A Scandal a Day
An apple a day is one thing, but a scandal a day is becoming a little troublesome. Is this administration corrupt, or just incompetent? You decide.
There are many such escapades I could reference, but I’ll try to confine myself to just the past several weeks. First was the program for the sale of arms by the US Government to Mexican drug lords, now affectionately known as “Fast and Furious.” One such weapon was used to kill Border Control Agent Brian Terry, while others have shown up at various felonious incidents well within the borders of the US of A. The only thing “fast and furious” about it was the effort by the White House and the Department of Justice to cover their backsides! Two of the ATF bureaucrats involved were promoted, and another resigned. No one found responsible. Case closed.
Then last week came the Solyndra incident. Solyndra is the solar panel manufacturing company whose highly publicized failure and consequent investigation by federal authorities has recently flashed across the nation’s headlines. This was President Obama’s prime example of how to stimulate “green energy” projects. On May 23, 2010 the President visited their California headquarters for a photo-op, and to come across with a loan guarantee of $500 million of your tax money. The bi-partisan Office of Management and Budget (OMB) advised against this donation, predicting that the firm would run out of operating capital and fail by September, 2011. They did. This past week Solyndra declared bankruptcy, saying they could not compete with Chinese solar panel manufacturers, terminating some 1,100 employees.
Naturally, the Administration denied any awareness of the critical nature of the situation, although this past Wednesday, responding to a Congressional subpoena, they turned over about 900 pages of pertinent e-mails to the House Energy and Commerce subpanel heading the Congressional investigation. The Energy Department and the Office of Management and Budget produced another 35,000 pages of e-mails and documents pertaining to the Solyndra affair.
Usually, in the case of a corporate bankruptcy, creditors and lenders of the failed firm get first shot at any assets that might be liquidated. But through a rather crafty arrangement made after the warning by the OMB, Solyndra stockholders, including one George Kaiser, a billionire financial bundler who raised $50,000 for Obama’s campaign in 2008, were given precedence over creditors or loan guarantors, such as US taxpayers. Mr. Kaiser got the gold mine, and as usual, we got the shaft. Incidentally, attendance logs show that Mr. Kaiser has visited the White House at least 16 times during President Obama’s current term in office.
But never fear, there is more to come. Much more. Solyndra isn’t the only business to go belly up after benefiting from a piece of the $800 billion Obama economic stimulus package!. At least thirteen other companies have received stimulus funding only to later file for bankruptcy.
Evergreen Solar, Inc., Devens, MA, received $5.3 million to help fund a facility that employed roughly 800 people. The company filed for bankruptcy last month, saying it couldn’t compete with Chinese rivals. The company now intends to focus on building its own manufacturing facility in China. . . with our stimulus money!. The 800 workers? They have now joined the rolls of the unemployed.
SpectraWatt, based in Hopewell Junction, NY, received a $500,000 grant from the National Renewable Energy Laboratory as part of the stimulus package to develop ways to improve solar cells. The company filed for bankruptcy last month, saying it could not compete with its Chinese competitors
Last Tuesday, Deputy Secretary of Energy, Daniel Poneman, wrote an editorial for “USA Today” in which he blamed China for the failure of U.S. solar energy manufacturers to compete.
Those Chinese just never did learn how to play fair.