More jobs gone…

Skippy's "job creation"

Solyndra to Declare Bankruptcy

Via NBC: Solyndra announces it plans to file Chapter 11 bankruptcy, is suspending operations and seeks a reorganization.  Solyndra is a major manufacturer of solar technology in Fremont, CA and has shut its doors, according to employees at the campus. As a result of the suspension of operations approximately 1,100 full-time and temporary employees are being laid off effective immediately. From their statement:
“Despite strong growth in the first half of 2011 and traction in North America with a number of orders for very large commercial rooftops, Solyndra could not achieve full-scale operations rapidly enough to compete in the near term with the resources of larger foreign manufacturers.  This competitive challenge was exacerbated by a global oversupply of solar panels and a severe compression of prices that in part resulted from uncertainty in governmental incentive programs in Europe and the decline in credit markets that finance solar systems.”

“I was told by a security guard to get my [stuff] and leave,” one employee said.  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.

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. “

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.

Some Republicans have been very critical of the loans.  “I am concerned that the DOE is providing loans and loan guarantees to firms that aren’t capable of competing in the global market, even with government subsidies”  Florida Congressman Cliff Stearns told the New York Times.

Wonder if Skippy will mention anything about this in his “jobs creation” speech?

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Clifton Lee West
8 years ago

Why would Barack Obama mention this failure? It was someone else’s fault so he will just move on, as usual. The American people have to learn, particularly if we have Barack Obama for another term, that he needs time to mull anything and everything over. He has almost worked through the problems he inherited from former President George Bush, and when he finishes, he will start on the problems that have occurred since he took office, none of which are his fault. One of these days, someone with clout will step up, take charge, fire everyone and install programs that… Read more »

8 years ago

I find it terribly unnerving that in far too many cases when BO praises a company, it seems to go under…

8 years ago
lowtechgrannie lowtechgrannie
lowtechgrannie lowtechgrannie
8 years ago

So does this bankruptcy get them out of repaying the $535,000,000 stimulus grant they got from the D.O.E. ?

8 years ago

You’re quite right in thinking it’s been planned, because it has been, ever since the end of WW2. The mischievous economics decision was made by the followers of Friedman at the University of Chicago and other reactionary think-tanks. They modeled their dicta on supposedly free-market notions that have never existed in reality for any one, at any time. Corporations saw that production at lower wages was the easiest way to increase profits, so they set up ex-domestic shops. No one thought what the consequences would be after twenty or more years of this, but now the vultures have come home… Read more »