16
Nov

Solyndra: It Just Keeps Getting Worse

   Posted by: Pat   in Budget/Economy

If these reports keep coming out, the thesaurus will have to add Solyndra to there synonyms for ‘debacle’, ‘embarrassment’, and ‘crony’. The Washington Post reports on the latest outrage; How the Obama administration told Solyndra executives to delay announcing their layoffs and bankruptcy until after the 2010 midterm elections:

The Obama administration urged officers of the struggling solar company Solyndra to postpone announcing planned layoffs until after the November 2010 midterm elections, newly released e-mails show.

Solyndra’s chief executive warned the Energy Department on Oct. 25, 2010, that he intended to announce worker layoffs Oct. 28. He said he was spurred by numerous calls from reporters and potential investors about rumors the firm was in financial trouble and was planning to lay off workers and close one of its two plants.

But in an Oct. 30, 2010, e-mail, advisers to Solyndra’s primary investor, Argonaut Equity, explain that the Energy Department had strongly urged the company to put off the layoff announcement until Nov. 3. The midterm elections were held Nov. 2, and led to Republicans taking control of the U.S. House of Representatives.

“DOE continues to be cooperative and have indicated that they will fund the November draw on our loan (app. $40 million) but have not committed to December yet,” a Solyndra investor adviser wrote Oct. 30. “They did push very hard for us to hold our announcement of the consolidation to employees and vendors to Nov. 3rd – oddly they didn’t give a reason for that date.”

Good, transparent governance this is not.

The WaPo article finishes by detailing yet again how the American tax payer was taken for a ride by the Obama administration’s Department of Energy and Solyndra investors:

On Nov. 3, 2010, Solyndra announced it would lay off 40 workers and 150 contractors and shut down its Fab 1 factory. The department agreed to continue giving Solyndra installments of its federal loan despite the company’s failure to meet key terms of the loan, and in February restructured its loan to give investors a chance to recover $75 million in new money they put into the company before taxpayers would be repaid.

Lame.

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This entry was posted on Wednesday, November 16th, 2011 at 3:29 pm and is filed under Budget/Economy. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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