Solyndra debacle poses problem for solar industry, Obama administration
As more evidence come out about what was going on behind the scenes at Solyndra, the energy company President Obama touted as a cornerstone of job creation, the more it becomes apparent that the administration missed some obvious signs the company was struggling, The New York Times reports.
Solyndra declared bankruptcy earlier this month, after the U.S. Department of Energy Provided the company with $535 million to jump start its solar panel business. Although Obama himself visited the company in 2010 and gave a speech in front of the building, the business was falling apart inside, losing money extremely quickly and had to back away from plans to open shares to the public.
More damaging than the company's failures, which could cost taxpayers as much as $500,000, is the dent it puts in Obama's focus on renewable energy to create jobs. Some critics have said that Solyndra received loans when it shouldn't have due to excessive lobbying and preferential treatment from the White House.
Republicans in Congress are investigating exactly how the company received the loans that it did. The probe into Solyndra's failure may also damage the solar industry as a whole. Reuters reports that the industry as a whole has launched a campaign to help turn public opinion in favor of the practice and help paint the Solyndra debacle as an isolated incident.
"A big part of what we're trying to do is correcting the record," Rhone Resch, president the Solar Energy Industries Association told reporters. "You can't judge an industry by the bankruptcy of one company."