Abound Solar (an Obama $400 million federal loan recipient) Lays off 300 Employees

Looks like another winner solar company is having financial problems.

It appears the $400 million loan from the government did not help.

I wonder where THAT money is right this minute


Michelle Malkin explains in an article:
03/09/2012 -- Human Events

Colorado's own green loan sinkhole

There's no escaping Solyndra Syndrome. Here in my home state of Colorado, citizen journalists have uncovered our own gaping government green loan sinkhole. The stench of Chicago-on-the-Potomac is fouling the fresh Rocky Mountain air.

Meet Loveland-based Abound Solar, the lucky winner of a $400 million federal loan guarantee from the Obama administration. Earlier this month, the thin-film cadmium telluride solar module-maker announced layoffs of nearly 300 employees (70 percent of its workforce). In addition, the firm froze plans to build a new factory in Indiana. Abound says it will ride out bad market conditions and "hopefully" survive until the market recovers.

But White House hope-a-nomics is what got Abound and taxpayers into trouble in the first place.

Solar Flares ?


The article points out some other corruption and "shady" dealings by Obamamites

Things like pay-for-play schemes, political donations, etc.


Like they say:

You Can't Hide from the Sun !!

This week, CompleteColorado.com obtained a new set of documents revealing "that Abound Solar created an unexpected, and previously unreported 10 day production shutdown over the Christmas and New Year's holidays, and then went on to tell employees, 'Don't let the rumor mill create false purposes for this shutdown.' The shutdown was announced to employees just after Thanksgiving by company president Craig Witsoe."

reply to post by xuenchen

. In addition, the firm froze plans to build a new factory in Indiana. Abound says it will ride out bad market conditions and "hopefully" survive until the market recovers.

Well, at least Indiana can take comfort in the fact that another ' Obama-Green-Hope ' scheme isn't coming to their state.

I dont know what you guys are so mad about. We are going to have to spend money investing in renewable energy at some point. Not too mention in the long run this will probably end up saving a lot of money.

People just aren't buying the technology. They just don't see the need and do not want to deal with the upkeep.

There is also the fact of cost of production as well. To sell people the technology it needs to be reasonably priced. Well... that can get a bit tricky.

All in all, an endeavor like this cannot be expected to succeed automatically and in fact failures absolutely should be expected.

Rather, isnt it a bit odd that people on ATS complain when the government invest in something that has actual honest value to the world at large?

Originally posted by TsukiLunar
I dont know what you guys are so mad about. We are going to have to spend money investing in renewable energy at some point. Not too mention in the long run this will probably end up saving a lot of money.

People just aren't buying the technology. They just don't see the need and do not want to deal with the upkeep.

There is also the fact of cost of production as well. To sell people the technology it needs to be reasonably priced. Well... that can get a bit tricky.

All in all, an endeavor like this cannot be expected to succeed automatically and in fact failures absolutely should be expected.

Rather, isnt it a bit odd that people on ATS complain when the government invest in something that has actual honest value to the world at large?

The government money = MY money.

And we as a nation are busted out financially -- right ?

A capitalist system allows private (voluntary) investors to create new technology.
Let them gamble on failure.

The problem we have now is the corruption.

They are systematically looting the U.S. Treasury.

As long as you are comfortable with the hoodwinking ..... no problem then.

All these companies have done is steal the cash.

That ALL have political ties to Obama Inc.

The Future of the Country is in Your Hands !!
(good God !)

reply to post by TsukiLunar

All in all, an endeavor like this cannot be expected to succeed automatically and in fact failures absolutely should be expected.

You are absolutely correct.

Obama backed a solar panel company that has ties to Democratic Party donors, we should absolutely expect failure.

How about all you haters direct your hate where it's deserved...

Originally posted by ltinycdancerg
How about all you haters direct your hate where it's deserved...

edit on 10-3-2012 by ltinycdancerg because: (no reason given)

I'll nibble ....

Where would that be ?

At the thieves and vermin that rob the taxpayers I would think.

reply to post by xuenchen


FOR THE RECORD-
ACTUALLY, the government has ONLY given Abound about 1/4 of that loan-
and a big part of WHY Abound is having to cut back is BECAUSE the GOVERNMENT has failed to meet their end of the deal:
- Because of Solyndra;
- Because of the MSM and their typical BS: REPUBLICANS WANT THEM TO FAIL SO IT LOOKS BAD ON OBAMA- really pathetic and unpatriotic (which is nothing new though...);
- Because of CHINA;

oh yeah...and...

WE ARE BROKE...
thanks to the government.


DON'T TAKE IT OUT ON THESE COMPANIES, PEOPLE!
TAKE IT OUT ON THE POLITICIANS.
WHY would you want thousands of our fellow, hardworking, innocent citizens TO FAIL?!?
You may as well change your name to BILL O'REILLY.

Originally posted by ltinycdancerg
reply to post by xuenchen

 

FOR THE RECORD-
ACTUALLY, the government has ONLY given Abound about 1/4 of that loan-
and a big part of WHY Abound is having to cut back is BECAUSE the GOVERNMENT has failed to meet their end of the deal:
- Because of Solyndra;
- Because of the MSM and their typical BS: REPUBLICANS WANT THEM TO FAIL SO IT LOOKS BAD ON OBAMA- really pathetic and unpatriotic (which is nothing new though...);
- Because of CHINA;

oh yeah...and...

WE ARE BROKE...
thanks to the government.

DON'T TAKE IT OUT ON THESE COMPANIES, PEOPLE!
TAKE IT OUT ON THE POLITICIANS.
WHY would you want thousands of our fellow, hardworking, innocent citizens TO FAIL?!?
You may as well change your name to BILL O'REILLY.

I believe you.

But 1/4 is still a lot.

Is there any articles on this.

It sure would answer a lot of questions in a different light.

Perhaps this is another good reason to let private industry handles these "investments".

Keep the political donors out of the picture.

Originally posted by ltinycdancerg
How about all you haters direct your hate where it's deserved...

edit on 10-3-2012 by ltinycdancerg because: (no reason given)

All of us haters?

Who might they be?

You seem to be the more hateful of the very few posters so far on the thread.

reply to post by butcherguy

Obama backed a solar panel company that has ties to Democratic Party donors, we should absolutely expect failure.

I don't understand why you felt the need to take a dig a democrats. Just for fun...?

Originally posted by TsukiLunar
All in all, an endeavor like this cannot be expected to succeed automatically and in fact failures absolutely should be expected.

Exactly. And if they fail then that means there's no demand for it, and hence should disappear. If this business needed tax support then it was offering an inferior product and should have been dismissed from the market long ago.

This is the kind of nonsense we get when the state props up corporations with tax money, and then to protect their investment they downplay all inefficiency or they appeal to a greater good delusion for why no one wants to buy it.

Originally posted by TsukiLunar
reply to post by butcherguy

 

Obama backed a solar panel company that has ties to Democratic Party donors, we should absolutely expect failure.

I don't understand why you felt the need to take a dig a democrats. Just for fun...?

Just for truth.

Facts, you know, count.

reply to post by xuenchen

The government money = MY money.

Then.... what? I mean, you pay your obligatory taxes and this particular issue has real potential on showing you a personal return. This is the kind of situation in which you should be happy to pay taxes for. In fact, I consider stuff like this THE reason we pay takes.

And we as a nation are busted out financially -- right ?

Uh... sure? But $400 million dollars isnt exactly a game breaker when it come to the amount of money our country has to throw around.

A capitalist system allows private (voluntary) investors to create new technology. Let them gamble on failure.

And there are some private investors. Just not very many. Its because its a risk, as we have so clearly seen. Private investors just dont want to risk it.

Thus, if the government wont invest in it, then the technology will never get any where and will never become mainstream.

they can't compete with chinese companies that get straight up subsidies from their gov't

so while we play politics, they kick our butts in the obvious energy of the future

reply to post by xuenchen


I'm sure there are plenty of articles on that issue-
BUT,
I know more about Abound's situation than ANY news company or journalist does.

I CAN PROMISE YOU THAT.

Let's just say,
this hits close to home.

reply to post by syrinx high priest


*points to nose*
exactly.

Originally posted by TsukiLunar
I dont know what you guys are so mad about. We are going to have to spend money investing in renewable energy at some point.

I am baffled as why you believe the taxpayers are the one's who have to pay for this. For one thing, when or if this technology becomes a viable source of energy, private investors will be tripping over each other to get a piece of the pie. Secondly, rather than the taxpayer, those who will profit from the final product are the one's who should be taking the risks.

And last, but not least, if you think these government loans/grants/subsidies/etc. are about energy, you may be a lost cause. It's about cronyism and political capital. Just like the cronyism and political capital in the Bush era, with the military and petroleum industries.

Not too mention in the long run this will probably end up saving a lot of money.

Saving who a lot of money? Every penny Obama is dumping into his faux energy policy and these well orchestrated schemes is borrowed. Those loans are costing taxpayers around $200 billion annually, in interest alone, with estimates of that number rising to around $800 billion, over the next few years.

reply to post by imherejusttoread

Exactly. And if they fail then that means there's no demand for it, and hence should disappear.

I am not exactly sure what you mean. Are you saying that you don't want virtually free energy?

Originally posted by TsukiLunar
I am not exactly sure what you mean. Are you saying that you don't want virtually free energy?

I don't want virtually free energy through the vehicle of government.