The media has been giving Obama a pass on the fast and furious scandal. They have downplayed it and are now ignoring it. A new scandal is brewing for the Obama Regime. The “Green” jobs company was hailed as a model for future economic development. They were the first company to receive loan guarantees for the 2009 Pork laden stimulus. Obama even sat in on a board meeting. Now Michael Barone describes how the ties between Solyndra and the Obama regime is potentially a major scandal.
One factor favoring President Obama’s re-election, according to a recent article by political scientist Alan Lichtman, is the absence of scandal in his administration.
Lichtman may have spoken too soon.
The reason can be capsulized in a single word: Solyndra.
That’s the name of a company that manufactured solar panels in Fremont, Calif. (which voted 71 percent for Obama in 2008).
Solyndra was the first company to receive a loan guarantee from the Department of Energy as part of the 2009 stimulus package. This wasn’t small potatoes. The loan guarantee was for $535 million.
[….]
Unfortunately, there were other things going on at Solyndra for those with eyes to see. As my Washington Examiner colleague David Freddoso reported, an audit of the company performed by PriceWaterhouseCoopers two months before Obama’s visit noted that the firm had accumulated losses of $558 million in its five years of existence.
The auditor noted that Solyndra “has suffered recurring losses from operations, negative cash flows since inception and has a net stockholders’ deficit that, among other factors, raises substantial doubt about its ability to continue as a going concern.”
One of the original investors in Solyndra was Oklahoma billionaire George Kaiser, who was also a major contributor to Obama’s 2008 campaign. In early 2011, Kaiser and other investors provided an additional $75 million in financing to Solyndra. They did so on condition, approved by the Energy Department, that they receive priority over previous creditors, including the government.
Read the rest: Obama Tainted by Loan Guarantees to Solar Firms
I wish I shared Michael Barone’s optimism on this being a major scandal. DOn’t get me wrong, this could be very damaging to the Obama regime. However, seeing how the media has covered up fast and furious, I doubt this will damage Obama. The regime has gotten away with murder.
Tags: Michael Barone, Solyndra
