Thursday, September 08, 2011

FBI raids Solyndra

Hot Air is reporting that the FBI raided Solyndra today. Solyndra, for those of you who haven't been following, is a green-jobs start-up that President Obama touted as an example of all that was good in American capitalism. As an NBC affiliate reported in early September:
The President visited the facility in May of last year and said "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. "
I'm sure that they had great workers, but they got a bunch of government loans too, to the extent of $535 million from the Dept of Energy. It went bankrupt last month, taking 1,000 jobs and all that government money with it. It seems that Solyndra had a really cozy relationship with the White House.
According to White House visitor logs, between March 12, 2009, and April 14, 2011, Solyndra officials and investors made no fewer than 20 trips to the West Wing. In the week before the administration awarded Solyndra with the first-ever alternative energy loan guarantee on March 20, four separate visits were logged.
Crony capitalism at it's best. When our President talks tonight about jump-starting the economy, someone should ask him about crony capitalism and backing losers with tax money.

More importantly, the Democrats should start asking themselves questions about backing losers.

No comments: