The Washington Post has a good summary of the Solyndra loan fiasco. For those not familiar, Solyndra was a “Green energy” company that bet it could make big bucks selling solar panels that were more expensive than those produced in China.
Yeah, I know. Dumb bet.
Anyway, Solyndra applied for a loan from a program for alternative-energy startups that began under George W. Bush. (1) The loan was rush through the approval process by the Obama administration, apparently so Obama and Biden could both use the company for photo ops.
Then everything fell apart.
Solyndra went broke, the more than $500,000,000 in stimulus money (2) vanished down the toilet of dumb ideas, and first crack at any money recovered Solyndra’s corpse goes not to the taxpayers who loaned the money, but to a big-time Obama donor who backed a loan restructuring just before the company…
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