I agree with the author, this is an enormous story. In Feruary the lenders reorganize Solyndra’s debt so that the US loan is subordinated to George Kaiser’s (an Oklahoma oil and gas billionaire and 0zer0 bundler) investment in Solyndra through his investment holding company. So now it looks like the ozer0 benefactor (Kaiser) gets reimbursed while the US taxpayer eats the $535 million loan due to this restructuring.
The republicans and Issa need to beat this drum relentlessly for the next year and a half. This is the type corruption that could bring an administration down if the pubbies are willing to pursue this.
From The Market Ticker:
Why is important? Because your money - $527 million of it - has a subordinate position to $70 million in private equity money that preceded it.
Why did the DOE do this? That's a good question.
You'd have to be mad to offer more than seven times the previous financing that the firm secured in a subordinate position, especially when the firm burns through it and blows up in a year!
Or, of course, you might be corrupt.
Pick one OBAMA, because from where I sit this looks like your administration bailed out a private equity fund's bad investment, and I think we the people should know why.