$535 million of stimulus money spent, jobs lost.

[RickN]

The really bad part is that there seems to be an Okie involved in it.

Not what I would call a great source, but an interesting piece.

Solyndra, Inc. was supposed to have showcased the effectiveness of the Obama administration’s stimulus and green jobs initiatives, but instead it has become the center of congressional attention for waste, fraud and abuse of such programs.

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.

http://dailycaller.com/2011/02/22/p...den-squandered-535-million-in-stimulus-money/

 

[Dale00]

The free enterprise system works a lot better than crony capitalism.

October 2008: Solyndra formally announces it is entering the solar market with cylinder-shaped modules designed for flat, commercial rooftops.
March 2009: Solyndra receives a $535 million loan guarantee from the Department of Energy.
September 2009: Solyndra begins construction of "Fab 2"-- its second factory -- in Fremont. Upon completion, Fab 2 is expected to create 1,000 jobs and have a production capacity of 500 megawatts of panels per year. Energy Secretary Steven Chu and former Gov. Arnold Schwarzenegger attend the groundbreaking.
December 2009: Solyndra files an S-1 with the Securities and Exchange Commission, saying it hopes to raise $300 million through an initial public offering of stock.
March 2010: PricewaterhouseCoopers releases an audit raising doubts about Solyndra's "ability to continue as a going concern." The audit notes Solyndra raised $970 million in equity financing but had $557.7 million in debt and "has incurred operating losses and negative cash flows since inception."
May 2010: President Barack Obama visits Solyndra to show his support for cleantech manufacturing.
June 2010: Solyndra withdraws its S-1, citing "adverse market conditions."
July 27, 2010: Solyndra announces that Brian Harrison will replace Chris Gronet as CEO. Gronet stays on in an undefined "executive capacity."
November 2010: Harrison announces plans to shut down Fab 1, consolidate manufacturing at Fab 2 and lay off some workers in a cost-cutting move.

http://www.mercurynews.com/business/ci_17221170?nclick_check=1

I wouldn't be surprised to see the govt pour more money down the rathole to keep the company afloat.

This sort of thing has probably always gone on but this administration has increased the scale of the waste way past the point of sustainability.

 

[RickN]

This sort of thing has probably always gone on but this administration has increased the scale of the waste way past the point of sustainability.

Agreed.