panel manufacturer squandered $535 million of stimulus money. …
Instead, Solyndra announced on Nov. 3 it planned to postpone expanding the plant, which cost the taxpayers $390.5 million, or 73 percent of the total loan guarantee, according to the Wall Street Journal.
It also announced that it no longer planned to hire the 1,000 workers that Obama and Biden had touted in their speeches and that it planned to close one of its older factories and planned to lay-off 135 temporary or contract workers and 40 full-time employees.
A closer look at the company shows it has never turned a profit since it was founded in 2005, according to its Securities and Exchange Commission (SEC) filings.
And Solyndra’s auditor declared that “the company has suffered recurring losses, negative cash flows since inception and has a net stockholders’ deficit that, among other factors, [that] raise substantial doubt about its ability to continue as a growing concern” in a March 2010 amendment to its SEC registration statement.
This is criminal, the owners of the company need to be investigated and prosecuted if fraud can be prooved. However, having worked at a company that received a great deal of it's income in earmarks, and spent it with very little to show for the investment, I understand how it happens. It comes down to lack of accountability. Welfare breeds bad behavior, rather it's corporate or individual.
I'm rather surprised that none of the typical lefty rants have been posted about this defending the waste of $390.5 million dollars or about those 1000 jobs Obama and Biden promised.
What do you expect from a POTUS who has surrounded himself with academics rather than business people who have actual experience and understand what works and does not in the real world?
This was Obama pandering to his special interest supporters and using OPM to do it, nothing more.
I'm rather surprised that none of the typical lefty rants have been posted about this defending the waste of $390.5 million dollars or about those 1000 jobs Obama and Biden promised.
I am not suprised. The lefties are getting a heavy dose of reality and probably going through kool-aide withdrawal right now. Their disasterous party is falling apart.
You wont see rants, but you will probably soon see the typical leftie tactic: lie/deflect/blame the other side/create a story about the other side/blame Bush and so forth. Just wait a few more minutes - I'm sure it will happen.
It is unbelievable the mess this POTUS and his cronies have created. It will be very hard to overcome and will take a lot of time.
I'm rather surprised that none of the typical lefty rants have been posted about this defending the waste of $390.5 million dollars or about those 1000 jobs Obama and Biden promised.
There was a previous thread about this company (I think in the CA forum) when all this happened, where you'll find the lefty rants you so desire!
Even if it was ever a good idea , the government likely messed it up .
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