Solyndra had the backing of an extraordinarily successful and wealthy businessman who knows how to manage companies, money and risks.
The Obama Administration Department of Energy experts underwrote the market and financial risks before agreeing to the loan guarantees.
Professional Solyndra upper management, capable of making good business decisions, continued to adjust the company business plan and gave assurances to Congress that everything was going to be OK.
Then, bankruptcy and loss of a 1000 jobs and $500MM of taxpayers’money.
This demonstrates that even competent, experienced and successful businessmen cannot be successful in artificial green industry investments supported by ideology and not by the marketplace.
Solyndra should be investigated for all the reasons previously stated, but should also be used as an example of why this type of government driven social engineering should be eliminated.
I agree that green energy cannot compete without government force, but with this company, I think you’re in error.
Solyndra bet on technology that failed in the marketplace. It was costing double that of competing tech. It was a big loser in the marketplace. So big a loser it would rip through half a billion in a short time.
It was in this shape when the government gave it money. The company knew, the auditors knew it, competent managers who looked at the basics knew it.