September 14, 2011
U.S. government gives $535 million to Solyndra (now bankrupt)

President Barack Obama’s aides pressured White House budget officials to complete a review of a $535 million U.S. loan guarantee to Solyndra LLC, a solar-panel maker that has filed for bankruptcy protection, according to a House committee report based on e-mails and other documents.

Solyndra, promoted by the Obama administration as a successful example of the use of stimulus money to spur development of a clean-energy industry, filed for bankruptcy on Sept. 6, and two days later its offices were raided by the Federal Bureau of Investigation.

http://www.bloomberg.com/news/2011-09-14/obama-aides-pushed-for-solyndra-decision.html

This is yet another reason why I’m skeptical of the second stimulus bill that was recently proposed.  The federal government shouldn’t be directly or indirectly backing any company.  If a company is sufficiently promising, they should be able to raise that same capital through private sources.

11:26am  |   URL: http://tmblr.co/ZlVyHy9W9y1u
  
Filed under: politics 
  1. kennethto posted this