Let’s start off with this
Less than three months before declaring bankruptcy, the federally-backed solar power company Solyndra sent a memo to Congress describing the company as “ramping” up its production, “competitive” with foreign rivals, and “on track” to hit its financial targets for the year.
Uh huh. And now
Solyndra Inc. wants more from you than the $535 million in federal loan guarantees it has already received. The solar panel maker has now filed for bankruptcy protection, after the White House touted it as a stellar example of its green jobs initiative.
And now Solyndra has applied for federal Trade Adjustment Assistance to help foot the bill for the 1,100 workers it laid-off, reports Investor’s Business Daily.
IBD notes that this $1.5 billion federal program is supposed to go toward “retraining” for workers who have lost their jobs due to “foreign trade,†such as competition from the Chinese. But is that really the story behind Solyndra? Or is Solyndra twisting the truth in blaming the Chinese? Don’t Solyndra’s financials tell the truth of this story?
So after dumping at least $535 million into Solyndra, the company going through serious mismanagement and heavy spending, being unable to produce a viable and sellable product, the company unshockingly collapsing, the American taxpayer may be on the hook for the employees the company screwed over. Thanks, Obama!
