Solyndra Goes bankrupt (CNN – Money)
Solar panel maker Solyndra today said that it will file for Chapter 11 bankruptcy protection, after raising billions of dollars in startup funding since 2005. They are laying off 1,100 full-time and part-time employees right now! The US Department of Energy loaned them $527 million.
My Two Cents: What a pure waste of money. Solyndra claims their loses are based on China. I claim not. This was just a scam from the very beginning. I see this BS all the time, and millions and billions of dollars wasted on a horrible business plan. I am sure their folks at the top got their huge bonus checks thanks to the DOE, and other investors. I had a real energy corporation turned down by the DOE for 500 million dollars in investment even if the energy corporation matched the 500 million with their own cash for the creation of green energy, and smart grid and meter technology. They would rather loan it to this scheme then the real deal. This is just so upsetting. However I am being paid by large investment firms and large banks to check out these firms for risk before loaning them a few million dollars to them. These investment firms should not have wasted a cent on this firm! This just hurts real Tech and Green Energy startups in the long run, from getting funding.