Solyndra solar company fails after getting controversial federal loan guarantees

Solyndra, a California solar company backed by a half-billion dollars in loan guarantees from the Obama administration, on Wednesday announced it was shutting its doors and laying off 1,100 employees.

The unexpected announcement raised questions about whether taxpayers would be responsible for the entire $535 million in loans that the company used to build a Silicon Valley factory. The wisdom of loan guarantees granted to the company by the Obama administration had already been questioned by government auditors and been the target of a subpoena from House Republicans.

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Cecilia Kang 01 Sep, 2011

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Source: http://feeds.washingtonpost.com/click.phdo?i=b11f11b326edc0c99708a3de5992e96b
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