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| One billion dollars |
The federal government has "invested" billions of our tax dollars in questionable solar energy projects. One of those "investments" is in California solar panel manufacturer Solyndra, Inc. Facing strong price pressure from Chinese competitors, Solyndra will close a factory and release up to 190 workers. The LA Times reports:
The company said Wednesday that it is shuttering one of its factories to save $60 million in capital expenditures, laying off 40 employees and letting the contracts for more than 100 temporary workers expire.
All this despite a $535-million federal loan guarantee, more than $1 billion in private equity funds and supportive visits from luminaries such as Gov. Arnold Schwarzenegger, Energy Secretary Steven Chu and President Barack Obama.
The NY Times places the total layoffs closer to 190.
In July, Ed Lasky looked into Solyndra's financing and learned that the Chinese price competition situation was known long before the feds forked over the subsidies. Yet, they moved ahead anyway, effectively handing over bundles of taxpayer cash to wealthy investors, including one George Kaiser.
One of the biggest investors in the company was Oklahoma billionaire George Kaiser - a big bundler for the Obama-Biden campaign. Not to worry for Mr. Kaiser. The administration is looking to extend hundreds of millions of dollars in additional loans (our money) to the venture.
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