First Solar's (FSLR) CEO Ousted

While not specifically admitting it, First Solar (NASDAQ:FSLR) undoubtedly ousted CEO Rob Gillette, sending the shares of the company plummeting.

The only word out of First Solar was that Gillette was "no longer serving as chief executive officer."

After the revelation of corruption in the Obama administration concerning so-called green energy, specifically in the solar sector, the industry has quickly fallen out of favor; as there is little chance of securing federally backed loans after the recent bankruptcies in the industry.

Attempts by First Solar to secure a loan gaurantee from the Department of Energy for its Topaz project was rejected.

After Solyndra LLC declared bankruptcy, the GOP has rightly been attempting to stop the guarantees associated with solar loans.

Demand for solar has been anemic in face of the sovereign debt crisis in Europe, which is the largest market in the world. Other pressures have come from falling panel prices based on competition from China.

The solar industry needs to now stand on its own or fail, as there is in fact little desire, other than from elites, to have solar as part of the energy equation.

Taking over for Gillette as CEO of First Solar on an interim basis will be Mike Ahearn, who serves as board chairman, as was also the founder of the company.

First Solar closed Tuesday at $43.27, down $14.68, or 25.33 percent.