Announcement of Solyndra Corp. (Sept. 2, 2011)

(Solyndra Corp., Freemont, CA, solar panel manufacturer that had received $535 million in loan guarantees from federal government as a result of the 2009 "stimulus" legislation (and was the first company selected under the new program), announced on Aug. 31, 2011, that it was filing for bankruptcy and eliminating 1,100 jobs; company officials cited "regulatory and policy uncertainties" in making its decision; in 2009, U.S. Energy Department analysis of Solyndra's business model predicted that firm would run out of money in September of 2011, and Energy Department's credit department unanimously decided not to fund Solyndra in early January of 2010; funding decision changed by new Administration, and in May 2010, President Obama made a speech at the company in which he stated, "Companies like Solyndra are leading the way toward a brighter and more prosperous future"; presently, 20 percent of U.S. solar manufacturing capacity have or will be filing bankruptcy; U.S. share of solar panel manufacturing has fallen from 43 percent in 1995 to 7 percent in 2010; congressional subpoena issued to obtain key governmental documents in matter).