The more that we learn about the Solyndra Scandal, the more it looks like Obama used our money to repay some of his major contributors, who were the shareholders and executives of the company who received a $500 million loan shortly before filing for bankruptcy.
POOF!!! Another half a billion dollars obviously misused and wasted by the most corrupt administration in the history of our nation.
We know that the badly failed Obama stimulus was just a veiled “Thank You” payout to the unions, in hopes that a good chunk of that money would flow back into the Democrat coffers, in the form of campaign contributions, (basically, political money laundering) but how many more Solyndras are out there?
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.
And now, just two years after securing a half-billion-dollar federal loan, Solyndra has said that it will declare Chapter 11 bankruptcy.
In a statement, Solyndra wrote “global economic and solar industry market conditions” forced it to close its Fremont, Calif., factory and lay off 1,100 employees.
“Regulatory and policy uncertainties in recent months created significant near-term excess supply and price erosion,” Solyndra president and CEO Brian Harrison said. “Raising incremental capital in this environment was not possible. This was an unexpected outcome and is most unfortunate.”
Obama cited the company as a model of success for his highly touted green-energy industry initiative. In fact, the Obama administration fast-tracked the solar startup’s $535 million loan application to the Department of Energy — a move later criticized by the Government Accountability Office.
Solyndra and the administration originally projected the loan would help Solyndra create 4,000 jobs.
During a visit to the Solyndra facility in 2010, Obama said the factory is “a testament to American ingenuity and dynamism and the fact that we continue to have the best universities in the world, the best technology in the world, and most importantly the best workers in the world.”
The Obama administration needs to be held responsible for their corruption and complete misuse of our money in the Solyndra Scandal, and all other abuses.
Stand Up To Government Corruption and Hypocrisy – usbacklash.org