Was Solyndra a costly fumble or something else?
In Rush to Assist Solyndra, U.S. Missed Warning Signs Luke Sharrett/The New York Times President Obama toured Solyndra, a solar panel manufacturer in Fremont, Calif., in May 2010. There were signs that the company's business plan was imploding. By ERIC LIPTON and JOHN M. BRODER Published: September 22, 2011 WASHINGTON — President Obama’s visit to the Solyndra solar panel factory in California last year was choreographed down to the last detail — the 20-by-30-foot American flags, the corporate banners hung just so, the special lighting, even coffee and doughnuts for the Secret Service detail. But behind the pomp and pageantry, Solyndra was rotting inside, hemorrhaging cash so quickly that within weeks of Mr. Obama’s visit, the company canceled plans to offer shares to the public. Barely a year later, Solyndra has become one of the administration’s most costly fumbles after the company declared bankruptcy, laid off 1,100 workers and was raided by F.B.I. agents seeking evidence of possible fraud. Solyndra’s two top officers are to appear Friday before a House investigative committee where, their lawyers say, they will assert their Fifth Amendment right against self-incrimination. The government’s backing of Solyndra, which could cost taxpayers more than a half-billion dollars, came as the politically well-connected business began an extensive lobbying campaign that appears to have blinded government officials to the company’s financial condition and the risks of the investment, according to a review of government documents and interviews with administration officials and industry analysts. While no evidence has emerged that political favoritism played a role in what administration officials assert were merit-based decisions, Solyndra drew plenty of high-level attention. Its lobbyists corresponded frequently and met at least three times with an aide to a top White House official, Valerie B. Jarrett, to push for loans, tax breaks and other government assistance. Administration officials lay the blame for Solyndra’s problems in part on the global collapse in the price of solar energy components, which forced the company to sell its innovative solar panels at less than it cost to make them. Some lawmakers on Capitol Hill question whether the firm’s executives may have engaged in a cover-up of their precarious financial condition, allegations the company denies. But industry analysts and government auditors fault the Obama administration for failing to properly evaluate the business proposals or take note of troubling signs already evident in the solar energy marketplace. “It was alarming,” said Frank Rusco, a program director at the Government Accountability Office, which found that Energy Department preliminary loan approvals — including the one for Solyndra — were granted at times before officials had completed mandatory evaluations of the financial and engineering viability of the projects. “They can’t really evaluate the risks without following the rules.” http://www.nytimes.com/2011/09/23/us/politics/in-rush-to-assist-solyndra-united-states-missed-warning-signs.html?ref=politics
Asked By: Stay Thirsty For Liberty - 9/23/2011
Best Answer - Chosen by Asker
I knew when Obama was talking about green jobs in 2007 that it was going to be an incredible waste of money. If these technologies were able to produce electricity at a reasonable cost they would not have a problem getting private funding... More
Answered By: Joe in texas - 9/23/2011
Additional Answers (11)
It appears to be pure corruption on the part of this administration.
Answered By: STEVE S - 9/23/2011
Answered By: xpatinasia - 9/23/2011
Further proof that Barack Obama is the most incompetent President ever. Taxpayer money. Right down the toilet. And hes yet to say a word about it
Answered By: Tripp Smith - 9/23/2011
No, even the Energy Department said that they were rushed and was told approve the loans prior to finishing all of the investigation which was looking not good. If anything, we can lay this whole mess on Obama since he was the one who approved this waste of money. Just like him selling off GM stock at a lower rate... More
Answered By: andy - 9/23/2011
It was an investment that had risks attached. You know like the risky investments Republicans think the rich should be applauded for.
Answered By: Stone - 9/23/2011
Its Obama's downfall. http://youtu.be/xvmhfMaIWEA
Answered By: Billy the Kid - 9/23/2011
Wise up you sheep, it was a way for Obama to launder Billions of dollars so he could put it in his pockets. Buckwheat must go or OMG (Obama Must Go)
Answered By: Spirit of Eklektikos - 9/23/2011
The answer is simple, how many people can you count on one hand who has solar paneling. I can't even count one on mine. They had good intentions and it looked like a good monetary making investment with all this environmental save the planet thinking, but nobody bought them as they thought they would... More
Answered By: Riley - 9/23/2011
In taking the 5th, Solyndra executives not only shield themselves, they also shield the Obama Administration. The order for the FBI to confiscate Solyndra computers was not given in order to collect evidence, The purpose of the confiscation was to "scrub" email communication with White House Officials.
Answered By: YB Logical - 9/23/2011
Solyndra is a perfect example why the Rico act is on the books.
Answered By: Tee-Rex - 9/23/2011
This was a planned illict move of Federal Money. Obamas entire advisor team knew this was a scam.
Answered By: Scales of Justice 3 - 9/23/2011
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