Crony Venture Socialism
“Here at this site, Solyndra expects to make enough solar panels each year to generate 500 megawatts of electricity. And over the lifetime of this expanded facility, that could be like replacing as many as eight coal-fired power plants. It’s also worth noting, to achieve this doubling of our share of solar capacity, we actually need to make four times as many solar panels, because other countries are adding capacity, too. Nobody in this race is standing still.”
~ Barack Obama –Solyndra INC. Freemont, California May 26, 2010
“Just words“.
Obama’s pet green shell company went belly up after having received over a half of a BILLION dollars in taxpayer monies. And adding insult to injury, they have now been caught on tape destroying MILLIONS of dollars of parts.
And YOU PAID for IT.
CBS San Francisco has the scoop:
FREMONT (CBS 5) — After filing for bankruptcy last year, Fremont solar company Solyndra still owes American taxpayers half a billion dollars. But CBS 5 caught them destroying millions of dollars worth of parts.
At Solyndra’s sprawling complex in Fremont, workers in white jumpsuits were unwrapping brand new glass tubes used in solar panels last week. They are the latest, most cutting-edge solar technology, and they are being thrown into dumpsters.
Forklifts brought one pallet after another piled high with the carefully packaged glass. Slowly but surely it all ended up shattered.
And it’s not a few loads. Hundreds of thousands of tubes on shrink-wrapped pallets will meet a similar demise.
Solyndra paid at least $2 million for the specialized glass. A CBS 5 crew found one piece lying in the parking lot. Solyndra still owes the German company that made the tubes close to another $8 million.
So why is a bankrupt company that owes a fortune to creditors, including American taxpayers, throwing away millions of dollars worth of assets?
Image source: Solyndra ‘Green’ Executives: $100,000+ In Obama Donations And 20+ White House Trips- Sad Hill News
READ:
Obama’s Solyndra scandal reeks of the Chicago Way
Solyndra Not the Only Company to Benefit from Democrat Ties
Labor Department May Sink Another $14 Million into Solyndra
Obama Administration On Solyndra Board For Months During $500 Million Loss
Also see:
Obama’s First 2012 Campaign Offense is Defense?
CBS News Report: 11 More Solyndras In Obama Energy Program –5 Bankrupt Rest On Shaky Ground
DOE Gives $4.5 BILLION Taxpayer Backed Loan Guarantee to Solar Manufacturer
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