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Slumdog Solyndra

State Beacon Published May 3, 2012 Reviewed Jul 2, 2026 ✓ Reviewed by citations.press editors
Citation-ready fact
The Obama administration invested $535 million in Solyndra, a solar panel company that later filed for bankruptcy.
535000000 USD · Solyndra loan
article (reporting Department of Energy action)
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Citation-ready fact
The Solyndra loan was part of the $787 billion stimulus package.
787000000000 USD · stimulus package
article (reporting stimulus package allocation)
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Citation-ready fact
Sheneeka won $7,000 for correctly answering a question about Solyndra on 'Who Wants to Be a Millionaire'.
7000 USD · prize winnings
Sheneeka, contestant on ABC’s 'Who Wants to Be a Millionaire'
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Citation-ready fact
Solyndra filed for bankruptcy two years after receiving the loan in September 2009.
2 years · time between loan and bankruptcy
article (reporting timeline)
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Citation-ready fact
The White House faced criticism in 2011 for granting over half a million dollars in loans to Solyndra.
more than 500000 USD · loans to Solyndra
White House
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The Obama administration’s $535 million investment in bankrupt solar panel company Solyndra is paying off for at least one American taxpayer.

Sheneeka (last name unknown), a contestant on ABC’s "Who Wants to be a Millionaire," won $7,000 for correctly answering a question about the Fremont, Calif., company:

In 2011, the White House took heat after granting over half a million dollars in loans to Solyndra, a failed company that created what?

After initially expressing some uncertainty, Sheneeka decided to "go with her gut" and choose option C, "solar panels," netting her $7,000 for the correct answer.

Solyndra received a $535 million taxpayer-guaranteed loan from the Department of Energy in September 2009. The funding was allocated as part of the $787 billion stimulus package, which did much to advance the president’s efforts to aggressively subsidize the green energy industry with federal tax dollars. Two years later, however, the firm filed for bankruptcy.

Critics have accused President Obama of favoring the company – despite concerns raised within the administration about the Solyndra’s viability – because a number of major Obama fundraisers had substantial investments in the firm.

Solyndra’s failure is clearly an item of concern for Obama and his reelection campaign, which scrubbed mention of the company in a recent ad touting the president’s record on job creation.

Solyndra is currently selling its remaining assets at auction, though taxpayers are unlikely to see much of return on the $535 million failed investment, in large part because the administration restructured the initial loan agreement to guarantee that private investors such as billionaire Obama donor George Kaiser would be prioritized in the event of Solyndra’s collapse.

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