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Thread: Confirmed: Obama administration sunk $535 million in Porkulus funds in green-energy

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    Confirmed: Obama administration sunk $535 million in Porkulus funds in green-energy

    Is this the green industry that we'er supposed to depend on for jobs?

    Congress has now confirmed the waste in a letter from the House Energy and Commerce Committee to Energy Secretary Steven Chu:

    Solyndra, Inc. was supposed to have showcased the effectiveness of the Obama administration’s stimulus and green jobs initiatives, but instead it has become the center of congressional attention for waste, fraud and abuse of such programs.

    Confirmed: Obama administration sunk $535 million in Porkulus funds in green-energy turkey « Hot Air
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: Confirmed: Obama administration sunk $535 million in Porkulus funds in green-ener

    wow
    one company in an evolving industry

    having been around during the infancy of the space program, you would have been one of those naysayers who insisted were were wasting our money each time a rocket launch failed
    no vision
    to go with no patience
    we are negotiating about dividing a pizza and in the meantime israel is eating it
    once you're over the hill you begin to pick up speed

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    Re: Confirmed: Obama administration sunk $535 million in Porkulus funds in green-ener

    Quote Originally Posted by justabubba View Post
    wow
    one company in an evolving industry

    having been around during the infancy of the space program, you would have been one of those naysayers who insisted were were wasting our money each time a rocket launch failed
    no vision
    to go with no patience
    The green industry is in it's infancy? And, we're supposed to depend on it to replace millions of jobs?

    How about we let the industry grow up, before we kill jobs? Make sense?
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: Confirmed: Obama administration sunk $535 million in Porkulus funds in green-ener

    Quote Originally Posted by apdst View Post
    Is this the green industry that we'er supposed to depend on for jobs?

    And Solyndra’s auditor declared that “the company has suffered recurring losses, negative cash flows since inception and has a net stockholders’ deficit that, among other factors, [that] raise substantial doubt about its ability to continue as a growing concern” in a March 2010 amendment to its SEC registration statement.
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    Re: Confirmed: Obama administration sunk $535 million in Porkulus funds in green-ener

    The Obama administration really ****ed that up, huh. Wonderful judgement as to where to spend 'our' money.

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    Re: Confirmed: Obama administration sunk $535 million in Porkulus funds in green-ener

    So no need to ever try anything new. Sometimes you gotta spend money to make money and it doesn't always work.

    But hey its ok, lets cut taxes, have "smaller Government" whatever the **** that means, stop gays from getting married, drill in Alaska and the gulf of Mexico, keep importing our oil from the Middle East, shop at mall of America, eat 40 big macs a week and wonder why nothings been done when we keep voting the same dumbasses into power over, and over, and over again.

    /facepalm

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    Re: Confirmed: Obama administration sunk $535 million in Porkulus funds in green-ener

    Quote Originally Posted by Jetboogieman View Post
    So no need to ever try anything new. Sometimes you gotta spend money to make money and it doesn't always work.

    But hey its ok, lets cut taxes, have "smaller Government" whatever the **** that means, stop gays from getting married, drill in Alaska and the gulf of Mexico, keep importing our oil from the Middle East, shop at mall of America, eat 40 big macs a week and wonder why nothings been done when we keep voting the same dumbasses into power over, and over, and over again.

    /facepalm
    No ****!!!! I need another cup of coffeepap

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

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    Re: Confirmed: Obama administration sunk $535 million in Porkulus funds in green-ener

    I wish I could read the article without a giant ad coming across my screen. Aside from that, I am wondering how the company is doing since receiving the money. Anyone know? I did find this:

    Solyndra Generated Over $100M in Revenue Last Year
    According to the document Solyndra brought in revenues of $100.47 million for the fiscal year that ended on January 2, 2010, up from $6.01 million for the fiscal year that ended on January 2, 2009.
    That is quite a nice jump in revenues but it says nothing of profit. Also, the company was trying to turn public according to that article (but they still haven't). Actually, the article goes on to say:

    At the same time that Solyndra is boosting manufacturing capacity it also seems to be successfully shoring up its losses. The company’s latest 2010 financials show a loss of $172.50 million for fiscal year that ended January 2, 2010, compared to a loss of $232.07 million for the fiscal year that ended January 2, 2009. However, Solyndra still has an accumulated deficit of $557.7 million as of January 2, 2010.
    So it appears that they still had a net loss, but they turned up manufacturing and revenues have jumped causing net loss to also fall. So it's not all bad news but it's not great news, that's for sure.

    By all accounts, it appears that Solyndra is trying to go public (they wanted to last year and are pushing for it again this year). If they manage this, it could prove beneficial. However, as we all know, the market is not great right now for finding investors, and this seems to be hindering them from going public.

    They appear to also be raising funds so that they can start producing commercially. Right now, things are not great for Solyndra, but I believe they are a start up company from 2007 - and we all know what happened to most companies that started in 2007 (what a bad time to start up a company lol). So if they can make it through this tumultuous time, they might have a shot!

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    Re: Confirmed: Obama administration sunk $535 million in Porkulus funds in green-ener

    Quote Originally Posted by Jetboogieman View Post
    So no need to ever try anything new. Sometimes you gotta spend money to make money and it doesn't always work.

    But hey its ok, lets cut taxes, have "smaller Government" whatever the **** that means, stop gays from getting married, drill in Alaska and the gulf of Mexico, keep importing our oil from the Middle East, shop at mall of America, eat 40 big macs a week and wonder why nothings been done when we keep voting the same dumbasses into power over, and over, and over again.

    /facepalm
    You have to be smart about it. Hundreds of billions of dollars have been spent on, "alternative energy", and no one has been able to make it work, or at least work at the level that we need it to work.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: Confirmed: Obama administration sunk $535 million in Porkulus funds in green-ener

    Quote Originally Posted by whysoserious View Post
    I wish I could read the article without a giant ad coming across my screen. Aside from that, I am wondering how the company is doing since receiving the money. Anyone know? I did find this:

    Solyndra Generated Over $100M in Revenue Last Year


    That is quite a nice jump in revenues but it says nothing of profit. Also, the company was trying to turn public according to that article (but they still haven't). Actually, the article goes on to say:



    So it appears that they still had a net loss, but they turned up manufacturing and revenues have jumped causing net loss to also fall. So it's not all bad news but it's not great news, that's for sure.

    By all accounts, it appears that Solyndra is trying to go public (they wanted to last year and are pushing for it again this year). If they manage this, it could prove beneficial. However, as we all know, the market is not great right now for finding investors, and this seems to be hindering them from going public.

    They appear to also be raising funds so that they can start producing commercially. Right now, things are not great for Solyndra, but I believe they are a start up company from 2007 - and we all know what happened to most companies that started in 2007 (what a bad time to start up a company lol). So if they can make it through this tumultuous time, they might have a shot!
    You link is a year old.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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