Obungler…Another epic fail. BWAHAHAHAHAHA!!! Of course the bad news is that this company got $500 million of our money, and with the FBI raiding it, it’s a good bet that a lot of our money wasn’t used for many so-called “green jobs”.
FBI raids solar panel company hailed by Obama
Firm got $500 million in stimulus funds
FBI agents on Thursday executed search warrants at the headquarters of Solyndra LLC, which was awarded more than $500 million in federal stimulus loans in 2009 to make solar panels in what the Obama administration called part of an aggressive effort to put more Americans to work and end U.S. dependence on foreign oil.
But the company filed a bankruptcy petition Tuesday in Delaware, asking a court to bar phone, electricity and water and sewer service providers from “altering, refusing or discontinuing service,” and now is the focus of an investigation by the FBI and the Energy Department’s Office of Inspector General.
FBI spokesman Peter Lee said he could not provide details about the investigation.
A little more than a year ago, President Obama hailed Solyndra during a tour of the company, saying it expected to hire 1,000 workers and make enough panels over the lifetime of its planned expanded facility that it would be like replacing eight coal-fired power plants.
“It’s here that companies like Solyndra are leading the way toward a brighter and more prosperous future,” Mr. Obama said.
The company’s bankruptcy petition came two years after Energy Secretary Stephen Chu and Vice President Joseph R. Biden announced approval of $535 million in federal loans to Solyndra.
“This announcement today is part of the unprecedented investment this administration is making in renewable energy and exactly what the Recovery Act is all about,” Mr. Biden said.
Instead, Solyndra, which was launched in 2005, last week shed more than 900 full-time employees, leaving just a “core group” of 113 employees, according to bankruptcy records. The price for solar panels has dropped by more than 40 percent, in part because of heavy competition from Chinese companies.
Republicans have been looking into the Solyndra loan for several months and has subpoenaed documents concerning it from the White House Office of Management and Budget.
Rep. Cliff Stearns, Florida Republican and chairman of the subcommittee for oversight and investigations on the House Energy and Commerce Committee, said last week the company’s collapse should raise concerns about the entire stimulus program.
Tags: Moonbats, obama, Progressives
