The Shovel was Only "Ready" to Dig the Hole to Bury $535 Million and then File Bankruptcy

$535 Million of your money pumped in to stimulate a budding solar energy company that has filed for bankruptcy less than three years later.  Wonder what the shovel was really ready for?

President Obama visited Solyndra in May 2010, heralding the company as “leading the way toward a brighter and more prosperous future.” He also cited it as a success story from the government’s $787 billion economic stimulus package.

“Less than a year ago, we were standing on what was an empty lot.  But through the Recovery Act, this company received a loan to expand its operations,” Obama said at the time. “This new factory is the result of those loans.”

In 2009, the Obama administration fast-tracked Solyndra’s loan application, later awarding it $535 million in guarantees from the stimulus funds.

The deal later came under scrutiny from independent government watch dogs and members of Congress, which said the administration had bypassed key taxpayer protections in a rush to approve the funds — claims the administration has denied.