Saturday, January 28, 2012

Don’t Vote for Obama: Reason No. 10

Today kicks off a countdown of the top 10 reasons not to vote for President Obama. The hard part, no doubt, will be the massive inventory from which to choose. But who doesn’t like a challenge? So in that spirit, and with a resolve to stay true to the task at hand, Reason Number 10, in a countdown toward one: Solyndra.

In rapid fire timeline, according to The Center for Public Integrity: In 2005, Christian Gronet founded Solyndra Inc. Company headquarters opened in California in 2006; by December of that same year, executives had requested a loan from the Department of Energy. Shortly after, Solyndra started making solar rooftop panels. Interestingly, at the same time DOE is supposedly vetting the loan application, “Fitch Ratings assigns the company a less than stellar B+ credit rating, and Dun and Bradstreet assesses its credit as fair,” CPI reports. No matter: DOE approves a $535 million loan in March 2009. That’s a government loan – meaning taxpayer money. With much fanfare, and plenty of kudos from VP Biden and P Obama, and their environmental cronies, Solyndra boosts production and files with the Securities and Exchange Commission to go forth with an Initial Public Offering.

Moving on.

It’s 2010 and Solyndra has canceled its IPO and let go hundreds of employees. Why? Well, it’s a cash flow problem – meaning, nobody’s buying. The green roof is caving. Solyndra says, ‘oh no,’ members of Congress start to investigate, and the White House refuses to release documents that would help clarify who knew what and when. Where’s the stimulus money anyway? A little yada yada here, yada yada there, and taxpayers are stiffed to the tune of half-a billion. No worries. In early 2011, Solyndra finds $75 million more financing from George Kaiser’s family foundation – that’s George Kaiser of corporate fame, George Kaiser of oil billionaire fame, and oh yes, let’s not forget, George Kaiser of Obama campaign donation bundling fame. Solyndra goes forth with a loan restructuring using the $75 million, with the stipulation that failure means investors get their money before taxpayers. See where the story’s headed here? Yep, by mid-2011, the company closed shop and filed for bankruptcy. Investors will get theirs; not so, that taxpayers.

As The Washington Times editorialized on Jan. 26: “The loan was rushed through despite warning flags that it was a risky investment. When failing Solyndra sought to restructure the loan, investors such as Mr. Kaiser were put ahead of taxpayers for recouping their investments. … Never in modern history has the U.S. government been used so extensively as a vehicle for benefiting political cronies at the expense of the rest of us.”

Half-a-billion bucks. And I didn’t even see one solar panel from it. Did you? For pushing such a lousy investment on an unsuspecting America, and blowing so much for so little in return, Obama doesn’t deserve re-election.

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