Source: Wash Times
ASSOCIATED PRESS President Obama speaks at Solyndra Inc. in Fremont, Calif., on Wednesday, after touring the facility that manufactures solar panels.
President Obama made a high-profile visit in May 2010 to Solyndra Inc., a solar-panel manufacturing plant in Fremont, Calif. The company received $535 million in loans from the Energy Department and was a centerpiece of the Obama administration’s economic stimulus effort. “Companies like Solyndra are leading the way toward a brighter and more prosperous future,” Mr. Obama chirped. On Wednesday, Solyndra closed its corporate headquarters, announced that it’s filing for bankruptcy and laying off 1,100 workers.
The Solyndra debacle is a case study in the failure of government intervention in the economy. Founded in 2005, the company manufactured a rooftop solar panel designed chiefly for commercial applications. Solyndra was a poster child of the utopian future envisioned by the Obama administration when oodles of green jobs would relieve the nation’s unemployment rate, generate clean energy and help the environment. Energy Secretary Steven Chu rushed through loan guarantees, and money began to flow to Solyndra from the Federal Financing Bank. The terms of the loans, just more than 1 percent interest in most cases, were well below the rates competitors had to pay. (more…)