Breaking: Solyndra solar plant closes; $535 million vanishes; Obama curse strikes again; UPDATE: Bankrupt
This ought to be the top story on every news outlet nationwide, and ought to be the death knell for the "Stimulus" concept and for the "green jobs" fallacy. But I get the feeling the MSM will bury it.
When workers showed up at the Solyndra solar-panel factory in Fremont, California, this morning -- they were ordered to leave by guards, and then given instructions on how to pick up their final checks. In other words, the dream is over:
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.
Shortly after it opened a massive $700 million facility, it canceled plans for a public stock offering earlier this year and warned it would be in significant trouble if federal loan guarantees did not go through.
The company has said it will make a statement at 9am California time, though it's not clear what that statement will be. An NBC Bay Area photographer on the scene reports security guards are not letting visitors on campus. He says "people are standing around in disbelief." The employees have been given yellow envelopes with instructions on how to get their last checks.
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.
Here's a brief clip of Obama shaking hands at the Solyndra plant just a year ago, after giving a speech touting green jobs and the $535 million giveaway:
If you want to watch his incredibly long and self-indulgent speech, click here. Starting at 4:33, here's what Obama had to say about Solyndra's rosy outlook:
It's here, that companies like Solyndra are leading the way toward a brighter, more prosperous future.
Remember, he said this just one year ago.
Basically, the federal government just invested $535 million of our taxpayer funds in a loser company that went belly up in only one year. And that whole investment -- poof! Gone.
As an investor, Obama is either cursed, or perhaps merely blinded by ideology.
Maybe this is a clue as to why Obama gave $535 million to Solyndra in the first place -- it was a union stronghold:
IBEW members at Solyndra with President Obama
Solyndra has just announced its bankruptcy. You can download the press release (in. ".doc" format) here:
Solyndra LLC, the American manufacturer of innovative cylindrical solar systems for commercial rooftops today announced that global economic and solar industry market conditions have forced the Company to suspend its manufacturing operations. Solyndra intends to file a petition for relief under Chapter 11 of the U.S. Bankruptcy Code while it evaluates options, including a sale of the business and licensing of its advanced CIGS technology and manufacturing expertise. As a result of the suspension of operations approximately 1,100 full-time and temporary employees are being laid off effective immediately.
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