Solyndra, a project of a billionaire who raised millions for President Obama, lied on is loan application, the Associated Press reported four years after the company defaulted on its $535 million loan and left federal taxpayers on the hook -- for a project President Obama trumpeted as the future of the U.S. economy.
Sadly, Obama appears to be right.
From the Associated Press:
A four-year investigation has concluded that officials of the solar company Solyndra misrepresented facts and omitted key information in their efforts to get a $535 million loan guarantee from the federal government.
The company's collapse soon after getting federal backing provided ammunition to lawmakers and other critics who portrayed President Barack Obama's economic stimulus program as wasteful government spending. The company's failure likely will cost taxpayers more than $500 million.
The report by the Energy Department's inspector general was released Wednesday. It's designed to provide federal officials with lessons learned as it proceeds to grant billions of dollars in additional loan guarantees. The inspector general found fault with the Energy Department, describing its due diligence work as "less than fully effective." The report also said department employees felt tremendous pressure to process loan guarantee applications.
In the end, however, the inspector general said the actions of the Solyndra officials "were at the heart of this matter."
"In our view, the investigative record suggests that the actions of certain Solyndra officials were, at best, reckless and irresponsible or, at worst, an orchestrated effort to knowingly and intentionally deceive and mislead the department," the IG's report said.The AP report made no mention of the man behind the con that cheated taxpayers out of $535 million: Billionaire George P. Kaiser, who is a huge supporter of Obama and who has not been prosecuted for his role in this scam.
This is what President Obama said when he visited Solyndra on May 26, 2009:
the truth of the matter is, is that when you’re in Washington a lot of times all you’re thinking about or all that’s being talked about is politics -- who’s up, who’s down, the contest between the parties, instead of people remembering why it is that they aspired to go into politics in the first place. We end up getting caught up in the moment instead of what is important for the future.
So I try to visit places like this about once a week, hear from folks as often as possible who are actually doing the extraordinary work of building up America. And I appreciated the chance to tour your plant and to see the incredible, cutting-edge solar panels that you’re manufacturing, but also the process that goes into the manufacturing of these solar panels. And it is just 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. And you guys all represent that. So thank you very much for that.Yes, a wonderful future of cronies like Kaiser getting rich while the middle class retreats into the food stamp class.