Obama's "shovel ready" company goes broke



Green Shovel Ready Jobs go Bust
Comrade Obama tours Solyndra solar panel manufacturing facility in Fremont, California.
The company goes bankrupt sucking away hundreds of millions in tax dollars. 


$535 million Federal Green Energy loan guarantee blows up in Obama's face


SHOCK:  Supply and demand costs the government nothing out of the treasury.  If people want a product or service they will pay for it themselves out of their own pockets.

So more American jobs vanish to a Socialist Administration that does not under the basics of business or foreign policy. 

• They subsidize a "green" product that people do not want and
• They allow Chinese Communists to dump cheap subsidized solar panels into the American market. 

Solar start-up Solyndra LLC, succumbing to pressure from lower-cost Chinese rivals, said it has suspended operations and plans to file for bankruptcy, 15 months after President Barack Obama visited a company factory that was to be expanded with the help of a federal loan guarantee.

The Bankruptcy filing, expected next week, will make Solyndra the third U.S. solar company to seek bankruptcy protection in the last month. Former Wall Street high flyer Evergreen Solar Inc filed for Chapter 11 two weeks ago, followed four days later by SpectraWatt Inc, a private company that was backed by Intel Corp. reports Reuters.

Solyndra said it could not compete with bigger overseas rivals. Earlier this year, cuts to generous solar subsidies in No. 2 market Italy stalled development of solar projects and led to a global glut of solar panels that sparked a 25 percent drop in prices.

About 1,100 employees are being laid off immediately, it said in a statement.  A company spokesman said the bankruptcy filing would likely come early next week in Delaware.

State supported Chinese companies drive out Americans

Solyndra simply could not compete with "Chinese firms that have received billions of dollars in low-cost loans from state banks and have access to a well developed domestic supply chain for solar manufacturing," GTM Research analyst Shyam Mehta said. The company's relatively unproven CIGS technology was another key reason for its demise, he added.


Shovel Ready Green Marxist jobs.  Supply
and demand means nothing as long as
you have subsidies from the Producer Class.


"Solyndra has been swimming upstream ever since it entered the market," Mehta said.

The announcement is the latest in a series of disappointments for Solyndra, whose fall from grace has been tracked closely because it received a $535 million loan guarantee from the Department of Energy in 2009.

The company also made headlines in May 2010 when Obama paid a visit to the company's Fremont, California, factory.

Solyndra was the first company to receive a loan guarantee under an advanced clean energy program created in 2005. The Energy Department came under criticism last year when the company postponed plans to expand the Fremont factory, cut jobs and withdrew plans for an initial public offering.

At the time, U.S. firms were just beginning to smart from the rapid influx of cheap solar panels from China.

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