Obama’s Clean Energy Investments Are “A Case Study Of What Can Go Wrong When A Rigid Government Bureaucracy Tries To Play Venture Capitalist.” “The Obama administration’s vaunted initiative to catalyze the U.S. clean-energy industry — under attack for betting half a billion dollars on the solar-panel manufacturer Solyndra, which closed last month — has become a case study of what can go wrong when a rigid government bureaucracy tries to play venture capitalist and jump-start a nascent, fast-changing market.” (Steven Mufson And Carol D. Leonning, “Some Clean-Energy Firms Found US Loan-Guarantee Program A Bad Bet,” The Washington Post, 9/26/11)
In August 2011, Solyndra Announced That It Would File For Bankruptcy, “Immediately Laying Off 1,100 Employees.”“Solyndra, a Fremont solar tech manufacturer, announced Wednesday it is suspending operations and immediately laying off 1,100 employees. The company said it will also file for bankruptcy.” (George Avalos, “Fremont Solar Tech Firm Solyndra To Shut Down, Lay Off 1,100 Workers,” The San Jose Mercury News, 8/31/11)
- A Total Of 1,861 Workers Were Laid Off By Solyndra As It Went Bankrupt. “Since September 1, 2010 (impact date), an estimated 1,861 workers have been separated from the firm.” (Employment And Training Administration, “Investigative Report TA-W-80,410; Solyndra LLC,” Department Of Labor, 9/12/11)
In November, Fisker Automotive Filed For Chapter 11 Bankruptcy. “Fisker Automotive, the moribund maker of the Karma plug-in hybrid sports cars that was backed with a loan by the U.S. government, filed for Chapter 11 bankruptcy protection on Friday after lengthy efforts by investors to salvage the company.” (Deepa Seetharaman And Timothy Gardner, “UPDATE 2-Fisker Files Chapter 11 As Investor Group Buys Company,” Reuters, 11/22/13)
- Reuters’ Headline: “Fisker Automotive Failure Could Hit U.S. Taxpayers For Years To Come.” (Tom Hals, “Fisker Automotive Failure Could Hit U.S. Taxpayers For Years To Come,” Reuters, 11/25/13)
Sign up to receive RightOnDaily updates sent to your inbox.