How Solyndra Burned Through a Half-Billion Taxpayer Dollars 10 Years Ago
Ten years ago today, President Barack Obama gave the Solyndra solar panel company $535 million of Energy Department loan guarantees as part of his economic stimulus program, Sandra Smith reported on "America's Newsroom."
"The true engines of economic growth will always be companies like Solyndra," Obama said of the California company at the time.
Then-Energy Secretary Steven Chu also heralded the taxpayer funding for easy-to-install solar panels.
Looking back on the failed investment, Smith played video clips of Solyndra's early days, with Gov. Arnold Schwarzenegger (R-Calif.) breaking ground on part of the company's property.
Smith said that just days after the ensuing 2010 midterms, Solyndra filed for bankruptcy and finally went under in 2011, taking with it the half-billion taxpayer dollars and hundreds of jobs.
Trump Energy Transition Team Member Tom Pyle said that the federal government should never have been involved with a company that was labeled "too high risk for private investment" in the first place.
"That's why we shouldn't have had that program," he said.
An inspector general's report later showed that the actions of Solyndra executives were "reckless and irresponsible" and that the company misrepresented facts and omitted key information to secure the federal loan guarantees.
Watch the full report above from America's Newsroom.