Solyndra: Energy Department failed to sound alarm as solar company sank

[alp227]

Source: Wash. Post

At a number of points in its troubled history, the solar company Solyndra faced dire financial problems that threatened its survival. Yet at each crisis, Energy Secretary Steven Chu and officials at his agency failed to take steps that critics say could have limited taxpayer losses when the company collapsed last summer.

Instead, Energy Department officials monitoring the solar panel manufacturer and its $535 million federal loan stepped in with financial assistance, or worked to dispel concerns raised by industry analysts and other Obama administration staffers, according to previously confidential documents analyzed by The Washington Post.

The officials raised no public red flags even as Solyndra executives presented a glowing picture last summer to Capitol Hill lawmakers, describing a growing company when internal sales figures suggested one that was in serious trouble.

The newly obtained documents, along with other records obtained in recent weeks, offer the clearest picture yet of Solyndra’s deteriorating finances and the Energy Department’s extraordinary efforts to prop up the company. Chu, who is scheduled to testify next week before a House investigating subcommittee, is likely to be questioned about his agency’s willingness to invest millions more taxpayer dollars in the firm, even after the White House had abandoned hopes of a rescue.

Read more: http://www.washingtonpost.com/politics/solyndra-energy-department-failed-to-sound-alarm-as-solar-company-sank/2011/11/04/gIQAGQgfBN_singlePage.html

[msongs]

1. sounds like maybe fraud on the part of company execs?

"...Solyndra executives presented a glowing picture last summer to Capitol Hill lawmakers, describing a growing company when internal sales figures suggested one that was in serious trouble." of course nobody will do any time for this unless the shop lifted a pack of gum, in which case they will get 5 years.

[backtomn]

2. I am opposed to government deciding winners.....

....and losers. But, even if you disagree, you might believe that the Solyndra thing was a huge mistake and Obama and his people should not defend it. They were looking to give Solyndra an additional $400 million just before they went under. Why don't we just stop that crap.....it looks bad.....it doesn't always work (maybe never works)....there are questions of propriety.....WHY DO IT ??

[wxgeek7]

3. Bunch of bullcrap!

I think this is a bunch of (Faux/conservative/right-wing) bullcrap!

Granted, ~$500 million's alot of money, and there may have been some unscrupulous stuff going, but in big picture terms, this is a step forward in the right direction...i.e. INVESTMENT IN ALTERNATIVE ENERGY AND INDEPENDENCE FROM FOSSIL FUELS.

Look at all the billions (trillions?!) in investment/subsidies given to the fossil fuel industry over the years/decades! And they're still getting assistance after they're already well established industries, un-f*****-believable! This needs to be stopped, and invested in solar/wind/hydro/other technologies!

[Rebubula]

4. Really...

...it is the right wing that caused the CEO\CFO for this group of liars to plead the 5th in front of Congress?

Sorry it does not fit your worldview - but the owners and management of this company fleeced the US and perpetuated fraud.


I agree that we need to give all the incentive and assistance to companies that want to promote cleaner\greener energy - but these guys look like crooks. That $500,000,000 could have gone to a much better effort towards this.


Sometimes...a pen is just a pen and blaming some nebulous entity looks silly

[valerief]

5. Wouldn't that have been 'regulatory'? We don't have regulations in America. nt

[russspeakeasy]

6. The were using both hands to fill their pockets. Couldn't call.

[mackdaddy]

7. Greedy Execs sure, But, Big Changes in the Solar Market too...

The Execs of this company were no doubt having a great time spending a half billion bucks, but they did spend much of it on trying to build a real production facility. (The execs were probably living pretty high off the hog themselves too.)

The problem is that "standard" crystalline type solar panels have plummeted in cost. Three years ago a 220watt PV panel routinely sold for $1200 or more each. Today, you can buy an identical panel for $350. Solyndra had an unique (or odd) tube type packaging/mounting scheme, and I don't think they could compete with PV panel prices dropping this fast. Their business model just did not make financial sense any more.

500 million dollars is a terribly unfortunate loss, and should be investigated as to how we can avoid this kind of thing in the future. But it is a pittance when compared to the 2.5 BILLION we spend EVERY DAY on military spending in the middle east. That is FIVE Solyndra's every day, day in and day out.

Solar is not the only solution to our future energy needs, but it will be a huge part of the solution.

[PuffedMica]

8. My my, how people with 20/20 vision of the past heap blame on others who cannot foresee the future

The United States makes a bold step and invests hundreds of millions of dollars in securing our long term energy supply. When the investment turns sour, we should be looking at what the next step to obtain energy after Peak Oil.

Instead, solutions are ignored and all attention is focused on scoring political points for the next election.