$535million of the people's money down the toilet. What lesson will Obama learn from this? Working as a VC is not his thing?
Background Via Wikipedia:
Solyndra was a manufacturer of cylindrical panels of CIGS thin-film solar cells based in Fremont, California.
The company suspended all of its operations as of August 2011 leaving
behind the United States government as its largest creditor.
In May 2010, the company was personally promoted by President Obama in his visit as a model for government investment in green technology, and was also visited by former California governor, Arnold Schwarzenegger. A $535 million loan guarantee was applied for under the Bush administration but the loan was denied.
The $535 million loan guarantee was later granted by the Obama
administration. Private investors also invested more than $1 billion
into the company.
Due to overseas price pressure coming from China in the period of
constructing the new plant, the Fab 2, the company had shut-down its
original plant, Fab 1, and simultaneously reduced its staff to
approximately 1,100 employees. In early September 2011, the company ceased all business activity, filed for Chapter 11 bankruptcy, and laid-off all employees. The company is also being sued by employees who were abruptly laid-off.
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