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.