12:00 PM, Oct 12, 2011 • By MARK HEMINGWAY
Will it turn out worse than Solyndra?:
As failed solar panel manufacturer Solyndra rides through the investigative ringer in Congress, revelations of another politically-connected company that received what appears to be a less-than-virtuous $1.2 billion loan guarantee are surfacing.
The company, SunPower, received its $1.2 billion loan guarantee in September, immediately before the program’s deadline.
SunPower isn’t as financially sound as the public was led to believe when it secured a loan guarantee twice the size of Solyndra’s $535 million loan. Just this week — less than a month after taxpayers landed on the hook for SunPower’s $1.2 billion loan guarantee — company executives announced that they expect to lower their 2011 earnings projections.
The company also carries $820 million in debt, which is $20 million more than its market capitalization.
House Energy and Commerce subcommittee on Oversight and Investigations chairman Rep. Cliff Stearns is already looking into the company.
8:38 AM, Sep 27, 2011 • By MARK HEMINGWAY
Despite the repeated attempts to wish away the Solyndra scandal, it appears to be getting bigger. Today, the Los Angeles Times informs us key White House personnel raised concerns the Department of Energy loan program that gave Solyndra $535 million was poorly conceived and managed long before the solar panel manufacturer's bankruptcy:
3:08 PM, Sep 23, 2011 • By DANIEL HALPER
The Department of Energy's Solar Decathlon kicked off today in Washington on the National Mall, under inauspiciously dark rainy skies.
4:54 PM, Sep 20, 2011 • By MARK HEMINGWAY
Sometimes in politics appearing guilty can have more consequences that actually being guilty (though the two frequently are related). And this latest development in the Solyndra scandal certainly looks bad:
Sep 26, 2011, Vol. 17, No. 02 • By MATTHEW CONTINETTI
To find a metaphor for the failed Obama presidency, look no further than Solyndra. Before it went bankrupt, the solar panel manufacturer was more than the recipient of a $535 million loan guarantee from the federal government. It was the model for the White House effort to put the American economy on a “new foundation.”
9:11 PM, Sep 14, 2011 • By MARK HEMINGWAY
The Obama administration is now pushing a rather dubious defense for handing out $535 million in stimulus funds to the now-bankrupt solar panel manufacturer Solyndra. They're blaming Bush:
9:43 AM, Sep 10, 2011 • By MARK HEMINGWAY
Well, this is awkward. Despite $535 million in government loans and the White House touting Solyndra as an example of how the $800 billion stimulus bill was helping create jobs, everyone in the following video is now unemployed:
3:38 PM, Sep 1, 2011 • By MICHAEL WARREN
Solyndra, the stimulus-backed green energy firm filing for bankruptcy, had a fairly cozy relationship with the Obama administration. The company's Fremont, California plant was the setting for a May 2010 speech by President Obama, where he touted the stimulus and its development of green manufacturing. Here's part of what the president had to say then (emphasis added):