...leaving Uncle Sam on the hook for $535M
(NEWSER) - One of the showpieces for President Obama’s green jobs push is going under—and leaving the federal government on the hook for $535 million worth of guaranteed loans in the process. Solyndra, a California-based solar cell manufacturer, told workers yesterday that it would be closing its remaining plant, laying off its 1,100 workers and declaring Chapter 11 bankruptcy, the San Francisco Chronicle reports. The company’s cylindrical cells were innovative, but proved unable to compete with cheaper offerings from China. More»
