This is just another example of the corruption in the Obama administration. Even though the administration does not have a clue of how economic development works in the private sector, it is is not gross ineptitude and incompetence at work here. Rather, everything is a campaign promise and public policy is implemented on a wink-and-a-nod basis.
Solyndra executives donated big bucks to Obama's presidential campaign and in return received $535 million in federal backed loans.
Shareholders and executives of Solyndra, a green energy company producing solar panels, fundraised for and donated to the Obama administration to the tune of hundreds of thousands of dollars.And of course the taxpayer is left holding the bag. That's how these things work.
Tulsa billionaire George Kaiser, a key Obama backer who raised between $50,000 and $100,000 for the president’s election campaign, is one of Solyndra’s primary investors. Kaiser himself donated $53,500 to Obama’s 2008 election campaign, split between the DSCC and Obama For America. Kaiser also made several visits to the White House and appeared at some White House events next to Obama officials.
Campaign finance records show Kaiser and Solyndra executives and board members donated $87,050 total to Obama’s election campaign.
And now, just two years after securing a half-billion-dollar federal loan, Solyndra has said that it will declare Chapter 11 bankruptcy.
After filing for bankruptcy last year, Fremont solar company Solyndra still owes American taxpayers half a billion dollars. But CBS 5 caught them destroying millions of dollars worth of parts.
Here ya go. They treat this like an agricultural program where you bump up the price of a commodity by buying millions of tons of it, like corn or pork bellies, and then letting it rot - anything to keep it off the market so the supply stays artificially low. The thing is, solar panels don't rot ... you have to destroy them.
The venality of Obama and his enablers is beyond belief.
Dear Lord, remove the blinders from their eyes and help this Nation realize the hideous mistake they made in electing this foul creature to high office.