Monday, September 12, 2011

California’s green company costs taxpayers lots of green, raided by the FBI


Things are not so sunny at the solar firm Solyndra in Fremont, California. On September 8, 2011, the company’s headquarters were raided by the FBI with multiple search warrants. It was funded through an Energy Department loan program as one of 40 alternative energy projects that were expected to create about 60,000 jobs. After receiving over 90% of its $535 million in stimulus Obamabucks and over $1 billion dollars from private investors, Solyndra laid off 1,100 workers and filed for bankruptcy. Under the terms of the $784 million dollar bankruptcy filing, private investors would be first in line to collect the debts from the failed company, ahead of the American taxpayers. Less than two months before the company filed for bankruptcy, Solyndra's CEO, Brian Harrison met with members of the Congress, assuring them that the company “was in a strong financial position and in no danger of failing.”

Click on the link to continue reading: http://www.examiner.com/homeland-security-in-los-angeles/california-s-green-company-costs-taxpayers-lots-of-green-is-raided-by-the-fbi