Solyndra’s promise: “Solyndra’s solar power solutions offer strong return on investment and make great business sense. Our cylindrical technology was designed for the rooftop and offers the benefit of light weight, low cost and the fastest, easiest installation of any solar technology. In more than 1000 installations around the world our customers are converting underutilized rooftop space into clean energy from the sun.” Solyndra was a manufacturer of cylindrical panels of copper indium gallium selenide (CIGS) thin-film solar cells. On 1 September 2011, the company ceased all business activity, filed forChapter 11 bankruptcy, and laid off all employees. The company is also being sued by employees who were abruptly laid off. Their efficient and innovative technology looked extremely promising, and a chance to create jobs in America. That was the reason the White House, along with Obama, approved a $535 million dollar loan to back the start-up from Silicon Valley. The FBI is currently investigating what role in political fundraising helped make this scandal possible. Th einitiative was called “Technology for Obama”. The intention was great, create clean, efficient energy and create jobs for thousands of Americans. However, it resulted to be a political effort to satisfy the appetite of politicians, and now Republicans are retaliating, despite the fact that they have been in similar situations. The intention of the investment was great, but government officials need to be more cautious in analyzing a company’s operations as well as the honesty of its employees, especially the board, when making such a large investment in this economy. “The Obama Administration betrayed American taxpayers when it dumped hundreds of millions of public dollars into Solyndra while ignoring clear warnings about the company’s dire financial situation,” Romney campaign spokesman Ryan Williams said in a statement.
References:
http://abcnews.go.com/blogs/politics/2012/07/obama-fundraises-with-players-in-solyndra-scandal/
http://articles.chicagotribune.com/2011-09-18/news/ct-met-kass-0918-20110918_1_solyndra-loan-guarantee-obama-fundraisers-obama-white-house
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