Solyndra, Solar-Panel Company Visited by Obama in 2010, Suspends Operation

[rsmith6621]

http://www.bloomberg.com/news/2011-08-31/solyndra-to-fi...

Solyndra Inc., a maker of solar modules that received a $535 million loan guarantee from the U.S. Energy Department, suspended operations and plans to file for bankruptcy, saying it couldn’t compete with larger rivals.

The closely held company will seek Chapter 11 protection, Fremont, California-based Solyndra said today in a statement. It didn’t say how much it owes to creditors.

Solyndra is the third U.S. solar manufacturer to fail in a month as falling panel prices and weak global demand are driving a wave of industry consolidation. President Obama visited Solyndra’s factory in May 2010 to promote investments in renewable energy and its closure will provide fuel to critics of his policies.

SNIP

Solyndra’s failure shows that the White House’s renewable energy policies are misguided, said two Republican congressmen.

“It is clear that Solyndra was a dubious investment,” representatives Fred Upton, of Michigan, and Cliff Stearns, of Florida, said in a joint statement. The company “is just the latest casualty of the Obama administration’s failed stimulus.”

[dkf]

1. Obama should have proposed huge incentives for individuals to go solar.

So what if the rich took advantage of it. If they use less oil we all benefit.

Absolutely short sighted policy making. So frustrating.

[Submariner]

2. Stuey Varney was on Airheads & Friends on FoxPAC this morning

and the 4 of them couldn't chuckle enough at another President Obama failure. What was sad about the exchange was that they all smiled happy, seeing only the scoring of political points, but could not care less about the jobs lost or setback in nation's technology development.

Disgusting sacks of sh*t they are.

[OffWithTheirHeads]

3. I worked on this plant when it was being built. They were spending money

like there was no tomorrow. We were working 12 hour days, seven days a week. There were weeks when I put in so much overtime that I made more in a week than I usually made in a month. The thing is, this was HEAVY construction. After about 10 hours of this, the human body is worn out. By Sunday, we were all pretty much walking Zombies. I never could figure out what they thought they were accomplishing with a workforce of the walking dead but damn, the money was good!

[meow mix]

4. more tar sands!

why bother when we have an oil president

[hifiguy]

5. When solar hits the big time, and it will,

I guess we can buy from China and Germany.

[n2doc]

6. Like oil firms never go bust

Dubious investment?