More good news today out of California regarding Green Technology and the creation of jobs in that sector through Obama’s stimulus:
Solar company to file for bankruptcy
Knowing what we know about Obama’s business acumen the story here isn’t that he was wrong about a company and it’s ability to flourish. While interesting, THAT aspect of the story has been told and retold.
No, the REAL story here is the fact that the company failed even though it received some money, a LOT of money:
A California-based solar company that received a $535 million loan guarantee from the Obama administration announced Wednesday that it will shut down.
The company, Solyndra Inc., said Wednesday it would suspend its manufacturing operations and lay off 1,100 employees effective immediately. The company said it intends to file a petition for Chapter 11 bankruptcy protection.
Another one bites the dust.
I’m interested though, what were the details surrounding the company’s decision to throw in the towel?
“Regulatory and policy uncertainties in recent months created significant near-term excess supply and price erosion,” Solyndra CEO Brian Harrison said in a statement. “Raising incremental capital in this environment was not possible. This was an unexpected outcome and is most unfortunate.”
Oh. You mean that laws being passed make it difficult to predict the future? And this inability to predict the future is creating a situation where banks don’t wanna lend you more money?
Weird. Who woulda thought THAT?