In addition to all the other problems surrounding Solyndra, we now get even more stupidification, also known as the taxpayers get screwed again. According to Associated Press:
The Obama administration restructured a half-billion dollar federal loan to a troubled solar energy company in such a way that private investors – including a fundraiser for President Barack Obama – moved ahead of taxpayers for repayment in case of a default, government records show.
Gee, talk about covering your buddies asses at the taxpayers expense, this is it. Why should the taxpayers take a back seat to Obama’s buddies? I also mention stupidification because of the next statement:
Administration officials defended the loan restructuring, saying that without an infusion of cash earlier this year, solar panel maker Solyndra Inc. would likely have faced immediate bankruptcy, putting more than 1,000 people out of work.
Now, please tell me who came up with this brilliant idea? The reality is that if Solyndra had been allowed to go bankrupt, like it should have to begin with, the taxpayers wouldn’t be stuck for $535 million dollars. Restructuring the loan to save a whopping 1,000 or so jobs for such a short time was braindead. It would have been much cheaper to use some common sense and let Solyndra fold.
Heads should roll, people should probably be jailed, but we all know that probably won’t happen and if any do roll, it will most likely be some lower echelon government employee who becomes the sacrificial lamb.
You can read more of the Gore-y details by clicking on the source below.
Source: Associated Press