You wondered to yourself, “Could this Solyndra scandal somehow get worse?” We now have an answer: Yes, yes it could.
WASHINGTON – Days before a solar panel maker collapsed, the Obama administration considered a bailout that would have provided an infusion of cash and a new board of directors, including two directors appointed by the Energy Department.
Officials rejected the plan, which was recommended in August by the investment banking firm Lazard Ltd.
Details of the bailout plan were among nearly 1,200 pages of documents released by the government Wednesday, hours before a House subcommittee is set to vote on a plan to subpoena White House documents related to the defunct solar company, Solyndra Inc.
Remember, we’re talking about a politically-connected company whose primary investor was a major donor to the Obama campaign, George Kaiser.
The administration expedited the $535 million, low-interest, taxpayer-backed loan despite countless warnings from both governmental and non-governmental experts that the company’s business model was destined to fail. One analyst correctly predicted the company would collapse in September 2011.
Solyndra has already been raided by the Federal Bureau of Investigation, and the House of Representatives has revealed corruption within the Obama Administration’s loan process, which not only favored companies backed by Obama’s supporters but granted said supporters the right to reclaim losses before taxpayers.
Now we find out that after the company had already wasted $535 million in taxpayer money and the failure of its business model was confirmed, Obama wanted to give them more money and resources to continue working under a failed business model. Good Lord.


by Stephan Tawney on November 2, 2011