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ANOTHER Obama Green Company Goes Bankrupt

August 31, 2011

It’s getting to be a regular news item – another Obama praised green company goes bankrupt. Just a few days ago it was a company in Massachusetts. This is one Obama promised nearly $1 BILLION to get going. naturally, not his money, OURS via the scamulous bill.

Solyndra, a major manufacturer of solar technology in Fremont, has shut its doors, according to employees at the campus.  One man said “I was told by a security guard to get my [stuff] and leave”.  The company employs a little more than 1,000 employees worldwide, according to its website. Solyndra was touted by the Obama administration as a prime example of how green technology could deliver jobs.

The President visited the facility in May of last year and said  “it is just a testament to American ingenuity and dynamism and the fact that we continue to have the best universities in the world, the best technology in the world, and most importantly the best workers in the world. And you guys all represent that. ”

All that may have some truth behind it, but you can have it all and squander it on something that is just not feasible. A company that produces something at more cost than it gets in sales. A company that produces a product only the government, subsidised by OUR money, wants them to make and which has no demand.

Shortly after it opened a massive $700 million facility, it cancelled plans for a public stock offering earlier this year and warned it would be in significant trouble if federal loan guarantees did not go through.

The company has said it will make a statement at 9am California time, though it’s not clear what that statement will be. An NBC Bay Area photographer on the scene reports security guards are not letting visitors on campus. He says “people are standing around in disbelief.” The employees have been given yellow envelopes with instructions on how to get their last checks.

The federal government offered $535 million in low cost loan guarantees from the Department of Energy. NBC Bay Area has contacted the White House asking for a statement.

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