A warning to the wise, usually, is sufficient for positive action. That was not the case, it seems, when the U.S. Department of energy was warned that the recipient of a $535 million loan was failing, badly and quickly.
Information out of Washington indicates the news gets murkier for the Obama Administration, the White House and energy department.
President Obama was, as emails and testimony before the House Energy and Commerce Committee indicate, and still is a major player in the decision that ultimately gave $535 million of taxpayer’s money to Solyndra Energy, a company that has been sinking for over a year.
Solyndra even asked for more federal money after informing the Energy Department it would need emergency cash to avoid shutting the doors. It laid off 40 employees and 150 contractors and closed one of two plants.
The Obama administration even urged officers of the struggling energy company to postpone making announcements of layoffs and problems until after the November 2010 election.
The loan was restructured in February 2010, giving investors an opportunity to recover $5 million in new money before taxpayers were repaid.
Some big media declares the Solyndra debacle is not a black mark on the Obama Administration. Others differ.
It seems the pockets of the federal largesse go very deep, and the hands of the powerful, rich and strong, are always open, palm up, just waiting.
Another side of the story tells of the giver getting.
George Kaiser, a rich man worth $10 billion in personal assets, was the one who promised good things for Presidential candidate Obama. Kaiser raised between $50,000 to $100,000 for his campaign.
As more news leaks out, the stink continues to rise as questions roll forth there’s just something rotten in Denmark, err Washington, and the stink gets stronger and the mire deeper.