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Solyndra: "The Future Is Here"

Solyndra: "The Future Is Here"

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Obama’s Green Energy “Poster Child” Files For Bankruptcy, Lays Off Over 1,000 Employees
Obama’s Green Energy “Poster Child” Files For Bankruptcy, Lays Off Over 1,000 Employees

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Published by: Republican National Committee on Sep 06, 2011
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09/06/2011

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September 1, 2011
“The Future Is Here”
 
Obama’s
 
Green Energy “Poster Child” Files For Bankruptcy, Lays Off 
Over 1,000 Employees
______________________________________________________________________
President Obama:
 
“Every Day That You Build This Expanded Facility, As You Fill Orders For 
Solar Panels To Ship Around The World, You're Demonstrating That The Promise Of CleanEnergy Isn't Just An Article Of Faith, Not Anymore.
 
” 
(President Barack Obama,Remarks At Solyndra, Inc.,Fremont, CA,
 
5/26/10)
 
OBAMA TOUTED SOLYNDRA AS THE EPITOME OF HIS GREEN ENERGY VISION BUT ITFILED FOR BANKRUPTCY AND ELIMINATED 1,100 JOBS
“Solyndra Was The Epitome Of What The Government Envisioned To Be Our Green Tech Future…
Confidence Was So High That Solyndra Got A $535 Million Stimulus Program Loan To Build A NewFactory Along I-
880 In Fremont.”
(David Louie, “Fremont Solar Panel Maker Solyndra Scales Back Expansion Plans,”
, 11/4/10)
 
“Solyndra Ha
d Repeatedly Been Highlighted As A Model By The Obama Administration. Chu Attended The Groundbreaking Of The Factory Solyndra Built Using The Federal Loan, And
Vice President Biden’s Image Was Beamed To The Ceremony Through A Video Feed.”
 
(Joe Stephens&
Carol D. Leonnig, “Solyndra Solar Company Fails After Getting Controversial Federal Loan Guarantees,” 
,8/31/11)
 Solyndra Announces That It Will File For Bankruptcy, Immediately Laying Off 1,100 Employees.
“Solyndra, a Fremont solar tech manufacturer, announced Wednesday it is suspending operations and
 
immediately laying
off 1,100 employees. The company said it will also file for bankruptcy.”
(George Avalos,
“Fremont Solar Tech Firm Solyndra To Shut Down, Lay Off 1,100 Workers,”
 
,8/31/11)
“Solyndra Is The Third U.S. Solar Manufacturer To File For Bankruptcy In A Month As Falling PanelPrices And Weak Global Demand Is Driving A Wave Of Industry Consolidation.”
(Ehren Goossens, “Solyndra,
Maker Of Sola
r Modules, To File For Bankruptcy, Cut 1,100 Jobs,” 
,8/31/11)
 
Solyndra’s President And CEO Brian Harrison: “Regula
tory And Policy Uncertainties In Recent Months Created Significant Near-
Term Excess Supply And Price Erosion.”
(Ehren Goossens, “Solyndra, Maker Of SolarModules, To File For Bankruptcy, Cut 1,100 Jobs,”
,8/31/11)
 
NOW
TAXPAYERS MAY BE ON THE HOOK FOR OBAMA’S POLITICAL CATASTROPHE
 
“The Company [Solyndra], Received $535 Million In Taxpayer Money From The U.S. Department 
Of 
Energy And $1.1 Billion In Private Venture Capital Funding.”
(George Avalos,
“Fremont Solar Tech Firm Solyndra To Shut Down, Lay Off 1,100 Workers,”
,8/31/11)
Taxpayers May Be Left “On The Hook” For The Federal Loans Received By Solyndra.
Taxpayers might be on the hook for the full amount of the loan if Solyndra is unable to repay, experts in the stimulus and loanguarantee program said Wednesday. The Energy Department could seek repayment in court, but receiving
more than a nominal amount is unlikely because of the company’s lack of cash and assets.”
(Joe Stephens & Carol D.
Leonnig, “Solyndra Solar Company Fails After Getting Controversial Federal Loan Guarantees,” 
,8/31/11)
 
 Administration Bypassed Steps To Protect Taxpayers.
“The Obama administration bypassed
steps meant to protect taxpayers as it hurried to approve an energy loan guarantee to a politically-
connected California solar power startup…”
(Ronnie Greene And Matthew Mosk, “Was White H
ouse In Hurry To Spur Green Jobs
 
Or Favor Firm Backed By Fundraiser,” 
 
,5/24/11)
 
President Obama Faces Political Catastrophe In The Form Of Solyndra -- A San Francisco Bay AreaSolar Company That He Touted As A Gleaming Example Of Green Technology.
 
(Scott McGrew, “Solyn
dra Filing ADisaster For Obama,
,8/31/11) 
Non-
Partisan Government Accountability Office: “The Administration Didn’t Do Its Due Diligence”
When Celebrating The $535 Million In Stimulus Funds For Solyndra.
“It's not 
his statements theadministration will regret; it's the loan guarantees. The President was celebrating $535 million in federalpromises from the Department of Energy to the solar startup. The administration didn't do its due diligence,says the Government 
Accountability Office. ‘There's a consequence if you don't follow a rigorous processthat's transparent,’ Franklin Rusco of GAO told the website iWatch News.”
(Scott McGrew, “Solyndra Filing A Disaster ForObama,“ 
,8/31/11) 
 
“A Government Accountability Office Report Said The Department Bypassed Required StepsFor Funding Awards To Five Applicants, Including Solyndra.”
 
(Joe Stephens & Ca
rol D. Leonnig, “Solyndra SolarCompany Fails After Getting Controversial Federal Loan Guarantees,” 
,8/31/11)
 
OBAMA’S GREEN AGENDA
IS NOT WORKING OUT MUCH BETTER FOR THE AMERICANPEOPLE
“The Green Economy Is Not Proving To Be The Job
-Creation Engine That Many Politicians
Envisioned.”
 
“In the Bay Area as in much of the co
untry, the green economy is not proving to be the job-creation engine that many politicians envisioned. President Obama once pledged to create five million greenjobs over 10 years. Gov. Jerry Brown promised 500,000 clean-technology jobs statewide by the end of the
decade. But the results so far suggest such numbers are a pipe dream.”
(Aaron Glantz, “Number Of Green Jobs Fails To Live UpTo Promises,” 
 
,8/18/11)
 
“Federal
 
 And State Efforts To Stimulate Creation Of Green Jobs Have Largely Failed.”
 
“Federal and
state efforts to stimulate creation of green jobs have largely failed, government records show. Two yearsafter it was awarded $186 million in federal stimulus money to weatherize drafty homes, California hasspent only a little over half that sum and has so far created the equivalent of just 538 full-time jobs in the

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