The Solyndra Scam

There are a number of elements to this miss. First, the CEO gave a very large donation to Obama's election campaign. This is after Solyndra's request for development money from the DOE was placed on hold (rejected?) by the Bush Administration. Not that there was any cronyism or such but six weeks after Obama took office he is fast-tracking the Solyndra request. Then tied this up in his "Stimulus Package" for a whopping %535,000,000.

That's bad enough, but at the same time, Obama and his little toady, Joe Biden, had already scheduled a photo op showing how his stimulus plan was creating "green jobs." The question here is: How many jobs were actually created? That is a question I can't seem to find an answer too. If I were to guess, I would say 3 to 500. Even at 500 jobs that works out to $1,070,000 tax payer dollars per job. Personally, I think I could have taken all those new hires aside, given them each, $100,000 and saved a hell of a lot of money.

The story really get's worse. The upper management of Solyndra could see this mess going down the tube, so what did they do? The got the investors to kick in $73,000 and subordinate the DOE loan to second position in violation of DOE Rules, as well as, statue. Two week later, as the CEO was handing out 1100 pink slips and shaking his head, claiming no one could see this failure coming. That is no one except the Board of Directors and the two top executives who orchestrated the $73,000 phoney loan at the last minute. By this time a Chapter 7 Bankruptcy has been filed in Federal Court. The assets will be liquidated and the cronies will be repaid their $73 K, but the tax payers are left holding the bag for half a billion dollars.

Next out of the mess boils LIGHTSQUARE. Oops. Who was in early investor in that company? Why Obama, of course. And who is the major backer? George Sores. How does he keep popping up in these fiascoes? The story of LightSquare is a little different. They aren't broke (yet) but their product endangers the security and defense of the United States. But that doesn't seem to be a problem with Obama and his friends. They even pressured a Major General to lie to Congress to push this mess through approval.

These are classic cases of Crony Capitalism. Obama and his friends have over and over fleeced the U.S. Tax payer out of billions of dollars. When will this stop?