SOLAR PANEL COMPANY TOUTED BY OBAMA DECLARES BANKRUPTCY

RECEIVED $355 MILLION IN GOVERNMENT LOANS; WAS MAJOR DONOR TO OBAMA CAMPAIGN

Solyndra, a San Francisco-based solar panel company that received a $535 million loan guarantee from the federal government has declared bankruptcy. Just last year, Captain Green Jobs touted the company as “leading the way” in the green jobs future he wets himself over – on a regular basis. Oh, and ABC News recently revealed that one of the major financial backer for Solyndra is also a major donor to the Obama Campaign, too.

What a shock. Go figure.

The donor, Steve Westley, was subsequently named to the President’s Energy Advisory Board. Solyndra was supposed to have produced 4,000 jobs with the loan guarantee. Now? All of the company’s employees have been laid off. Do tell.

Congressman Cliff Stearns, (R – FL), Chair of the House Energy and Commerce Committee’s Oversight Subcomittee, released the following statement this afternoon:

“In an apparent rush to push stimulus dollars out the door, the Obama Administration wasted $535 million in taxpayer funds in guaranteeing a loan to a firm that has proven to be unviable in the global market. For months, we have been investigating how and why nearly half a billion dollars in taxpayer money was committed to this financially troubled company.

According to The Center for Public Integrity, one of Solyndra’s major investors was George Kaiser, an Oklahoma oil billionaire who raised large sums of money for Obama during the 2008 election. This raised concerns that politics my have played a role in putting taxpayer dollars at risk in making this loan guarantee. In addition, last year the Government Accountability Office issued an unusually blunt assessment of the Energy Department’s loan program, concluding that the department had “treated applicants inconsistently, favoring some and disadvantaging others.

Using stimulus funds to promote job creation, the Department of Energy awarded a $535 million loan guarantee to Solyndra and the Obama Administration was supposed to review the loan to ensure that taxpayer money was not put at risk. Our subcommittee was forced to subpoena the Administration for records involving this loan guarantee.

Although the Administration has been uncooperative with this investigation, this decision by Solyndra does not end our inquiry and we will continue to look into how this loan guarantee was approved and why the American taxpayers are mostly likely out $535 million. In addition, this brings up concerns if taxpayers were adequately protected during the restructuring of the loan to Solyndra.”

While most of the Obama Media Group at least made mention of the Solyndra bankruptcy, NBC and MSNBC completely ignored the story.

As I’ve said multiple times in the past, one can only imagine the histrionics and the mass hysteria that would spew forth from the left-wing and its sock puppets in the media – if this were George Bush, or any other Republican. Liberal hypocrisy at its absolute best.

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Just another example of “the most transparent administration in history” and its Chicago-style politics, huh? 

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Categories: Global Warming Fanatics, Liberal Political Lies, Planet Obama

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