From the Atlanta Journal Constitution:
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.
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…
Which is a rather stupid defense – because now we’ve got the 1,000 people out of work, plus an additional half billion dollar burden on the American taxpayer. When you start making stupid defenses of your actions, it means you know you’ve really screwed up and are just hoping that it doesn’t entirely blow up in your face.
This scandal, though, is starting to show signs of getting legs – legs which will keep it walking through American politics for quite a while. And legs which just might lead us to ever more scandals just like this. It is clear from Solyndra that at least some in the Obama Administration were happy to make deals which were bad for the taxpayers and good for Obama donors…the only thing we don’t know is the “Watergate” question: what did the President know, and when did he know it?
In a lot of ways, Obama had better hope he loses next year – the rising tide of scandal bodes ill for an Obama second term, and after the 2012 elections, even if Obama does win, he is likely to be faced with a Congress entirely controlled by the GOP…no friendly Reid holding back the Senate half of government oversight. A re-elected Obama might be forced to do nothing but defend himself against scandal after scandal flowing out of his complete control of government 2009-11.
UPDATE: More information emerging in the “LightSquared” scandal – seems that President Obama was an early investor in the company. To remind, there is evidence that Administration officials pressed an Air Force general to change his testimony to be more favorable to LightSquared. This is getting to be the sort of run-of-the-mill corruption we see out of Chicago…has Obama really been playing that particular game while in DC? Only an investigation will settle the matter…
these are not acts of a president…the executive power excercied in the solyndra loan cannot shield obama and his good ole boys from criminal charges…the acts they took to enable this transfer of wealth had nothing to do with the office of potus…the misuse of this power is a criminal act…
by a criminal usurper. and the criminal enterprise the DNC
mmmmm mmmmm mmmmm
more of the democrat love…….
and some want 4 more years of this insanity?
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So we are looking at a company that had a 1000 workers that had their jobs saved for around a year or two at a small cost of 500 billion dollar. Those must have been very high paying jobs.
It used to be that private investors were the ones taking the huge risk. In this it is the other companies that supplied this that are the losers, the last to get paid, so it isn’t just 1000 people who lost their job solely from this Solyndra, but very likely the companies that supplied goods to Solyndra that have to eat the losses that will end up having to lay off people in order to help close the gap of their losses.
Who said Obama and his regime weren’t smart. Heck, it only cost half a trillion to save Obama’s big contributors, yet it didn’t cost Obama a dime.
The Cloward–Piven strategy is a political strategy outlined in 1966 by American sociologists and political activists Richard Cloward (1926–2001) and Frances Fox Piven (b. 1932) that called for overloading the U.S. public welfare system in order to precipitate a crisis that would lead to a replacement of the welfare system with a national system of “a guaranteed annual income and thus an end to poverty”.
Fraud all the way to the top.
1964 – Republic of Kenya formed. Kenyatta becomes president and Odinga vice-president.
Obama’s ineligibility: Prepare to defend America – Political insurgency
New Day, a New White House Scandal: First Solyndra, Now LightSquared
makes it a far fetched proposition to suggest that 1/2 a billion was spent on 1 factory for 1100 ppl…id suggest a lot of palming going down…that much money put into the right hands….shoot…gotta imagine somebody with many many millions in cash behind the curtain…
you could take 1/2 bn and put ten thousand people to work for the rest of lives…this is a huge sham
It works out to 480k or so per employee…I’ll bet that Solyndra’s average employee made considerably less than that. So, what happened to the rest of the money?
you could take 1/2 bn and put ten thousand people to work for the rest of lives…
How long is rest of lives? 2 years at 25K/year.
If you get simple things like this wrong can we have any confidence in anything you say? Or are you predicting something here?
what js said is above your pay grade, who is it we shouldn’t believe?
I believe js said 1/2 bn would be enough to pay 10,000 the rest of their lives. 500,000,000/10,000 = 50,000 which is not exactly enough to pay someone the rest of their lives unless they live about 2 years or less at a pretty low wage. Are you still confused or is confusion a persistent condition for you?
NOT what he said……
you could take 1/2 bn and put ten thousand people to work
as in EMPLOY THEM in a company that produces capice?
Not the liberal looter mentality of PAYING them for NOTHING.
500,000,000 is 500 million.
500,000,000,000 is 500 billion.
500,000,000,000 / 10,000 = 50,000,000
Ha, ignore me. Need more caffeine.
you need to go back to elementary school camstooge…seriosly…your mental midgetry has been exposed…and we didnt even need to help you
David September 17, 2011 at 9:37 pm
Ha, ignore me. Need more caffeine
And yet GWB was pure as the driven snow? Give me a BREAK people.
Aha! To discuss the possibility of criminal activity by Obama, we need to talk about BOOSH!!!
You guys are so transparent, and so pathetic. Your dependence on Bush hatred is so deep and pervasive, you just can’t let it go, can you?
How about this? “And yet the Clintons, Mr and Mrs, were pure as the driven snow? Give me a BREAK, people.”
You remember the story of Abe Lincoln walking miles to return a borrowed book? He was a Republican—–isn’t it about time to investigate just how long he kept that book before returning it? And if the lender got any quid pro quo later on?
Abe was also a liberal. He fought a civil war on the side of having a stronger federal government.
You pretty sure about that, Cory? Cause it sounds like crap to me.
But then this is what you can expect from someone who is so politically illiterate that he doesn’t even know what “Liberal” MEANS.
Why not do a little reading, cory, and come back here to tell us just what Lincoln tried to do to make the federal government exceed the boundaries and limitations placed on it by the Constitution.
Did he put the federal government in charge of supporting Americans? Feeding them? Housing them? Did he try to make the federal government intrude into the lives of Americans? Did he try to put government into private enterprise? Do you have a CLUE?
You are an indictment of the American educational system, if you actually believe that the Civil War was fought to strengthen the federal government. What lunacy.
Lincoln fought to save the nation and its Constitution, and to halt the effort to simply discard it when it was inconvenient to some Americans. Sound familiar? You know, that part about just ignoring the Constitution when it got in the way?
Yep—Lincoln fought the Liberal types who wanted to just dump the Constitution when it didn’t fit into their agendas. And poor dumb cory calls this “Liberal”.
What a moron.
It has been pointed out to me that at least cory seems to grasp the fact that Liberalism IS based on the desire to make the federal government stronger, which I have to admit is more than I think his fellow travelers understand.
It may be an inadvertent admission, but admission it is.
He’s just goofy in trying to brand Lincoln as a “Liberal” because he fought to save the nation and its Constitution, seeing this only through the prisms of poor education and psuedo-political bias as an effort to increase the power of the federal government.