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03 Oct 2011 16:31

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Politics: Memos reveal Obama warned not to visit Solyndra

  • A number of us are concerned that the president is visiting Solyndra. Many of us believe the company’s cost structure will make it difficult for them to survive long term. . . . I just want to help protect the president from anything that could result in negative or unfair press.
  • Investor and Obama fundraiser Steve Westly • From a memo sent to Obama adviser Valerie Jarrett in May, 2010. The document was released by Democrats on the House Energy and Commerce Committee, charged with investigating the failed government loan. Whatever your political opinion on this issue, these are certainly the sorts of warnings you’d hope the administration would take seriously; there’s mounting evidence that people within the industry were skeptical of the company well in advance of the President’s visit. source

31 Aug 2011 15:46

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Biz: Solar buisness visited, touted by Obama last year files for bankruptcy

  • then In May 2010, President Obama visited Solyndra, a solar panel business based out of Fremont, CA. Solyndra was a business of great interest and investment by the government — they received a $535 million loan guarantee from the Department of Energy in 2009.
  • now Solyndra will file for Chapter 11 bankruptcy next week, a move that Reuters reports was caused by their being undercut by lower-cost Chinese competitors. The bankruptcy would be the third such filing for a prominent solar energy business in the past month. source