Tuesday, February 22, 2011

Obama-Selected Loser

Gee. Too bad. The taxpayers just ate ~$390 million.

Just a co-incidence that the majority owner was an Obama donor, of course.

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.

$535 million in taxpayer-guaranteed loans.

The Energy Department estimated in a March 20, 2009 press release that the loan guarantee would create 3,000 construction jobs and a further 1,000 jobs after the plant opened.

And President Barack Obama and Vice President Joseph Biden each personally showcased Solyndra as an example of how stimulus dollars were at work creating jobs, during appearances at the company over the course of the following year

...Instead, Solyndra announced on Nov. 3 it planned to postpone expanding the plant, which cost the taxpayers $390.5 million, or 73 percent of the total loan guarantee, according to the Wall Street Journal.

It also announced that it no longer planned to hire the 1,000 workers that Obama and Biden had touted in their speeches and that it planned to close one of its older factories and planned to lay-off 135 temporary or contract workers and 40 full-time employees

Oh, yes, it can (and did) get worse:

...Solyndra’s auditor declared that “the company has suffered recurring losses, negative cash flows since inception and has a net stockholders’ deficit that, among other factors, [that] raise substantial doubt about its ability to continue as a growing [sic] concern” in a March 2010 amendment to its SEC registration statement.

The 'going concern' statement is generally interpreted as "this outfit is dead, dead, dead."

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