Administration Restructured Solyndra Loan to Favor Private Investors
The Obama administration restructured the over-half-billion dollar loan to Solyndra to ensure that, in the case of a default, private investors(including an Obama fundraiser) got reimbursed before taxpayers.
Administration officials defended the loan restructuring, saying that without an infusion of cash earlier this year, solar panel maker Solyndra Inc. would likely have faced immediate bankruptcy, putting more than 1,000 people out of work.
So, instead of the company declaring bankruptcy and a thousand people losing their jobs, the company declared bankruptcy, a thousand people lost their jobs, and taxpayers lost $528,000,000.
When you couple that with the fact that industy analysts knew the company was a doomed enterprise, it makes you wonder what the administration was thinking. Then pile on top of that the fact that the company tried to pressure the Bush administration into making the same loan and it refused, well, then the whole thing is a big mashup of desperation, stupidity, willful blindness, poor stewardship of taxpayer money with a heaping helping of failure on the side.Tags: Jay W., obama, solyndra, taxpayers