Thursday, February 24, 2011

Big effing deal.

"Here's a sad and revealing chronology about a U.S. president named Obama, a California company named Solyndra and, now, a congressional investigation into the administration's loan guarantee of $535 million in a failed green energy project that was supposed to create jobs.

But it didn't.

At enormous taxpayer cost."

Read more:

How do you react to an article like this? Because you know - our hopey changey leader keeps proclaiming with glee that we are "investing" in America. The government always does well with "investing". Right?

It's frustrating. Anyone who has actually read anything about Solyndra would treat this as only the most speculative of investments.

I've been bitching about the company forever. Here in November. And here then in the last few paragraphs in June2010. Which I think is the more interesting article because the Valley was filled with open real estate when Solyndra just had to build a shiny new plant. They couldn't have converted any other space.

To be fair - it is an attractive building. I drive by it somewhat regularly. Yet it makes me mad every time.

There was absolutely zero financial information about this company that was good. Zero. Still President Money Bags flew in on his checkbook to save the day.

So - great. They are launching an investigation. BFD. We aren't getting our money back. We also aren't getting any of the money back they vomited on school solar panels that will take 30 years to pay off. But they had to pay for up front with bonds. Which will be infinitely less expensive in 10 years. Yet it was so important they had to get them all up with no bid contracts.

Updated: Oh yes. I'm spun up.

"What's more, Solyandra, a five-year-old company, has faced dire financial straights and had just recently undergone an audit, according to BNet.

As Solyndra's own CEO points out in an open letter response to the audit, Solyndra's future does depend on finding more financing, either through an IPO or privately. If it doesn't, the leading question about what happens to revolutionary companies that fail, at the top of this post, will get an answer. When big expectations lead to big disappointments, entire industries can be affected.

The White House blog, by contrast, proudly trumpets the fact that Solyndra's closure was averted by a $535 million dollar loan from the Department of Energy last year."

Read more:

How many Solyndras are there? I mean, you can imagine if one company got half a billion how that could be enormous financially.

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