President Obama faces political catastrophe in the
form of Solyndra -- a San Francisco Bay area solar company that he
touted as a gleaming example of green technology. It has announced it
will declare Chapter 11 bankruptcy. More than 1,100 people will lose
their jobs.
During a visit to the
Fremont facility in spring of 2010, the President said the factory "is
just a testament to American ingenuity and dynamism and the fact that we
continue to have the best universities in the world, the best
technology in the world, and most importantly the best workers in the
world. "
It's not his statements the
administration will regret; it's the loan guarantees. The President was
celebrating $535 million in federal promises from the Department of
Energy to the solar startup. The administration didn't do its due
diligence, says the Government Accountability Office. "There's a
consequence if you don't follow a rigorous process that's transparent,"
Franklin Rusco of GAO told the website iWatch News.
Continues here
Related: Solar Company That Received $535 Million Stimulus Loan Guarantee Files Chapter 11
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