Obama Seal of Approval/Kiss of Death claims another victim

Via Hot Air:

Solyndra to Declare Bankruptcy

President Obama touted the facility only a year ago.

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.

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.

Update: Solyndra announces it plans to file Chapter 11 bankruptcy, is suspending operations and seeks a reorganization.

$535 million ÷ 1000 employees = $535,000 each.

I’m pretty sure the employees didn’t get the money, so who did?

One thing’s for sure – we ain’t getting it back. A half billion here, a half billion there, pretty soon you’re talking about some real money.

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19 Responses to Obama Seal of Approval/Kiss of Death claims another victim

  1. ralphb says:

    ABC May 24: Did Obama Administration Cut Corners For a Green Energy Company?


    The Obama administration bypassed procedural steps meant to protect taxpayers as it hurried to approve an energy loan guarantee to a politically-connected California solar power startup, ABC News and the Center for Public Integrity’s iWatch News have learned.
    Several political allies of the president have ties to companies receiving Energy Department loans, grants or loan guarantees. For instance, the venture firm of another top Obama bundler, Steve Westly, has financially supported companies that won more than half a billion dollars in energy grants and loans during President Obama’s time in office, iWatch News and ABC News reported in March. Relatively few applicants succeed in winning such benefits

    I also seem to remember a nephew of Rep Ron Kanjorski getting a multi-million dollar grant to establish a solar company in PA. At the same time a large grant was given to a Spanish company to build a solar facility in Northern CA. I think that facility is now cancelled also but I wonder if our tax money is still in Spain?

    • Dario says:

      There’s only one word to describe Obama’s presidency: revulsion. But then, that’s what I felt about his 2008 campaign.

  2. DeniseVB says:

    Wonder how you can get your hands on that gubmint “green” money? My daughter owns a bike shop, you can’t get much greener than that 😉

  3. ncguy says:

    Does “loan guarantees” mean the company actually received that much money?

  4. votermom says:

    The Obama touch strikes again.

  5. imustprotest says:

    The company name was “Solyndra”? I have just 4 words to say: Solyndra Green is peeeople!!!!
    🙂 Sorry, couldn’t resist!

  6. yttik says:

    The Gov never does anything crazy like this, but they should have just handed each one of those employees 545,000. They could have taken that money and started their own small businesses. That would be a thousand new small businesses that may have gone on to hire people and pay taxes.

  7. Mary says:

    Dontcha know his MAGIC speech is gonna include a lot more money for his green energy agenda. More $$ down the rathole.

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