Saturday, September 3, 2011

Solyndra, which received $535 million from Obama to create green jobs, files for bankrupcy.

The Week weet
Sep 1, 2011
Solyndra's bankruptcy: 'Political catastrophe' for Obama?
Obama nurtured the solar-panel maker with $535 million in his push to create green jobs. Now it's kaput and its 1,100 employees are out of luck. Solar-power startup Solyndra — one of the flagships of President Obama's efforts to create green-energy jobs — has shut down, and plans to file for bankruptcy. Solyndra received $535 million in federally guaranteed loans to expand, and Obama once visited the company's Silicon Valley factory to congratulate its workers on their bright future. But Solyndra says it just can't compete with cheaper solar panels from China, and now its 1,100 employees are out of work. Is this a "political catastrophe" for Obama, or just a painful setback in the transition to clean energy? more:;_ylc=X3oDMTNobmIwMGNtBF9TAzgyMzg5MjUyBGFjdANtYWlsX2NiBGN0A2EEaW50bAN1cwRsYW5nA2VuLVVTBHBrZwM4NTc5NzhmNy02OTNiLTM0NjgtODk2OC1mZGM2NTQ2MzlkZGYEc2VjA21pdF9zaGFyZQRzbGsDBHRlc3QD;_ylv=3