The economic damage inherent in federal backing for solar power companies extends beyond Solyndra-style bankruptcies, in which taxpayers pour money into unprofitable but politically popular ventures. Even where government-backed companies stay afloat, federal intervention directs resources to less productive and profitable activities. Some solar power companies based in California are …
Internal communications and testimonials from former Solyndra employees provide a stunning window into the consequences of federal support for private companies. Political backing, in short, made the company sloppy, wasteful, and spurred it to focus more and more resources on securing federal handouts – even while the company’s everyday business …
Solyndra executives scheduled to testify before a House committee on Friday were likely expecting some tough questions. In general, Republicans will wonder whether their political ties got them favorable treatment from the Energy Department. Democrats will want to know why the company said it was financially healthy mere weeks before …
Solyndra has hired a team of five high-powered attorneys to help get it through its bankruptcy proceedings, according to documentation the company has filed in court (embedded below). Their firm, McDermott Will & Emery, also represented the company before it filed for bankruptcy protection earlier this month. Some of the …
A top congressional investigator said on Tuesday that he believes more companies that benefitted from the stimulus bill’s renewable energy loan guarantee program will go bankrupt before all allotted funds are spent. The program, which guaranteed a $535 million loan to Solyndra before the company declared bankruptcy last week, still …
Major donors to President Obama have received favorable treatment throughout his administration. Today’s news that solar company Solyndra is going bankrupt demonstrates the consequences of that apparent cronyism. The company’s demise is likely to cost taxpayers hundreds of millions of dollars. Solyndra suspended operations Wednesday and will soon file for …
Last week, The Washington Post pointed out one near-fatal flaw to Obama’s plans for subsidizing green energy and electric cars: snowstorms. On Wednesday a snowstorm hit D.C. commuters harder than usual, causing gridlock on the road and dragging a normally 20-minute commute into, in some cases, over six hours as …
President Obama is channeling his inner Jimmy Carter again. In 1979, President Carter had solar panels installed on the roof of the White House, and they were taken down in the Reagan Administration during roof repairs. Today, the White House announced that that Obama Administration will use taxpayer dollars to …
According to a press release, Energy Secretary Steven Chu says that the billions of dollars in federal stimulus money directed toward solar-power will cut solar power costs in half by 2015. It’s a grand sounding prediction, but his own Energy Information Agency projects that electricity from solar cells will cost …
President Obama has picked another “winner” among green technologies meant to portend an energy revolution. This time it is a Korean-owned battery factory in Michigan, part of a $2.4 billion government investment in electric car battery technology in spite of a global glut of battery supply. However, the question is …
