Obama Jinx

Skulnik

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Business Ohio Restaurant Closes One Week After Obama Mentions it in Speech

  • Posted on June 9, 2011 at 10:38am by
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    Jonathon M. Seidl
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Chet's Restaurant (THE BLADE/LORI KING)

TOLEDO, Ohio (AP) ? An Ohio restaurant mentioned last week by President Barack Obama as an indirect beneficiary of the government?s Chrysler bailout will go out of business Sunday after a more than 70-year history.
Co-owner Richard Lawrence of New Chet?s Restaurant in Toledo says business has fallen victim to the economy and the workplace smoking ban approved by Ohio voters in 2006. He told The Blade newspaper of Toledo on Wednesday that auto industry cutbacks also hurt.
Lawrence says he used to deliver up to $300 in food per week to Chrysler Group LLC?s Jeep plant in Toledo, but now that?s down to about $100 worth.
Obama visited the plant on Friday and told workers that without them, who would eat at Chet?s or patronize other local businesses?
?And this plant indirectly supports hundreds of other jobs right here in Toledo,? President Obama said to hundreds of workers in Chrysler?s Wrangler plant. ?After all, without you, who?d eat at Chet?s or Inky?s or Rudy?s??
 

Skulnik

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Business Massive Taxpayer-Backed Solar Panel Manufacturer Goes Bankrupt

  • Posted on August 31, 2011 at 4:15pm by
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    Buck Sexton
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in Belgium, Solyndra's largest installation

Despite $535 million taxpayer dollars for loan guarantees and a speech from the President himself praising its success, the solar panel manufacturer Solyndra has gone bankrupt.
NBC reported the Chapter 11 filing is official, which means Solyndra?s state-of-the-art, 300,000 square foot front-end manufacturing factory and a 500,000 square foot back-end facility are kaput for now.
Bloomberg News reported that the company?s reasons for the Chapter 11 Filing are ?market and industry conditions.?
Apparently, the workers at Solyndra had no idea the company was in dire straits. As NBC wrote of their moment of recognition:
?When workers showed up at the Solyndra solar-panel factory in Fremont, California this morning ? they were ordered to leave by guards, and then given instructions on how to pick up their final checks. In other words, the dream is over?
Until today, the company employed more than a thousand people worldwide. About 1100 of those employees are now out of a job. All of its offices in the United States, Switzerland, Germany, Italy, and France could shutter, unless a massive bankruptcy reorganization is structured. Its revenues of approximately $140 million in 2010 weren?t enough to keep the Green Energy behemoth open.
Some industry analysts believe there could be a massive consolidation of the solar panel manufacturing industry underway, while others believe the bankruptcies will result in closures.
Either way, there are clear signs the green energy industry is in trouble. Solyndra is the third U.S. solar panel manufacturer to go bankrupt this month. Evergreen Solar inc. filed Chapter 11 on August 18th, citing Chinese competition, overcapacity in the U.S. industry, and the failure of the U.S. to adopt green policies as the reasons for its failure. It?s $33 million facility in China, however, may remain open.
 

Skulnik

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Solyndra solar company fails after getting federal loan guarantees - The Washington Post

A company that served as a showcase for the Obama administration?s effort to create jobs in clean technology shut down Wednesday, leaving 1,100 people out of work and taxpayers obligated for $535 million in federal loans.
<small>via www.washingtonpost.com</small>
 

Skulnik

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September 1, 2011

OOPS: Solyndra Filing A Disaster For Obama.?Wow, which radical right-wing deathbeast Obama-hating Rethuglican Web site ran that headline? Err, NBC?s Bay Area affiliate.? Yeah, this whole ?Green Jobs? thing isn?t working out so well.
UPDATE: Solyndra solar company fails after getting controversial federal loan guarantees.?A company that served as a showcase for the Obama administration?s effort to create jobs in clean technology shut down Wednesday, leaving 1,100 people out of work and taxpayers obligated for $535 million in federal loans.? Follow the money.
ANOTHER UPDATE: ?You will be shocked to learn that Solyndra?s majority owner, Oklahoma billionaire George Kaiser, was a major fundraiser for the 2008 Obama-Biden campaign.?Like I said, follow the money.
What?s amazing about the Obama Administration isn?t the corruption, which we?ve seen before. It?s the crudity and obviousness of the corruption.

Coupled with ineptitude. Reader Patrick Kelly writes:

I read the WaPo article on Solyndra. This quote from Solyndra?s CEO really stood out:
?This was an unexpected outcome and is most unfortunate,? Solyndra chief executive Brian Harrison said in a statement. ?Regulatory and policy uncertainties? made it impossible to raise capital to quickly rescue the operation, he said.
I guess that?s what you get when you dance with the devil. The same government that can take other people?s money to make your company work can also regulate your company to the point where you can?t raise capital from any other source.
Oft evil will shall evil mar.

Posted by Glenn Reynolds at 8:28 am
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Skulnik

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Please shine down

A 'ripple effect' at Solyndra?

By MATT NEGRIN | 09/01/11 3:30 PM Updated: 09/01/11 4:15 PM


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White House press secretary Jay Carney said Thursday that the administration was sticking by its investments in new technology companies despite the news that Solyndra, one of those companies that President Obama visited, just went bankrupt.

?You cannot measure the success based on one company or another,? Carney said.

Obama visited the California solar panel maker on May 26, 2010. Here are some of the nice things he had to say about why Solyndra was successful:

-- ?We can see the positive impacts right here at Solyndra. Less than a year ago, we were standing on what was an empty lot. But through the Recovery Act, this company received a loan to expand its operations. This new factory is the result of those loans.?

-- ?When it?s completed in a few months, Solyndra expects to hire a thousand workers to manufacture solar panels and sell them across America and around the world. And this in turn will generate business for companies throughout our country who will create jobs supplying this factory with parts and materials. So there?s a ripple effect. It?s not just localized to this area.?
 
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