[Posted by Karl]
Even the HuffPo has to say “ouch”:
Solyndra, a solar technology firm in California that the Obama administration once touted as an exemplar of an emerging green economy, said Wednesday that it intended to file for Chapter 11 bankruptcy protection.
For some reason, the HuffPo downplays the fact that Solyndra received a $535 million loan guarantee from the DoE, despite the fact that Energy Secretary Steven Chu announced the Solyndra guarantee within 60 days of taking over the department (and Vice-President Biden personally announced the closure of the deal). Remember how many times the Obama Administration and the establishment media reminded us that Chu was a Nobel Prize winner? This is the oh-so-smug “Party of Science” at work. Bloomberg has this choice bit:
Solyndra is the third U.S. solar manufacturer to file for bankruptcy in a month as falling panel prices and weak global demand is driving a wave of industry consolidation.
“Regulatory and policy uncertainties in recent months created significant near-term excess supply and price erosion,” Solyndra’s President and Chief Executive Officer Brian Harrison said in the statement.
I thought greens and lefties didn’t believe in regulatory uncertainty… but in fact, labor and environmental regs are thwarting efforts to create “clean tech” jobs.
However, that may not be the whole story at Solyndra, which was (and likely will be) a center of Congressional attention for waste, fraud and abuse of Pres. Obama’s stimulus and green tech programs:
A closer look at the company shows it has never turned a profit since it was founded in 2005, according to its Securities and Exchange Commission (SEC) filings.
And 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 concern” in a March 2010 amendment to its SEC registration statement.
“While we understand the purpose of the Loan Guarantee Program is to help private companies engaging in clean energy products to obtain financing by providing loan guarantees, subsequent events raise questions about Solyndra was the right candidate to receive a loan guarantee in excess of half a billion dollars,” [Reps.] Upton and Stearns wrote.
You will be shocked to learn that Solyndra’s majority owner, Oklahoma billionaire George Kaiser, was a major fundraiser for the 2008 Obama-Biden campaign.