It is time to stick a fork in disgustingly corrupt “green energy” boondoggles while it is still conceivable that we might pull back from the edge of national bankruptcy — as proven by the sordid story of Solyndra:
Major donors to President Obama have received favorable treatment throughout his administration. [Wednesday]’s news that solar company Solyndra is going bankrupt demonstrates the consequences of that apparent cronyism. The company’s demise is likely to cost taxpayers hundreds of millions of dollars.
Solyndra suspended operations Wednesday and will soon file for chapter 11 bankruptcy and lay off its 1,100 employees. The company cited “regulatory and policy uncertainties in recent months” as the cause of its financial hardships, which have “created significant near-term excess supply and price erosion,” according to the company’s CEO. Solyndra is the third solar company to file for bankruptcy this month.
Those “regulatory and policy uncertainties” are inflicted by the same authoritarian behemoth that handed Solyndra over half a $billion of our money as a reward for the company’s coziness with Obama — a staggering fortune that now will apparently go swirling down the drain.
The Energy Department bypassed its normal vetting procedures in awarding Solyndra a $535 million loan guarantee in early 2009, the Center for Public Integrity reported in May. Now, the company’s bankruptcy may stick taxpayers with the bill for that loan.
Solyndra was allowed to skip the usual financial assessment before receiving the massive public handout, not only because inefficient solar panels are politically correct, but because…
George Kaiser, one of Solyndra’s top investors, raised about $50,000 for Obama’s presidential campaign.
The loan guarantee was part of the Export-Import Bank’s “Renewable Express” program, which was created to encourage exports in the renewable energy industry. The Export-Import Bank’s president and chairman, Fred Hochberg, was also a major Obama donor, bundling an estimated $100,000 for his campaign.
Even the Government Accountability Office can’t help but smell a rat, having
found in its audit of the loan program that the government had “treated applicants inconsistently, favoring some and disadvantaging others.” Solyndra was among the favored companies; Wednesday’s events confirm that it was not the company’s financial viability that earned it the federal loan.
The crony capitalist Obamunists at Solyndra are not alone.
Though the Energy Department and Solyndra deny that political considerations influenced the company’s favorable treatment, the company is just one among many firms owned, operated, or financed by a major Obama donor that have enjoyed such treatment. In fact, “nearly 200 of his biggest donors have landed plum government jobs and advisory posts, won federal contracts worth millions of dollars for their business interests or attended numerous elite White House meetings and social events,” Politico noted in March …
Another one of those donors owns a venture capital firm with four renewable energy companies in its portfolio that have also received more than $500 million in loans, grants, or stimulus funds. One hopes they fare better than Solyndra.
Don’t count on it. If green energy made any sort of economic sense, subsidies would not be necessary. The purpose is not to keep the lights on, but to transfer our money to the pockets of political donors. Green energy is grand larceny wrapped in fraud.
Not even exporting jobs to China to escape red tape could save a Solyndra:
When government loan guarantees of more than half a billion dollars were secured, Solyndra bragged that its new plant expansion would create 3,000 construction jobs and 1,000 permanent manufacturing positions. On a plant-site visit, Vice President Joseph R. Biden Jr. enthused, “These are jobs that won’t be exported.” Not so, Joe. … Solyndra sent half its manufacturing to China.
Solyndra is the perfect corporate embodiment of Obamunism. Its corpse needs to be hung around President Downgrade’s neck.
On tips from The MaryHunter, J, SR, G. Fox, Sean, Shawn, and Byron.