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Politics : The Solyndra Scandal -- Ignore unavailable to you. Want to Upgrade?

To: chartseer who wrote (333)	12/29/2011 9:01:00 PM
From: joseffy	1 Recommendation Read Replies (1) \| Respond to of 1400

Solyndra-Gate Opens Into A Large Den Of Corruption ........................................................ 12/20/2011 news.investors.com The Obama administration promised a green energy future. What it delivered, though, is a present filled with rancid politics, aching failure and tawdry scandal. At the top of the list is the Solyndra collapse. President Obama himself visited the California solar panel maker, lauding it for "leading the way toward a brighter, more prosperous future." His administration poured $535 million in taxpayer dollars into the business, and wanted to add another $469 million even after it was known the company was going to fail. Solyndra, though, is only one of many companies that have dined sumptuously at taxpayers' expense. Several other businesses have been selected by the White House to waste other people's money simply because they fit in with the Obama vision of a green energy future. Merit, it seems, isn't considered when the money is passed out. "Obama's green-technology program was infused with politics at every level," the Washington Post reported on Christmas Day after it had analyzed "thousands of memos, company records and internal e-mails." "The records, some previously unreported," said the Post, "show that when warned that financial disaster might lie ahead, the administration remained steadfast in its support for Solyndra." Going where few mainstream media outlets dare to tread because they don't want to hurt the president's re-election chances, the Post actually took a realistic look at the White House's $80 billion clean-technology program. It found that "as Solyndra tottered, officials discussed the political fallout from its troubles, the 'optics' in Washington and the impact that the company's failure could have on" a second term for Obama. "Rarely, if ever, was there discussion of the impact that Solyndra's collapse would have on laid-off workers or on the development of clean-energy technology." The Post also learned that many "venture capitalists with stakes in some of the companies backed by the administration" were contributors to Obama's 2008 campaign, while others "took jobs in the administration and helped manage the clean-energy program." While the Post took a hard line, it was not the first left-leaning newspaper to do so. The New York Times provided similar coverage in August, reporting that "the green economy is not proving to be the job-creation engine that many politicians envisioned." But all this came out in 2011. Let's see how much these newspapers mention Solyndra and the green scandal when the 2012 campaign heats up.

To: chartseer who wrote (333)	1/5/2012 10:46:00 AM
From: joseffy	1 Recommendation Respond to of 1400

More Satcon to lay off 35 percent of workers By Ira Kantor Wednesday, January 4, 2012 bostonherald.com Satcon Technology Corp., a Hub-based company that specializes in designing and selling efficient energy systems, announced its 140 layoffs will include 10 Bay State workers, reducing its local headcount to about 156. “Our commitment to achieving profitability, combined with the dynamic (photovoltaic) environment of 2011, have led us to adjust our cost structure to ensure that we are able to successfully deliver the industry’s most advanced and cost-effective solutions profitably,” said Satcon’s Chief Financial Officer Aaron Gomolak in a statement. “These spending reductions, coupled with our accelerated cost reduction programs, significantly lower our break-even level during the first half of 2012.” The company also announced plans to close its Canadian manufacturing facility, which coupled with the layoffs, would result in charges of nearly $2.8 million to $3 million. Company officials said Satcon has also restructured its office and warehouse infrastructure in Europe, China and the United States in order to better align with market conditions and reduce costs further. The majority of the charges are expected to occur in the fourth quarter of 2011, with the rest taking place in the first quarter of 2012, the company said, adding it expects to accumulate ongoing savings of upwards of $17 million annually once all actions are implemented by the second quarter of 2012. Satcon is also analyzing its inventory and certain non-cancelable supplier-held inventory and will write down the value or take a charge to reflect current market conditions, which would result in expected charges during the fourth quarter of 2011 of nearly $20 million to $26 million, with the majority of the charges comprised of non-cash items, the company said. “The worldwide solar market conditions in 2011 demonstrated the dynamic nature of this maturing industry,” Satcon’s President and CEO Steve Rhoades said in a statement. “The compounding effects of reduced panel costs and market demand shifts toward North America and Asia have forced the entire industry to adjust as we enter the next phase of development. Decreasing prices, however, present significant opportunity for Satcon, where the demand for our large-scale inverter solutions nearly doubled in North America and Asia year-over-year. The measures we have announced today will help to ensure that Satcon achieves the financial strength required to profitably maintain our leadership position as the standard for large scale inverter systems as solar power generation becomes a more affordable and stronger investment worldwide.”