Alexa Kay

The Solyndra Scandal is a huge issue. Solyndra is a company that produces clean energy by using solar panels and it was put together during the Bush administration in 2006.  Solyndra  is a company that sells solar photovoltaic systems of panels and mounting hardware for large commercial roofs.  This is very beneficial to helping generate more electricity but in 2011 the company filed bankrupcy and had to lay off all its employees.

Solyndra was shocked when FBI agents came knocking on the door with a search warrant. The company received a government loan in 2009 for $535 million dollars.

There were multiple backers in this company as it seemed to be a great idea to produce  ” green jobs” said  Obama who was a big supporter.Another large supporter was the Kaiser family who is a oilman out of oklahoma. This company was a leading light in the Obama campaign. Investors loaned the company another $75 million which was said to be paid back immediantly.

Earlier, White House spokesman Jay Carney said: “There are no guarantees in the business world about success and failure. That is just the way business works, and everyone recognizes that.” He added that “you cannot measure the success based on one company or the other.” Is this why it failed or was it political pressure?

Steven Spinner, the former department of energy official  was at the center of the Solyndra scandal. Spinner signed a waiver saying he would not be involved in the loan but later it was discovered and emails confirmed that he was a heavy promoter for the loan.Overall this is a colossal mess and to resolve this is going to take some more time and some great efforts to fix this issue.

References:

http://www.washingtonpost.com/wp-srv/special/politics/solyndra-scandal-timeline/

http://online.wsj.com/article/SB10001424053111904836104576558763644374614.html

http://dailycaller.com/2012/09/05/key-solyndra-scandal-figure-dodges-cameras-at-dnc/