It’s not something one wants to hear during tough times: a company has to close and therefore 1,100 people lose their jobs. This happened recently to Solyndra, a solar power company that the Obama administration highlighted as a model company of the future providing people with “green jobs.” Unfortunately, nobody cared to crunch some numbers to see if their business model even made any sense. Sadly, the fed — or rather, we taxpayers — are on the hook for nearly $500M in guaranteed loans doled about the the Treasury to a company backed by one of Obama’s biggest fundraisers. Conflict of interest? So much for the transparency that his government promised.
Source: Washington Post by Joe Stephens (01 Sep 2011)