Obama Faces Controversy Over Rushed $535 Million Backing of Failed Solar Power Firm Solyndra

Sep 16, 2011

The Obama administration is facing scrutiny following the failure of a solar energy company that received half-a-billion dollars in government aid and then when bankrupt, laying off about a thousand workers. Newly disclosed internal White House emails show just 60 days after Obama took office, his administration rushed to approve a $535 million loan guarantee to the solar panel manufacturing company Solyndra, despite warnings from the Office of Management and Budget that the loan had not been properly vetted. The White House had advocated Solyndra receive the loan as part of Obama's stimulus package in order to create green jobs and assist American solar panel manufacturers competing with heavily-subsidized Chinese counterparts.

Another case of take the money and run...............of course from the tax payers expense.