It just keeps getting better and better. The DC seems to be breaking this open like they did the Journolist scandal:
A solar energy company that intends to file for bankruptcy received $535 million in backing from the federal government and has a cozy history with Democrats and the Obama administration, campaign finance records show.
Shareholders and executives of Solyndra, a green energy company producing solar panels, fundraised for and donated to the Obama administration to the tune of hundreds of thousands of dollars.
Tulsa billionaire George Kaiser, a key Obama backer who raised between $50,000 and $100,000 for the president’s election campaign, is one of Solyndra’s primary investors. Kaiser himself donated $53,500 to Obama’s 2008 election campaign, split between the DSCC and Obama For America. Kaiser also made several visits to the White House and appeared at some White House events next to Obama officials.
Campaign finance records show Kaiser and Solyndra executives and board members donated $87,050 total to Obama’s election campaign.
Then the House moves in.......
Yup. Obama's been playing favorites, picking winners and losers based on campaign ante, basic Chicago thug politics in action. The blogs are going to pick this up where the main stream media is silent as a church mouse about it.Originally Posted by The Daily Caller
LINKFremont solar tech firm Solyndra to shut down, lay off hundreds of workers
Solyndra, a Fremont-based solar panel manufacturer that flared then sputtered, abruptly ceased operations on Wednesday and immediately laid off all 1,100 of its workers.
The shutdown marks a high-profile collapse of a company that received more than $1.6 billion in federal and private funding in recent years.
"This was an unexpected outcome and is most unfortunate," Brian Harrison, Solyndra's president and chief executive, said.
The company received $535 million in taxpayer money from the U.S. Department of Energy and $1.1 billion in private venture capital funding.
"We have always recognized that not every one of the innovative companies
supported by our loans and loan guarantees would succeed," said Dan Leistikow, a spokesman for the Department of Energy. "But we can't stop investing in game-changing technologies that are key to America's leadership in the global economy."
Solyndra workers who were laid off on Wednesday were dismissed without layoff packages.
"They are getting no severance," said Dave Miller, a Solyndra spokesman. "They are getting nothing."
So, if the 0bumbler comes to your company praising what you're doing, make sure you have enough money to get by and get your resume ready to go.
- Obama has a pet project.
- The project is always ideologically motivated, and not based in a real economy.
- Market conditions (i.e. reality) need not discourage ideology.
- The sustainability, demand, or cost of the project isn't even considered.
- Obama secures funding for his pet debacle.
- In each case the funding is ultimately a gamble of taxpayer funds.
- Again ideology trumps common sense.
- "This is for the green economy! There's no way they could fail! They'll payback that taxpayer guaranteed loan for sure!" --Obama's train of thought.
- "Besides, I get a campaign kickback for shoving my ideology wherever I can!" --Obama's next thought.
- The company is careless with the money because they know that the loan was "guaranteed" by President Downgrade & Co.
- Say hello to my good friend moral hazard!
- The influx of government cash makes the startup look like a good ground floor opportunity for investors, because an influx of capital looks like a shift in demand.
- Since the influx was ideologically instead of market driven, the demand feedback was fake.
- Say hello to malinvestment. This capital could have done more good for more people elsewhere.
- Reality hits home.
- No one wants to buy these things because other forms of energy are cheaper and more reliable. This is not a better moustrap, it's an ideologically pushed gizmo.
- Supply is way up, because Obama has been pushing others towards the same goal with the same moral hazards and the same malinvestment.
- The company can't sell these things for what it costs to manufacture them.
- The "little people" get the shaft.
- The employees get no severance. The company didn't have to set aside and prepare for that because Obama will just extend the unemployment bennies to take of the employees. More moral hazard.
- The investors get the shaft, but they were "wall street fat cats", so who cares if there money would have been better invested in researching lower power consumption microprocessors or whatever, right?
- Those who had first crack at the $500M are sitting pretty good while the employees shuffle off to the unemployment line.
- Eco-moonbats and bleeding heart liberals just gave the shaft to the people they swear up and down they are fighting for.
Listen up libtards, above is exactly how Democrats govern, and why the middle class suffers under democrat rule.
They never did have any customers! They were established simply to provide a method for the owner to collect big bucks from the government.
The companies went belly up. Not so, the owner, who collected his mega-salary until the company ran out of cash.:mad:
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