published Wednesday, October 19th, 2011

Growing Solyndra loan scandal

The scandal surrounding the use of federal tax dollars to make a half-billion-dollar loan to a now-bankrupt solar panel maker is getting worse.

It is bad enough that the California-based company, Solyndra Inc., got the $528 million loan in the first place. Washington shouldn't be propping up different sectors of the energy industry -- whether they be traditional energy such as oil and nuclear or alternatives such as wind and solar.

But the preferential treatment that solar panel manufacturer Solyndra got from the federal government makes this particular loan even more alarming.

Officials at the U.S. Treasury Department recently testified before Congress that the huge loan to Solyndra was restructured in such a way as to protect private investors -- and force taxpayers to foot the bill if the loan went into default. So when Solyndra declared bankruptcy, U.S. taxpayers were on the hook for the company's half-billion-dollar loan, while private investors were assured of being repaid.

The Treasury officials -- including one who had been with the department nearly three decades -- testified that they had never before seen the government restructure a loan so as to repay private investors before repaying taxpayers in the event of default.

What makes this look still more troubling is that one of the main investors in Solyndra was a group headed by billionaire George Kaiser, who is a big fundraiser for Barack Obama. Prior to Solyndra's collapse, Obama heavily touted the company as a model for solar energy production.

But if bankrupt Solyndra is a "model" for anything, it is that the federal government shouldn't be squandering taxpayer dollars on risky energy programs. Such programs are not helping our economy, and they are saddling our people with higher debt.

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TERRORALERT said...

WALL STREET PROTESTS...NOT ANTI WALL-STREET AT ALL, BUT INSTEAD RACIALLY MOTIVATED VIOLENCE AGAINST WHITES KNOWN AS WELL UNDER ZIONIST "TRANSFER OF OWNERSHIP" FROM HANDS OF WHITE AMERICANS TO SO CALLED "MINORITIES"(COMMUNISM) http://multiculturalismisterrorism.blogspot.com/

THIS NEWS IS RELATED TO "WHITES AREN’T WELCOME IN AMERICA ANY LONGER" !!! http://www.youtube.com/user/BostjanAvsec <== OBAMA'S HEALTH CARE RECORDED LIVE IN 2009. Facts about lunatic ZIONIST Obama/Bush's twilight zone administrations(HORROR) or genocide against white population.

VISIT "MULTICULTURALISM = TERRORISM & OBAMA = OSAMA" http://stateofterror.blogspot.com/

OR

“OBAMA = STALIN = BUSH or USA = SOVIET UNION” http://avsecbostjan.blogspot.com/ FROM 911 TO AMERICAN WHITE REFUGEES FILLING ASYLUM ABROAD RIGHT NOW !!! LEARN TRUTH PER WHO, HOW, AND WHY HAVE RUINED YOU...

October 19, 2011 at 6:04 p.m.
acerigger said...

TERRORALERT,,please try using this ancient chant to help relieve your anxieties,,repeat it often;

"OWAH TAGOO SIAM"

October 19, 2011 at 10:47 p.m.
morganw said...

I hope they nail these guys for purgery of they say these advance loans were approved under the Bush administration. There are e-mail showing that the Bush people pulled the plug on this project and it was brought back to life and funded soon after Obama got into office. Where in the hell is the reporting on this story. Why didn't the reporter mention this fact to the idiot he was talking to?

January 7, 2012 at 9:53 a.m.
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