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Solyndra, the poster child of green energy in Silicon Valley, that was going to create the jobs of the future, announced that it will layoff 17.5% of its workers just one day after the elections. The company received $535 million in U.S. tax payer bailout to create jobs. President Obama and Senator Barbara Boxer visited and campaigned at the plant.
Solyndra’s own auditor, PricewaterhouseCoopers LLP, filed a notification expressing “substantial doubt” about Solyndra’s ability to continue as a going concern with the Securities and Exchange Commission. Despite this the company was given a huge bailout. The funds were used to pay executive salaries and build a plant among other things. The company said it would pay the money back after an IPO. The company has since pulled its IPO and is closing down a plant. Tax payers own 73% of the company. The company said it could not complete with lower cost products from China.
Channels: bailout, barbara boxer, solyndra
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Pingback by Tweets that mention Shocking Layoffs At Solyndra After $535 Million Bailout -- Topsy.com — November 3, 2010 @ 10:38 PM
Looks like the GREEN turned BROWN!
Comment by Snato — November 5, 2010 @ 10:33 AM
except for the executives supposedly running the company; sounds like they got paid plenty of taxpayer dollars; if one needs an example of successful green economies, see Spain. Oh, Wait, they are fleeing green as fast as they can because green jobs cost 10 times more than old fashioned jobs.
HMMMMM! Thanks, Obama, another loser backing a loser!!!!!
Comment by grand marnier — January 26, 2011 @ 2:27 PM