Please send out an APB for common decency because it’s gone, along with the $535 million in taxpayer-guaranteed money that the Obama administration wagered on the California-based solar start-up Solyndra. The high-priced, pet green project – the centerpiece of the president’s green jobs initiative – went belly up, and the F.B.I. raided the homes of top executives.
It gets worse. Turns out that Solyndra major investor George Kaiser along with other top executives and board members donated more than $87,000 to propel Barack Obama to the White House. And Kaiser et al were frequent visitors to 1600 Pennsylvania Avenue including March 2009, just one week before the Department of Energy (DOE) approved the ill-fated loan.
It gets worse. With help from the DOE, Solyndra avoided bankruptcy earlier this year, which could have saved taxpayers millions. Despite warnings from the Office of Management and Budget (OMB), the beleaguered solar company was allowed to renegotiate its loan and put taxpayers in a subordinate position. When the liquidation is said and done, it’s likely that taxpayers won’t get much.
It’s no wonder that Pew Research Center found that 86 percent of Americans are either frustrated or angry with the federal government. Solyndra gives them 535 million more reasons.
You’d think someone would have the common decency to apologize. Don’t hold you’re your breath waiting for one. The reaction from all the players ranges from defensive to offensive, from cavalier to incredible. No responsibility. No display of remorse.
Half a billion dollars of incompetence, crony capitalism and moral corruption and taxpayers can’t get even get an apology, much less an explanation of how Solyndra burned through all that money.
The White House
In 2009 the White House fast tracked the $535 million taxpayer-guaranteed loan to Solyndra, the first “green jobs” loan under the Obama Administration’s American Recovery and Reinvestment Act (ARRA).
On May 26, 2010, President Obama made a much-publicized visit to Solyndra and boasted, “Less than a year ago, we were standing on what was an empty lot. But through the Recovery Act, this company received a loan to expand its operations. This new factory is the result of those loans.”
Today, the lot may not be vacant but the building is, as all 1,100 employees have been laid off.
On September 1, when the White House press corps queried Press Secretary Jay Carney about Solyndra’s bankruptcy, Carney explained “that’s just the way the that business works.”