What Solyndra's Bankruptcy Means For Silicon Valley Solar Startups
Comment: Not only was this a waste of half a billion of our tax dollars, but this was a company that president Obama toured last May and used as an example of how the Federal stimulus package was creating jobs. So instead of adding 1,000 jobs as Obama promised, we wasted $500m. Quick math check: his grand plan was to create 1,000 jobs at a cost of $500k per job! One more example of the failure of government intervention.
In the biggest green-tech flameout yet, Silicon Valley solar panel maker Solyndra shut its doors and laid off 1,100 workers Wednesday after raising more than $1 billion from investors and securing a half billion dollar federal loan guarantee to build a state-of-the-art robotic factory that opened less than a year ago.