Not soon after President Obama was elected in 2009 he presented a plan that included loaning billions of dollars to “green” energy companies. The intentions behind this plan was to help the U.S. move in the direction of being less dependent upon fossil fuels. Additionally, the thought was that these “green” energy companies would also provide jobs for Americans. It seems like a good idea right…?
Well in theory, yes! But, here is what actually unfolded that is refered to as the Solyndra Scandal. Solyndra was a company that produced solar-panels and they receives $535 million of this billion dollar loan. They were loaned this money in March of 2009 and by the end of August, that same year, they were filing for bankrupcy and abruptly stopped all of their manufacturing of panels!
Above is a picture of the President touring the Solyndra plant in California.
After the company’s downward spiral many investigations were conducted by Federal agencies and The House of Energy and Commerce Committee. The Obama administration was largley criticized for failing to see that the company was expereincing problems before they even recieved the loan. Also, one of the main financial backers of Solyndra was found to have had ties to the Obama campaign; this just added to the scandal.
It appears that investigations are still underway and the public is not yet fully aware of everything that transpired. In September, 2011 federal agents went to the houses of Solyndra’s CEO and founder to look at files and documents they had in their possession. Although this whole situation seems like a huge failure because it essentailly wasted a significant amount of tax payer’s money the President and his administration say that the economy and companies in general are very unpredictable. They go on to atest that the failure of one company should not deter the U.S. from trying to become less dependent on fossil fuels and more environmetnally friendly. This seems like a fair statement but after all that occured surrounding Solyndra I think it is going to take a lot more than just words to have the American people trust, and be on board with another “green” plan anytime soon.
References:
http://www.washingtonpost.com/wp-srv/special/politics/solyndra-scandal-timeline/
http://abcnews.go.com/Blotter/abc-news-investigations-year-solyndra-scandal/story?id=15199603#.T0e0GyOa1uU
http://online.wsj.com/article/SB10001424053111904836104576558763644374614.html