The Solyndra Dilemma
Dear Conservative:
The political dilemma is not that surprising. Politicians can be expected to give special favors to their major contributors. Rarely are these political rewards so brazen, or so costly, as the $535 million loan guarantee given to the company whose major investor just happened to be George Kaiser, a major fund raiser for President Obama. Even more scandalous, was the loan restructuring agreed to by the Obama administration which subordinated repayment to the federal government in favor of repayment of Kaiser’s personal investment in Solyndra.
A credit review panel in the Bush administration ruled unanimously against granting this loan. A similar review panel in Obama’s administration predicted that Solyndra would go belly-up by September, 2011. Nevertheless, the Obama administration decided to grant the loan guarantee and make a spectacle of the event to promote Obama’s new “green” economy.
Politically,this deal stinks to high heaven.
