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Wednesday, February 29, 2012

Another Kanjorski Ship Taking On Water ....Or Here We Go Again ?

Well it seems another government backed Kanjorski enterprise may be on the verge of doing what all government backed Kanjorski enterprises do....crap out. Russ Kanjorski who was VP of Abound Solar until just a few months ago when he and several other executives including the president left within a few weeks of each other. Abound Solar which received several hundred million in loan guaranties from the obama  administration to build solar panels just announced they are laying off 70 % of its work force. The company said they were laying off in order to retool to make a more efficient solar panel. Rumors have swirled since its executives left that Abound Solar may go the way of Solyndra which declared bankruptcy soon after receiving several hundred million from the obama administration.

Report: Stimulus-backed solar company lays off 70 percent of workforce

posted at 6:35 pm on February 29, 2012 by Tina Korbe

Further evidence that when government officials usurp the role of the free market to choose winners and losers, they inevitably shuffle taxpayer dollars across the table to … losers. The Heritage Foundation’s Lachlan Markay reports:

President Obama used a weekly address in July 2010 to tout his stimulus package’s support for the solar industry. One of the companies he mentioned specifically, Abound Solar, just announced that it will lay off 70 percent of its workforce.

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