Posted by: Barthélemy Barbancourt on Sep 15, 2011
Solyndra Inc. was a California-based maker of advanced solar panels. Its executives talked a good game, and the company attracted substantial private investment. It also caught the fancy of the Obama administration just as a pile of money came available from the $787 billion stimulus legislation of 2009.
The federal government backed loans of more than $500 million to the company. President Barack Obama toured its manufacturing plant. He touted its plans to hire 1,000 new workers and embraced its fuzzy math about producing enough solar panels in its expanded facility to replace the power from eight coal-fueled electricity plants. "It's here that companies like Solyndra are leading the way to a bright and prosperous future," the president declared at the time.
A series of emails between White House officials and Office of Management and Budget watchdogs suggests that Solyndra got its federal guarantees prematurely, under pressure from the Obama administration, which wanted to stage an event featuring Vice President Joe Biden announcing the guarantees at a ground-breaking ceremony. A perfect example of shovel-ready stimulus!
Everyone knows what happened here. One of Barry's big backers needed some money to bail out a shitty investment. Barry and Joe swooped in with over $500 million in taxpayer dollars and got a neat photo op promo'ing their bullshit Green Jobs boondoogle. The company when tits up and now people are asking where our money went.
Joe Bidden said that Solyndra was a perfect example of what the stimulus bill was all about, he was more accurate than he realized.