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-- FBI agents on Thursday were searching the offices of a California solar energy company touted by President Barack Obama that recently halted operations, FBI executed search warrants at the Fremont, California offices of Solyndra, which recently filed for bankruptcy.
Solyndra received a $535 million government loan guarantee from the Obama administration under the stimulus bill of 2009, and the president visited the company last year to demonstrate his support for alternative energy sources made in the United States.
The company said it was hurt by reduced demand for the solar panels it produces and strong competition from overseas rivals.
Personally, I don't buy any of these excuses. Solar panels are in high demand everywhere, and especially ion the Central Valley. The main barrier homeowners have in installing the panels is price. If the government was able to get these huge loans to this company at great rates, the company should have easily been able to pass the deal on, and sell loads of solar systems. Yes, there is a greedy fraudulent scam here and those guys need to go to jail for fifty years and pay back the money.
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