OBAMA BLOWS ANOTHER $535 MILLION OF TAXPAYER MONEY ON WORTHLESS SOLAR PANEL FACTORY...AGAIN...MORE WASTE FOR WORTHLESS PROJECTS

U.S. President Barack Obama heads inside to deliver a speech after meeting with construction workers building a new Solyndra solar panel factory May 26, 2010 in Fremont. President Obama toured Solyndra Inc., a growing solar power equipment facility that is adding jobs as they expand their operation.

ANOTHER HUGE WASTE OF TAXPAYER MONEY FOR A FAILED BUSINESS MODEL TOUTED BY THE CLUELESS BARACK OBAMA.

Solyndra, a major manufacturer of solar technology in Fremont, has shut its doors, according to employees at the campus.

"I was told by a security guard to get my [stuff] and leave," one employee said. The company employs a little more than 1,000 employees worldwide, according to its website.

Shortly after it opened a massive $700 million facility, it canceled plans for a public stock offering earlier this year and warned it would be in significant trouble if federal loan guarantees did not go through.

The company has said it will make a statement at 9am California time, though it's not clear what that statement will be. An NBC Bay Area photographer on the scene reports security guards are not letting visitors on campus. He says "people are standing around in disbelief." The employees have been given yellow envelopes with instructions on how to get their last checks.

Solyndra was touted by the Obama administration as a prime example of how green technology could deliver jobs. The President visited the facility in May of last year and said "it is just a testament to American ingenuity and dynamism and the fact that we continue to have the best universities in the world, the best technology in the world, and most importantly the best workers in the world. And you guys all represent that."

The federal government offered $535 million in low cost loan guarantees from the Department of Energy. NBC Bay Area has contacted the White House asking for a statement.

Some Republicans have been very critical of the loans. "I am concerned that the DOE is providing loans and loan guarantees to firms that aren't capable of competing in the global market, even with government subsidies" Florida Congressman Cliff Stearns told the New York Times.

Comments:
Dave:
The Federal Government gave them 535million dollars in low cost loans, will they pay them back? I am a tax paying U.S. citizen and I want my half billion dollars back.
Tina Raddigan Welch
Good luck Dave! I hope you weren't one of the "hope and change" people? If so, your getting what you voted for. Don't vote party vote based on their principles and beliefs. You'll be very surprised.
Looks like MORE Green / Obama failure And I'm sure millions in lost taxpayer money. Drill Baby Drill!
The green jobs are disappearing as fast as the scientific backing for man made global warming.
Lori Flory · Emporia State University
Just another sad example of how "fake jobs", using US taxpayer money is failing. Are there any "green jobs" out there at all that are actually making money? Obummer doesn't have a clue what it takes to actually make a business work, all he's ever done is be a community organizer. The sooner he's out of office the better for the US.
The Obama jinx continues. If he cheers for a team, they lose if he visits a company, they close! This guy is a freaking disaster.
Shari Dawn Spors · Becker, Minnesota
this is almost funny, if not so stupid...
Jeff Jb Baptiste · Account executive at Ricoh Americas Corporation
This is typical of what we've seen from the clown in office! what a joke of a leader, an American, and a man.
Karl Stauss · Senior Counsel - IP Law at The Dow Chemical Company
If your business plan requires government subsidies to survive, you are in trouble.
Wayne Martin
So where did the $500M go? Will there be a Federal investigation? Will someone ask Obama what he has to say about their closing?
James Black
Another DNC / imam homobama fraud against the American taxpayers. "Green" = fraud!
Goofy Bone ·
I KNEW THAT WAS A LOSS..... WHO THE HELL BUILDS A BUILDING THAT BIG AND NOT HAVE CUSTOMERS..... DUMB PEOPLE WITH MONEY
John Bunch
I hope he never visit's the company I work for. Seems like everything he touches turns to poop.
Shawn Murphy
Another waste of taxpayer money! Green ain't worth it folks!
Christian Aguiar · TPS/Group Leader Development at New United Motor Manufacturing Inc.
The Chinese are making a cheaper alternative to Solyndra’s solar panels, that's what forced the company to revise its market strategy and cancel the planned IPO. This is a bad sign for all the company's in the Green Energy field, and good for the foreign companies that are making cheaper products :/
We really need to rethink how we are spending our money as a country...throwing it at companies and hoping they succeed is not working!
Michael Zacchio
Where did the dough go? Did or will some of the 'stimulus' $ end up as campaign donations to the DNC or the campaign to re-elect the least effective President since James Carter? Time for the 'media' to do a little digging. Inquiring minds want to know.
Michael Laney
OBAMA is "playing" all of us. He is a FRAUD to this Nation. Always has been, always will be!
Richard C Hamilton · Top Commenter
Guess I'll just have to buy a CheVy Volt. Ops, they only sold 100 this year.
William C. Findley · Assistant Distribution Center Manager at Diversified Distribution Systems
Only $535 million? Another project down the drain.
Jay Piper
This is what happens when a person with No business experience decides to make products instead of letting the free market decide.