Solyandra and Obama's Loan of Taxpayer Money

While Obama is out trying to get support for his tax increasing costly "jobs" bill, the story comes out about Solyandra, solar panel company that received $535 million dollar loan of tax payer money, is declaring bankruptcy leaving tax payers on the hook. This was the same company that Obama visited in the spring of 2010 saying the company was "leading the way toward a brighter and more prosperous future." Actually it was only a month later that Solyandra let 100 employees go and canceled it opening public stock option.

This week FBI agents raided the company and seized boxes of documents. Why is that?

Republicans are accusing Obama and his administration of rocket scientists (I say that facetiously) because this is the same company that the Dept of Energy, under Bush, turned down for a loan because of bad company prospects. And yet Obama gives this less than stellar company a $535 million loan of our money!?!

Now e-mails between White House and Dept of Energy indicate that the Obama Administration may have pressured Dept of Energy to grant the loan so that Obama could show case it in a photo opportunity. Also smelling of political poop is the fact that Billionaire and Obama Campaign contributor George Kaiser was supporting the deal.

It is undeniable that after the sorry deal went through, Obama officials re-financed a bad loan into another bad loan from which Solyandra defaulted on earlier this year. Part of that loan re-financing allowed Solyandra to pay back investors before tax payers as it went bankrupt, and the facts are apparently now that Solyandra was going bankrupt when the re-financing came through. Holy Cow, people get fired for this in the private sector,.....oh I forgot that we get to fire Obama and his motley crew of business misfits in November next year.

What does the White House say about this? Basically Carney, the White House mouth piece and chief propagandist declared in part that...."there is no evidence (to indicate wrong doing on the Administrations part)." The FBI won't say why it raided Solyandra's offices, but the FBI later searched Solyandra executives' homes.

There is an upside to the downside that we will lose the $535 million of tax payers money, and that upside is that the there is a call to do away with Obama's green jobs program. We'll hopefully see an positive outcome over this and hopefully someone will be held accountable,....maybe for the first time in this Administration..... .......but first the obvious question has to answered,...Was it corruption or just incompetence?