'In the end it's not the years in your life that count. It's the life in your years.'
- Abraham Lincoln -

Saturday, September 17, 2011

OK, Now It's a Scandal

This is what had Congressman Morgan Griffith worked up the other day when he was grilling the federal Department of Energy's chief loan officer about the potentially illegal loan guarantees that were made to a company whose primary backer was a person with whom Barack Obama and the leadership of the Democratic Party had a close relationship:
Obama admin reworked Solyndra loan to favor donor
By Matthew Daly, Associated Press

Washington — The Obama administration restructured a half-billion dollar federal loan to a troubled solar energy company in such a way that private investors — including a fundraiser for President Barack Obama — moved ahead of taxpayers for repayment in case of a default, government records show.

Since then, the implosion of the company and revelations that the administration hurried Office of Management and Budget officials to finish their review of the loan in time for the September 2009 groundbreaking has become an embarrassment for Obama as he sells his new job-creation program around the country.

An Associated Press review of regulatory filings shows that Solyndra was hemorrhaging hundreds of millions of dollars for years before the Obama administration signed off on the original $535 million loan guarantee in September 2009. The company eventually got $528 million.

Given the company's shaky financial condition, Republican lawmakers say the decision to restructure the loan raises questions about whether the administration protected political supporters at taxpayers' expense.

"You should have protected the taxpayers and made some forceful actions here after this analysis," Rep. Cliff Stearns, R-Fla., told a top Energy Department official this week. "Because you should have seen the problems. And you should have said, 'Taxpayers need to be protected and this has got to stop.' " [link]
What does all this mean?  This: When Solyndra's assets are liquidated, the first (and only) person to receive restitution is going to be Obama's friend.  The taxpayers - you - are out half a billion dollars.  And as Mr. Griffith pointed out, the loan restructuring that favored Obama's friend was illegal.

This is ugly.  And it's going to get uglier.

Heads need to roll.

One must wonder: How many other "Solyndra loans" are out there?  How many "friends of Obama" are there?

And what's the national debt again?