Tag Archives: Solyndra

In Rush to Assist Solyndra, U.S. Missed Warning Signs – NYTimes.com

By ERIC LIPTON and JOHN M. BRODER

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.

“It’s here that companies like Solyndra are leading the way toward a brighter and more prosperous future,” the president declared in May 2010 to the assembled workers and executives. The start-up business had received a $535 million federal loan guarantee, offered in part to reassert American dominance in solar technology while generating thousands of jobs.

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.

Read more via In Rush to Assist Solyndra, U.S. Missed Warning Signs – NYTimes.com.

Charles Krauthammer On Solyndra: A “Toxic Combination Of Lenin Socialism and Crony Capitalism”

September, 17, 2011 — nicedeb

Charles Krauthammer and other guests on Hannity, Friday night, discussed the bankruptcy of Solyndra along with some other scandals and corrupt practices within the Obama administration. Krauthammer soberly explained the problems with the Obama administrations approach, calling it a classic example of the toxic combination of Lenin Socialism and crony capitalism -”the Socialist idea of experts over the markets made even worse when it involves cronyism, favors and corruption.”

“You destroy an economy when you think a politician in a centralized state knows where the capital should be allocated,” he said.

Later on in the show, Pat Cadell and Bill Cunningham joined him. Cadell’s disgust and contempt for what’s been going on in the Obama administration was palpable, and he slams the media for failing to cover plethora of scandals adequately:

Read more……via Nice Deb.