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
Filed under California, California Green Jobs, Climate Alarmism, Climate Change, Climate Disruption, Climategate, CO2, Co2 Insanity, Financial, Global Warming, Government, Green Energy, Green Tech, Obama, Politics, Renewable Energy, Solar, Solargate, Solyndra
There is a new turn in the Solyndra debacle this morning. It is being reported by papers, radio and TV that the FBI is executing a search warrant at Solyndra and the Inspector General at the Department of Energy is also involved.
No word on what they’re looking for but I would suspicion it has to do with the $500+ million in loan guarantees provided by the government and Solyndra’s sudden closure last week, laying off about 1,000 employees without notice.
It makes me also wonder if there are any plans to do a search at Oklahoma billionaire George Kaiser’s place as he is the majority owner of Solyndra, who is reported to be a large fund-raiser for Obama in 2008 and who was possibly instrumental in getting Solyndra the loan guarantees.
Update 1: This now has me wondering what exactly is going on. Is this a raid to get evidence for a possible prosecution? Or, is this a raid to remove evidence that may come back and haunt the Obama administration? The way things are going these days (Operation Gun Runner and Operation Fast & Furious), I certainly would not be surprised if this turned out to be some move by Attorney General Eric Holder to sanitize things for the President. Reelection is coming up you know.
More later as things develop.
Filed under California, California Green Jobs, Climate Alarmism, Climate Change, Climate Disruption, CO2, Co2 Insanity, EPA, Financial, Global Warming, Government, Green Energy, Green Tech, Prop 23, Solar, Solargate, Solyndra