Epic Failure: Obama-Backed Solar Firm Collapses, 1100 Jobs Not Saved or Created

Uhh, the future was here or something

Can't wait for that big jobs speech next week. Lots of goodies about clean energy in there I bet.

Solyndra Inc., a renewable energy firm that became a darling of the Obama Administration, shut the doors of its California headquarters Wednesday, raising fresh questions from critics about political favoritism and wasted money in the federal loan program.

The manufacturer of rooftop solar panels opened its doors in 2005, and in 2009 became the first recipient of an Obama administration energy loan guarantee – a $535 million federal commitment that helped minimize the risk to venture capital firms backing the solar start-up. Obama visited the factory last year to herald its future.

“The promise of clean energy isn’t just an article of faith — not anymore,” the president told Solyndra workers then. “The future is here.”

The government loan guarantee was supposed to spur 1,000 fulltime jobs once Solyndra’s solar plant was fully operating. Instead, as the company announced Chapter 11 bankruptcy Wednesday, reports surfaced that 1,100 would lose their jobs.

Yet the company’s collapse is sure to rekindle questions about how well the Department of Energy vetted the company before putting taxpayer dollars on the table.

Indeed, it would be nice if there was some oversight on this corrupt administration. But that would obviously be racist.

Here's the hapless Obama speaking at Solyndra. Good times, good times.