Thursday, November 04, 2010

"Green Energy" Problem Loan: Taxpayer Problem!

Ah, little Barry strikes again.

...The company's fortunes sparkled in September 2009, when the Obama administration announced $535 million in taxpayer loans to finance construction of a new solar-equipment



In December 2009, the company filed for an initial public offering of its stock expected to raise $300 million. In May, Obama toured the Solyndra facilities in Fremont.

The company's fortunes dimmed soon after. In June, Solyndra canceled its IPO, and the following month its chief executive officer, Chris Gronet, quit. Brian Harrison, a former Intel executive, took over as CEO.

"The company's problems raise questions about the federal government's wisdom in giving $535 million to a company with an unproven technology," Mehta said.

Now, Solyndra will close its first factory, known as Fab 1, and shift production equipment to its second factory, Fab 2. The firm won't expand the second factory...

Oh, well. Sell the paper to Fan/Fred. They know how to handle foreclosures.

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