Obama loses $535 million in misguided stimulus attempt

[Brian4Liberty]

When will he learn? The government has no place putting taxpayer money into private companies. Politicians should not be investors who spend public money on business ventures they don't understand. It usually fails. Or perhaps giving money to crony corporatists is more important to him?



Solyndra...a "troubled" solar power company that collapsed in bankruptcy Wednesday...

Solyndra, a California-based manufacturer of rooftop solar panels, opened in 2005 and in 2009 became the Obama administration's first recipient of an energy loan guarantee to the tune of $535 million meant to help minimize the risk to venture capital firms that were backing the solar start-up. Obama made a personal visit to the factory last year to herald its bright future.

ABC News and the Center for Public Integrity's iWatch News first reported on questions about the choice of Solyndra for the loan in May after the Department of Energy disclosed it was being forced to restructure its loan package for the company, which was showing early signs of financial distress. One of Solyndra's major investors was George Kaiser, an Oklahoma billionaire who raised between $50,000 and $100,000 for Obama during the 2008 election.

http://abcnews.go.com/Blotter/solyndra-collapse-waste-half-billion-obama-gop-critics/story?id=14424323

[flightlesskiwi]

When will he learn? The government has no place putting taxpayer money into private companies. Politicians should not be investors who spend public money on business ventures they don't understand. It usually fails. Or perhaps giving money to crony corporatists is more important to him?

didn't you hear, they are looking at starting an infrastructure central bank to streamline to process of horrible lending.

[Brian4Liberty]

didn't you hear, they are looking at starting an infrastructure central bank to streamline to process of horrible lending.

;)

http://images3.wikia.nocookie.net/__cb20110724180947/wizardsofwaverlyplace/images/d/de/Third-party-facepalm.jpg

[A Son of Liberty]

Hey, ya gotta break a few eggs to make an omlette.

You people are awfully unappreciative of how difficult it is to guide an economy. Sheesh.

;)

[Brian4Liberty]

"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. (http://www.nbcbayarea.com/news/local/Solyndra-Shutting-Down-128802718.html)

So let's do the math. That means $535,000.00 was used in an attempt to create each job. All the jobs are gone, and so is the public money. What does this bring Obama's job creation count down to now for the trillions he has spent?

[beerista]

"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.

But you see, the jobs were lost "worldwide". So, as long as the Balance Of Unemployment was not upset, all is well.

[WilliamC]

$535 million?

That's not even a measly billion bucks, so what's the big deal?

The military loses this much every month, so obviously it's just real hard to keep track of this much money.

It isn't Obama's fault, and if you think so you must be a racist!

Or so will go the spin...

[Brian4Liberty]

$535 million?

That's not even a measly billion bucks, so what's the big deal?

The military loses this much every month, so obviously it's just real hard to keep track of this much money.

It isn't Obama's fault, and if you think so you must be a racist!

Or so will go the spin...

But he could have built a Children's Hospital with that money...

[oyarde]

Well , Seattle got 20 million to put together a program for home weatherization . They hired 14 office workers and have done three homes in sixteen months .

[brushfire]

Meh... Schoddadum Schoddadum Schoddadum....

[HOLLYWOOD]

Damn, in Fremont California.. that $.5 Billion looks like it went to the property and building, not R&D and production.

Building solar panels in one of the most expense parts of the country and Silicon Valley. "The 880 Corridor"

FOOLS!

http://i15.photobucket.com/albums/a361/mzcmdr/SOLYNDRA_FAILURE-1.png

[oyarde]

It is done , doors are locked and desks cleaned out . No longer exists . Zero operations .

[HOLLYWOOD]

It is done , doors are locked and desks cleaned out . No longer exists . Zero operations .Here's the MSM corporate media coverage.. $1/2 Billion down the toilet AND ZERO severance package. Solyndra stated they can't compete against China/Chinese manufacturers. I wonder why? :rolleyes:


http://www.youtube.com/watch?feature=player_embedded&v=c1x5ZED3hUc

[outspoken]

How come I didn't hear about this on the 6 o'clock news? it sounds like real news to me...

[flightlesskiwi]

i wonder how much $$$ the billionaire investor "lost"...

[agitator]

Sounds like he needed to give them more.

[HOLLYWOOD]

i wonder how much $$$ the billionaire investor "lost"...http://dailycaller.com/2011/09/01/bankrupt-solar-company-with-fed-backing-has-cozy-ties-to-obama-admin/

Bankrupt solar company with fed backing has cozy ties to Obama admin (http://dailycaller.com/2011/09/01/bankrupt-solar-company-with-fed-backing-has-cozy-ties-to-obama-admin/)
A solar energy company that intends to file for bankruptcy received $535 million in backing from the federal government and has a cozy history with Democrats and the Obama administration, campaign (http://dailycaller.com/2011/09/01/bankrupt-solar-company-with-fed-backing-has-cozy-ties-to-obama-admin/#) records show.
Shareholders and executives of Solyndra, a green energy company producing solar panels, fundraised for and donated to the Obama administration to the tune of hundreds of thousands of dollars.
Tulsa billionaire George Kaiser, a key Obama backer who raised between $50,000 and $100,000 for the president’s election campaign, is one of Solyndra’s primary investors. Kaiser himself donated $53,500 to Obama’s 2008 election campaign, split between the DSCC and Obama For America. Kaiser also made several visits to the White House and appeared at some White House events (http://dailycaller.com/2011/09/01/bankrupt-solar-company-with-fed-backing-has-cozy-ties-to-obama-admin/#)next to Obama officials.


Campaign finance records show Kaiser and Solyndra executives and board members donated $87,050 total to Obama’s election campaign.
And now, just two years after securing a half-billion-dollar federal loan, Solyndra has said that it will declare Chapter 11 bankruptcy.
In a statement, Solyndra wrote “global economic and solar industry market conditions” forced it to close its Fremont, Calif., factory and lay off 1,100 employees.
“Regulatory and policy uncertainties in recent months created significant near-term excess supply and price erosion,” Solyndra president and CEO Brian Harrison said. “Raising incremental capital in this environment was not possible. This was an unexpected outcome and is most unfortunate.”
Obama cited the company as a model of success for his highly touted green-energy industry initiative. In fact, the Obama administration fast-tracked the solar startup’s $535 million loan application to the Department of Energy — a move later criticized by the Government Accountability Office.
Solyndra and the administration originally projected the loan would help Solyndra create 4,000 jobs.

During a visit to the Solyndra facility in 2010, Obama said (http://dailycaller.com/2011/09/01/bankrupt-solar-company-with-fed-backing-has-cozy-ties-to-obama-admin/#) the factory is “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.”


“Less than a year ago, we were standing on what was an empty lot. But through the Recovery Act, this company received a loan to expand its operations,” Obama proclaimed then. “This new factory is the result of those loans.”
According to a Washington Post report, Solyndra communications director David Miller called the White (http://dailycaller.com/2011/09/01/bankrupt-solar-company-with-fed-backing-has-cozy-ties-to-obama-admin/#)House (http://dailycaller.com/2011/09/01/bankrupt-solar-company-with-fed-backing-has-cozy-ties-to-obama-admin/#) to ask that a factory tour be added to his itinerary.
Campaign finance records show Solyndra shareholders and executives did their fair share of greasing palms.
Ben Bierman, executive vice president of operations and engineering for Solyndra, donated $5,500 to Obama’s election campaign. Karen Alter, senior vice president of marketing, donated $23,000 in 2008.
According to information collected by the Center for Responsive Politics, Solyndra board members have donated at least $27,400 to Democratic campaigns and affiliates.


Since 1998, Solyndra board member James F. Gibbons has contributed $13,500 on his own. Board member Winston Fu has contributed $4,550 since 2008. Since 1991, board member Thomas Baruch has contributed $7,150. And board member Steven R. Mitchell donated $2,300 to Obama in 2007.
Solyndra also spent $550,000 lobbying Congress in 2010. Between 2008 and 2011, the company spent more than $1 million lobbying bills including the “American Clean Energy Leadership Act of 2009″ and the “Solar Manufacturing Jobs Creation Act.”


Despite Solyndra’s recent bankruptcy announcement, the Department of Energy and the White House insist the investment was not in vain.

“The project that we supported succeeded,” a spokesman for the Department of Energy told The New York Times (http://www.nytimes.com/2011/09/01/business/energy-environment/solyndra-solar-firm-aided-by-federal-loans-shuts-doors.html). “The facility was producing the product it said it would produce, and consumers were buying the product,” he said. “The company struggled because the market has changed dramatically.”
“While we are disappointed by this particular outcome, we continue to believe the clean-energy jobs race is one that America can, must and will win,” White House spokesman Eric Schultz (http://dailycaller.com/2011/09/01/bankrupt-solar-company-with-fed-backing-has-cozy-ties-to-obama-admin/#) said today in an emailed statement (http://www.bloomberg.com/news/2011-09-01/obama-stands-by-renewable-energy-aid-after-solyndra-s-failure.html).

[/COLOR]

[Brian4Liberty]

“The project that we supported succeeded,” a spokesman for the Department of Energy told The New York Times (http://www.nytimes.com/2011/09/01/business/energy-environment/solyndra-solar-firm-aided-by-federal-loans-shuts-doors.html).

Lol. Yeah, what a success. A success for the people that ran off with that half a billion dollars...

I haven't checked prices for solar panels lately, are they dirt cheap now or what? How come they couldn't sell their product? No one wants solar panels?

[Pericles]

$87,050 in and get $500+ mil back out. That is some return on investment right there.

[Travlyr]

Here's the MSM corporate media coverage.. $1/2 Billion down the toilet AND ZERO severance package. Solyndra stated they can't compete against China/Chinese manufacturers. I wonder why? :rolleyes:


http://www.youtube.com/watch?feature=player_embedded&v=c1x5ZED3hUc
From 4000 jobs to 3000 jobs to 1000 jobs to no jobs in no time.

[HOLLYWOOD]

lol! what a circus, all at our expense :rolleyes:

FBI raids solar panel company hailed by Obama
Firm got $500 million in stimulus funds
http://www.washingtontimes.com/news/2011/sep/8/fbi-raids-solar-panel-company-hailed-by-obama/

FBI (http://www.washingtontimes.com/topics/federal-bureau-of-investigation/) agents executed search warrants Thursday at the California headquarters of Solyndra LLC (http://www.washingtontimes.com/topics/solyndra-llc/), which was awarded more than $500 million in federal stimulus loans in 2009 to make solar panels in what the Obama administration called part of an aggressive effort to put more Americans to work and end U.S. dependence on foreign oil.

But the firm filed a bankruptcy petition Tuesday in Delaware, shedding more than 900 full-time employees, leaving just a “core group” of 113 employees, according to bankruptcy records.


FBI (http://www.washingtontimes.com/topics/federal-bureau-of-investigation/) spokesman Peter D. Lee (http://www.washingtontimes.com/topics/peter-d-lee/) said multiple search warrants were served at the company’s Fremont, Calif., headquarters in what he called a joint investigation by the FBI (http://www.washingtontimes.com/topics/federal-bureau-of-investigation/) and the Energy Department's Office of Inspector General (http://www.washingtontimes.com/topics/energy-departments-office-of-inspector-general/). But he said he could not provide any details about the ongoing probe.
Energy spokeswoman Karen Sulier (http://www.washingtontimes.com/topics/karen-sulier/) confirmed that the department was involved in the investigation but would not elaborate. Solyndra (http://www.washingtontimes.com/topics/solyndra-llc/) spokesman David Miller (http://www.washingtontimes.com/topics/david-miller/) said the company was cooperating in the investigation but did not know the reason for the search.
News of the raid prompted key Republicans in Congress (http://www.washingtontimes.com/topics/congress/), who already were investigating the loan to the company, to issue a statement calling for answers from the company.
http://media.washtimes.com/media/image/2011/09/08/solar-manufacturer-in_live_s220x137.jpg?98dbf8e65919da1250dcad7347ba0 3ea87cc10a6 (http://www.washingtontimes.com/multimedia/image/solar-manufacturer-in_livejpg/)
FBI agents stand guard outside the headquarters of Solyndra, a solar firm in Fremont, Calif., on Sept. 8, 2011. The FBI executed search warrants at the headquarters of the firm, which received a $535 million loan from the federal government.

“There is much to learn as the investigation moves forward, and it is imperative that American taxpayers are not paying the price for the sins of Solyndra (http://www.washingtontimes.com/topics/solyndra-llc/),” Rep. Fred Upton (http://www.washingtontimes.com/topics/fred-upton/), Michigan Republican said in a joint statement with Rep. Cliff Stearns (http://www.washingtontimes.com/topics/cliff-stearns/), Florida Republican.
Mr. Upton (http://www.washingtontimes.com/topics/fred-upton/) is chairman of the House Energy and Commerce Committee (http://www.washingtontimes.com/topics/house-energy-and-commerce-committee/) and Mr. Stearns (http://www.washingtontimes.com/topics/cliff-stearns/) chairs of the Oversight and Investigations subcommittee (http://www.washingtontimes.com/topics/oversight-and-investigations-subcommittee/).
They said they hoped to hear directly from Solyndra (http://www.washingtontimes.com/topics/solyndra-llc/) executives at a previously-scheduled hearing next week on the company’s loan. Among those invited to testify are Jeffrey Zients (http://www.washingtontimes.com/topics/jeffrey-zients/), deputy director of the Office of Management and Budget (http://www.washingtontimes.com/topics/office-of-management-and-budget/), and Solyndra (http://www.washingtontimes.com/topics/solyndra-llc/)’s president and chief executive, Brian Harrison (http://www.washingtontimes.com/topics/brian-harrison/).
“As our investigation continues, we hope to hear directly from Solyndra (http://www.washingtontimes.com/topics/solyndra-llc/)’s executives next week — the same executives who visited Capitol Hill as part of a PR campaign in July and misrepresented the company’s financial situation,” the lawmakers said.
The raid provides the starkest example yet of how fast Solyndra (http://www.washingtontimes.com/topics/solyndra-llc/) has fallen after winning not only lucrative loans, by widespread praise among top government officials.
A little more than a year ago, President Obama hailed Solyndra (http://www.washingtontimes.com/topics/solyndra-llc/) during a tour of the company, saying it expected to hire 1,000 workers and make enough panels over the lifetime of its planned expanded facility that it would be like replacing eight coal-fired power plants.
“It’s here that companies like Solyndra (http://www.washingtontimes.com/topics/solyndra-llc/) are leading the way toward a brighter and more prosperous future,” Mr. Obama said.
The company’s bankruptcy petition came two years after Energy Secretary Stephen Chu and Vice President Joseph R. Biden announced approval of $535 million in federal loans to Solyndra (http://www.washingtontimes.com/topics/solyndra-llc/) under a green energy program touted by Mr. Obama.
“This announcement today is part of the unprecedented investment this administration is making in renewable energy and exactly what the Recovery Act is all about,” Mr. Biden said.
Republicans have been looking into the Solyndra (http://www.washingtontimes.com/topics/solyndra-llc/) loan for several months and have subpoenaed documents concerning it from the White House Office of Management and Budget. Mr. Stearns (http://www.washingtontimes.com/topics/cliff-stearns/) and Mr. Upton (http://www.washingtontimes.com/topics/fred-upton/) sent a letter last week to the White House (http://www.washingtontimes.com/topics/white-house/) seeking information about the White House (http://www.washingtontimes.com/topics/white-house/)’s role in the loans to Solyndra (http://www.washingtontimes.com/topics/solyndra-llc/).

In the letter, Mr. Stearns (http://www.washingtontimes.com/topics/cliff-stearns/) and Mr. Upton (http://www.washingtontimes.com/topics/fred-upton/) said they’ve learned that Energy Department (http://www.washingtontimes.com/topics/united-states-department-of-energy/) officials, as well as officials from the Office of Management and Budget (http://www.washingtontimes.com/topics/office-of-management-and-budget/), were aware of White House (http://www.washingtontimes.com/topics/white-house/) interest in the Solyndra (http://www.washingtontimes.com/topics/solyndra-llc/) loan deal. In addition, they said they were aware that a major investor in Solyndra (http://www.washingtontimes.com/topics/solyndra-llc/), George Kaiser, was a bundler for Mr. Obama’s presidential campaign.
In a bankruptcy filing earlier this week, W.G. Stover Jr. (http://www.washingtontimes.com/topics/wg-stover-jr/), chief financial officer for Solyndra (http://www.washingtontimes.com/topics/solyndra-llc/), blamed the company’s financial woes on “the combination of general business conditions and an oversupply of solar panels” that reduced prices worldwide. He cited the oversupply on expanding capacity by foreign solar panel manufacturers that “utilized low cost capital provided by their governments to expand operations.
“In response, Solyndra (http://www.washingtontimes.com/topics/solyndra-llc/) was forced to reduce its average selling prices to remain competitive,” Mr. Stover (http://www.washingtontimes.com/topics/wg-stover-jr/) explained in the 56-page court filing. In addition, he said the reduction or elimination of government subsidies and incentives to buy solar energy, particularly in Europe, also hurt demand for the company’s panels.
In a statement following news of the company’s bankruptcy, the Energy Department (http://www.washingtontimes.com/topics/united-states-department-of-energy/) issued a statement noting that “changing economics have affected a number of solar manufacturers in recent months, including unfortunately, Solyndra (http://www.washingtontimes.com/topics/solyndra-llc/) …”
“This loan guarantee was pursued by both the Bush and Obama administrations,” said Dan Leistikow, director of public affairs for the Energy Department (http://www.washingtontimes.com/topics/united-states-department-of-energy/)
Reacting to news of the company’s layoffs last week, Jay Carney, White House (http://www.washingtontimes.com/topics/white-house/) press secretary, said there were more than 40 companies in the same loan program that funded Solyndra (http://www.washingtontimes.com/topics/solyndra-llc/) and “you cannot measure the success based on one company or the other.”
Last week, Rep. Henry Waxman, California Democrat and ranking member of the House Energy and Commerce Committee (http://www.washingtontimes.com/topics/house-energy-and-commerce-committee/), said the bankruptcies of two U.S. solar companies in a month were “unfortunuate warnings that the United States is in danger of losing its leadership position in the clean energy economy of the future.”
“We should be doing everything possible to ensure the United States does not cede the renewable energy market to China and other countries,” he said

[acptulsa]

You know, even if it had survived, spending half a billion dollars to create less than 1,025 jobs is still a pretty massive fail. And best of all, it would have competed with existing businesses.

This is truly a multilayered fail.

[HOLLYWOOD]

You know, even if it had survived, spending half a billion dollars to create less than 1,025 jobs is still a pretty massive fail. And best of all, it would have competed with existing businesses.

This is truly a multilayered fail.Hey approximately 90o full time jobs... the rest were part time. Double FAIL. But as usual, Democrats/Libtards/Progressives don't care what it costs... just throw all the shit at the wall and see what sticks, SUCCESS!

Sad part is, Solyndra probably received huge Tax breaks/Credits from the city of Fremont, County of Alameda, and state of California to build that monstrosity in Expensive Silicon Valley... of course, @ the expense of the residences/taxpayers.

[mrsat_98]

The mfer gave the satellite internet industry 60-100 million and forced the installers to not charge extra for pole mounts and custom wiring for an additional $25 a job, i.e. we had to give up 50-100 a job for $25

cut sales commissions 40-60- %,



made it applicable only in certain areas, but did not release details as to where it was effective, then customers would claim to have applied three or four times before they qualified, started announcing it 3 months ahead of time and ruined the business because no one would advertise till they got the details out. Now they the major players understand and can tell us how it works it is nearly over.

All at a time when bandwidth was getting tight ( short supply) and now that the 100 or so million is spent and in uncredit worth homes. There is are two new satellites gong to launch that will make all those systems suck by comparison.

What a f'ing moron.