Obama Bucks Can't Save Solyndra

"Solyndra was the first company to receive a loan guarantee from the Department of Energy as part of the 2009 stimulus package. This wasn't small potatoes. The loan guarantee was for $535 million. ... As my Washington Examiner colleague David Freddoso reported, an audit of the company performed by PriceWaterhouseCoopers two months before Obama's visit noted that the firm had accumulated losses of $558 million in its five years of existence. The auditor noted that Solyndra 'has suffered recurring losses from operations, negative cash flows since inception and has a net stockholders' deficit that, among other factors, raises substantial doubt about its ability to continue as a going concern.' One of the original investors in Solyndra was Oklahoma billionaire George Kaiser, who was also a major contributor to Obama's 2008 campaign. In early 2011, Kaiser and other investors provided an additional $75 million in financing to Solyndra. They did so on condition, approved by the Energy Department, that they receive priority over previous creditors, including the government. ... But let's assume for the time being that there was no criminal conduct here, no violation of government procedures, no fraud. Let's assume everyone in the administration acted with good faith. There's still a scandal -- the scandal of the government handing out hundreds of millions of dollars to unproven and speculative businesses. ... The real scandal is the 'green jobs' loan guarantee program itself. And the ones getting scammed are American taxpayers." --political analyst Michael Barone

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