Posted on 08/06/2012 5:21:13 PM PDT by jazusamo
Obama doubles-down on green firms that go belly-up
Power means never having to say you’re sorry. Despite contrary evidence, the Obama administration is sticking to its story that the decision to loan $535 million to solar-panel manufacturer Solyndra was the right thing to do. To err is human, but when error squanders hard-earned taxpayer money and is compounded by insolent denial, it’s a signal that similar mistakes are inevitable.
On Aug. 2, the House Energy and Commerce Committee released the results of its investigation into the Solyndra debacle, detailing White House backing for the project despite clear evidence that the company was doomed to fail. “Reviews of the Solyndra application were rushed and the quality of those reviews was negatively affected by political considerations — namely, the administration’s desire to make public announcements of these events,” the 147-page report charged.
In its eagerness to push its “green” agenda, the White House scheduled an announcement of the Solyndra loan — featuring remarks by Energy Secretary Steven Chu and Vice President Joseph R. Biden Jr. — before a required Office of Management and Budget review of the deal even began, according to the report. It contends the Energy Department broke the law when it restructured the loan to give private investors — a prominent fundraiser for President Obama among them — priority over taxpayers in recouping loss in the event of bankruptcy. The report also reveals the White House led last-minute negotiations to save the company with a second restructuring to stave off its collapse in August 2011.
(Excerpt) Read more at washingtontimes.com ...
wutchoo say.
It's shameful that the LSM is so transparently biased in favor of Democrats. They will overlook virtually anything done by them or their ilk.
There should be a way to twist the "You didn't build that" statement into an ad listing off some of the many failures that we all got to pay for.
It's so blatant it's pathetic and the LSM just ignores it.
Well said, and all too true.
Romney’s add should be, “Where did our money go?” And then there should be someone looking into Democrat pockets.
One of the solar outfits, SunPower, that got a federal loan used their new financial "viability" to push for a better buyout. That better buyout came from a foreign buyer, of course. The executives all made multi-million dollar profits of a short turn around of stock.
It only cost them $36,000 in campaign contributions.
http://www.humanevents.com/2011/10/11/sunpower-twice-as-bad-as-solyndra-twice-as-bad-for-obama-2/
They wanted to steal another $100 million or so. Solyndra and a dozen other less fancy “green energy” start-ups were simply shell factories thrown together to meet the specs for billions in “Stimulus” dollars that could be skimmed off before they collapsed. Many of the these outfits were in financial straits from the beginning.
And it goes on and on without end.
It’s one thing to do a test, it’s another to put a whole wing or strike group on this spectacularly expensive “fool.”
I suggest something like, "Hey, let's get working on that Keystone thing. Evidently Canada is being flooded with oil and we are the only country that can use enough to save them."
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