Solyndra filed for bankruptcy on Wednesday. It was supposed to be one of President Obama’s “showcase” cleantech companies. The Washington Post has the story.
Solyndra, a California solar panel maker…shut down Wednesday, leaving 1,100 people out of work and taxpayers obligated for $535 million in federal loans.Energy Department officials said that less expensive solar panels made by government-subsidized companies in China undercut Solyndra’s products.
We at Via Meadia are shocked, shocked! by this news. It’s cheaper to build government subsidized solar panels in China than to build government subsidized solar panels in the United States? Who could have possibly thought that something like this could happen? Certainly not the “green jobs” fans at the Energy Department who lent half a billion dollars of taxpayer money to a well-connected company with the bad business plan.The story continues:
Taxpayers might be on the hook for most of the loan if Solyndra is unable to repay, said experts in the stimulus and loan guarantee program. The Energy Department could seek repayment in court, but receiving more than a nominal amount is unlikely because of the company’s depleted cash and assets.
Something to watch when President Obama gives his jobs speech next week: will the President come clean about the green jobs fiasco or will he still be promoting the unicorn hunt?