We did a post yesterday about the bankruptcy of Solyndra, a company that manufactures solar panels, and received a $535 loan guarantee to construct a new plant in Fremont,California. It now seems that there is far more to this story than originally thought.
It turns out that George Kaiser, a Tulsa billionaire and Solyndra backer, has a long history of raising campaign funds for President Obama. But, it gets worse.
In a letter to Energy Secretary Steven Chu in February, the House Energy and Commerce Committee raised concerns about the loan, noting that the company had suffered ‘financial setbacks’, and asking for information about ‘whether Solyndra was the right candidate’ for the loan guarantee.
Whether Secretary Chu ever responded is not known, but, the Department of Energy proceeded anyway. When the bankruptcy was announced yesterday, the DOE responded by saying, that it had,
always recognized that not every one of the innovative companies supported by our loans and loan guarantees would succeed.
And, all the while, I thought the President really meant it when he railed against millionaires and billionaires. I can only assume that millionaires and billionaires who contribute to his campaign are not only exempt from the President’s vitriol, but also deserve $.5 billion of your tax money.