EDITOR OF REDSTATE
Solyndra, Barack Obama, and Crony Capitalism: Picking a Loser to be a Winner
The Operation Gun Walker scandal has not yet percolated in the mainstream media outside CBS News, though it is only a matter of time that it catches on, given the cirminal enterprise the U.S. Government seems complicit in aiding and abetting.
There is, however, a scandal taking off like a rocket and directly relevant to Stimulus II. Via Doug Ross comes word that ABC News has uncovered the makings of a very real and potentially damaging scandal for Barack Obama.
Newly uncovered emails show the White House closely monitored the Energy Department’s deliberations over a $535 million government loan to Solyndra, the politically-connected solar energy firm that recently went bankrupt and is now the subject of a criminal investigation.
The company’s solar panel factory was heralded as a centerpiece of the president’s green energy plan — billed as a way to jump start a promising new industry. And internal emails uncovered by investigators for the House Energy and Commerce Committee that were shared exclusively with ABC News show the Obama administration was keenly monitoring the progress of the loan, even as analysts were voicing serious concerns about the risk involved. “This deal is NOT ready for prime time,” one White House budget analyst wrote in a March 10, 2009 email, nine days before the administration formally announced the loan.
“If you guys think this is a bad idea, I need to unwind the W[est] W[ing] QUICKLY,” wrote Ronald A. Klain, who was chief of staff to Vice President Joe Biden, in another email sent March 7, 2009. The “West Wing” is the portion of the White House complex that holds the offices of the president and his top staffers. Klain declined comment to ABC News.
But no unwinding happened. Barack Obama and Joe Biden stood behind Solyndra even as the company headed toward bankruptcy. Moreso, just three weeks before George Bush left office, the Bush Administration’s Energy Department credit committee unanimously rejected a loan commitment to Solyndra.
But Barack Obama desperately wanted to tout a green jobs initiative. He needed one to make his case for the stimulus’s “green jobs” efforts. So he put his faith in a company that was falling apart. And emails within the White House make clear that despite protestations the administration knew nothing about Solyndra’s financial problems, there were warnings.
The White House just chose to ignore them and throw taxpayer money in Solyndra’s direction.