Our Lawyer-in-Chief, the brilliant Harvard law professor, has recently put on a symposium for us on investment law. It should be titled “How not to invest when saving/creating jobs with taxpayer dollars.”
Lawyer Obama apparently ignored a glowing, red legal flag when his administration decided to make what turns out to be a $527 million loan to a now-bankrupt solar energy company. The loan was part of a package made to struggling Solyndra, a solar company owned by a top contributor to the president, as we reported previously on Townhall Finance.
Bloomberg revealed yesterday that the company’s independent auditor warned of substantial troubles at the solar company- troubles that threw its survival in doubt- even while the Department of Energy fast-tracked approval of the risky loan. It’s been speculated that the loan approval only came because of pressure from the White House.
The House Energy Committee has been investigating the loan for months. Sources with knowledge of the intentions of the House Energy Committee have said that the investigation into Solyndra has been the committee’s “number one priority” since February of 2011. Their focus shows that they believe some level of wrong-doing was committed high up in the administration in regard to the loans.
And the new revelations that have come from Bloomberg.com should not be reassuring to the president’s supporters.
“Two months before Obama’s visit” to Solyndra, writes Bloomberg, “accounting firm PricewaterhouseCoopers LLP warned that Solyndra, the recipient of $535 million in federal loan guarantees, had financial troubles deep enough to “‘raise substantial doubt about its ability to continue as a going concern.’”
“People including our government put blinders on and did not want to believe in the obvious,” Jonathan Dorsheimer, an analyst in Boston for Canaccord Genuity Inc. of Vancouver, said in an interview with Bloomberg Government. “The fact that the government chose Solyndra as their white horse is mind- boggling.”
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