Romney Campaign Press Release - A Not-So-Happy Anniversary For Solyndra

"When President Obama takes the stage tonight in Charlotte, one campaign promise he isn't likely to repeat is his pledge to create five million new jobs through risky energy investments. One year ago today, Solyndra filed for bankruptcy, leaving taxpayers and nearly 2,000 American workers behind. As president, Mitt Romney won't pick winners and losers with taxpayer money. He will advance pro-growth policies that will yield millions of new jobs, higher take-home pay, and a better future for our economy." – Ryan Williams, Romney Campaign Spokesman

One Year Ago Today, Solyndra Filed For Bankruptcy Only Days After Suspending All Business Operations:

On September 6, 2011, Solyndra Officially Filed For Bankruptcy After Closing Its Doors And Laying Off Its Employees Days Earlier. "Solyndra scrambled to find a financial life preserver to salvage its fortunes just hours before it closed its doors last week, the solar energy company disclosed Tuesday in a bankruptcy filing. ... The bankruptcy filing makes it clear Solyndra executives spent several weeks in a desperate bid for money to keep operating." (George Avalos, "Solyndra Files For Bankruptcy, Listing Nearly $784 Million In Debts," The Oakland Tribune, 9/6/11)

Solyndra's Bankruptcy Filing Listed Nearly $784 Million In Debts, Including More Than $500 Million Owed To Taxpayers. "Fremont-based Solyndra listed $783.8 million in secured debts and $859 million in assets, according to the filing with the U.S. Bankruptcy Court in Delaware. The debts include $527.8 million the company owes to the Federal Financing Bank and the U.S. Department of Energy" (George Avalos, "Solyndra Files For Bankruptcy, Listing Nearly $784 Million In Debts," The Oakland Tribune, 9/6/11)

Solyndra's Bankruptcy Was Just Another Broken Promise From President Obama, Who Once Called The Company A "True Engine Of Economic Growth":

In May 2010, President Obama Hailed Solyndra As "Leading The Way Toward A Brighter And More Prosperous Future." "It was here where weary but hopeful travelers came with pickaxes in search of a fortune.  It was here that tinkerers and engineers turned a sleepy valley into a center of innovation and industry.  It's here that companies like Solyndra are leading the way toward a brighter and more prosperous future." (President Barack Obama, Remarks, Fremont, CA, 5/26/10)

• President Obama: "The True Engine Of Economic Growth Will Always Be Companies Like Solyndra, Will Always Be America's Businesses." (President Barack Obama, Remarks, Fremont, CA, 5/26/10)

The Obama Administration's Press Release Claimed Solyndra's Loan Would Create More Than 4,000 Jobs For American Workers. "Once finalized, the DOE loan guarantee will enable the company to build and operate its manufacturing processes at full commercial scale. Solyndra estimates that: The construction of this complex will employ approximately 3,000 people. The operation of the facility will create over 1,000 jobs in the United States. The installation of these panels will create hundreds of additional jobs in the United States." (U.S. Department Of Energy, "Obama Administration Offers $535 Million Loan Guarantee To Solyndra, Inc.," Press Release, 3/20/09)

And Taxpayers And American Workers Are The Ones Who Paid The Price For Solyndra's Bankruptcy:

Solyndra's Bankruptcy Cost 1,861 Workers Their Jobs. "On the day it closed, Solyndra said it was laying off 1,100 full-time and temporary employees. But 1,861 workers lost their jobs as the solar panel manufacturer shut its doors, according to U.S. Labor Department documents provided to The Bay Citizen under the Freedom of Information Act." (Aaron Glantz, "Solyndra Layoffs Larger Than Previously Reported," The Bay Citizen, 6/13/12)

"Solyndra's Final Liquidation Plan Estimated That The Government Will Recover Just $24 Million Of The $527 Million That Taxpayers Lent To The Company." "The restructuring went forward, but within months Solyndra failed anyway, leaving federal taxpayers on the hook for much of the half-billion-dollar federal loan. Now, a year after the company's collapse, debate continues over whether the refinancing plan was legal or a wise investment. Last week, Solyndra's final liquidation plan estimated that the government will recover just $24 million of the $527 million that taxpayers lent to the company." (Joe Stephens and Carol Leonnig, "White House Analyst Warned Saving Solyndra Could Cost More Than Letting It Fail," The Washington Post, 8/1/12)

One Year Later, Taxpayers Are Still Waiting For Their Money From Solyndra But The Company's Private Investors Are Doing Fine:

Solyndra's Private Investors – Including A Fundraiser For President Obama – Will Be Repaid Ahead Of Taxpayers. "The Obama administration restructured a half-billion dollar federal loan to a troubled solar energy company in such a way that private investors – including a fundraiser for President Barack Obama – moved ahead of taxpayers for repayment in case of a default, government records show. ... Under terms of the February loan restructuring, two private investors – Argonaut Ventures I LLC and Madrone Partners LP – stand to be repaid before the U.S. government if the solar company is liquidated." (Matthew Daly, "Obama Admin Reworked Solyndra Loan To Favor Donor," The Associated Press, 9/16/11)

• Obama Bundler George Kaiser's Argonaut Ventures Is The "Single Largest Shareholder Of Solyndra." "One of the lead private investors in Solyndra was an Oklahoma billionaire who served as an Obama 'bundler,' raising money during the 2008 presidential campaign. The bundler, George Kaiser, has declined to comment. His firm, Argonaut Ventures and its affiliates have been the single largest shareholder of Solyndra, according to SEC filings and other records. The company holds 39 percent of Solyndra's parent company, bankruptcy records filed Tuesday show." (Ronnie Greene And Matthew Mosk, "Obama Officials Sat In On Solyndra Meetings," iWatch And ABC News, 9/9/11)

Solyndra Failed "Within Months" After Its Federal Loan Was Restructured To Favor Private Investors Over Taxpayers. "Even so, senior officials in the White House's Office of Management and Budget did not discourage the Energy Department from proceeding with its plan to restructure a federal loan to Solyndra — a move that put private investors ahead of taxpayers for repayment if the company closed, the investigation by Republicans on the House Energy and Commerce Committee found. The restructuring went forward, but within months Solyndra failed anyway, leaving federal taxpayers on the hook for much of the half-billion-dollar federal loan." (Joe Stephens and Carol Leonnig, "White House Analyst Warned Saving Solyndra Could Cost More Than Letting It Fail," The Washington Post, 8/1/12)

White House Chief Of Staff Jack Lew Ignored Warnings About Solyndra's Refinancing Plan Even Though OMB Analysts Warned It "Might Violate The Law." "White House chief of staff Jack Lew may have disregarded warnings from lower-level budget employees that the administration's efforts to prop up Solyndra were unwise and possibly illegal, The Washington Post is reporting based on an upcoming House Energy and Commerce Committee report. The Post's story says the report 'suggests' that Lew — in his previous role as director of the Office of Management and Budget — 'let the refinancing move forward without intervening, even though some OMB analysts thought a refinancing plan that favored private investors might violate the law.'" (Bob King, "Solyndra Report May Implicate Lew, Washington Post Writes," Politico, 8/2/12)