I've been going big on Solyndragate here at DeBord Report. It's a good story. It has everything: ideas about the future, money, politics, success, failure, Silicon Valley, Washington — and it's sucked in the Obama administration. It's also generated a lot of discussion and debate in the blog-o-sphere about both the specifics of the solar startup's abrupt bankruptcy and the role of government in financing green energy projects. Here's a rundown of what I've written so far:
Think the Department of Energy is bunch of meek bureaucrats? Think again. It's a den of super-venture-capitalists who have been building up the thin-solar industry in America.
When you invest in new industries, you sometimes have to swing for the fences in order to capture major returns.
I went on KPCC's AirTalk with Larry Mantle this morning to talk about the Solyndra bankruptcy and what's turning into something of a scandal. This was hot on the heels of the Atlantic's Megan McArdle and Reason's Tim Cavanaugh going after not just the politics of this sucker, but also the very notion that the Federal government should be investing in renewable energy in the first place.
Just for background, Solyndra got a $535 million loan guarantee from the Department of Energy in 2009, four years after it was founded and well into an application process that was initiated under the Bush administration (Grist has the blow-by-blow on all this). Prior the the DOE loan, Solyndra had raised venture funding; after the DOE loan, it raised even more, eventually amounting to $1 billion. Post-bankruptcy, the Washington Post reported that the White House had been edging the DOE toward an approval, so that Joe Biden and DOE head Stephen Chu could schedule appearances. And just to make things extra juicy, a big Obama supporter and "bundler" of campaign donations, George Kaiser, has a venture fund that was heavy into Solyndra.