09/22/11 Solar Bailout
Solyndra may be the biggest presidential corruption scandal in more than a century.
You may be just now hearing about Solyndra. Especially if you primarily watch network news or read newspapers.
Shortly after Barack Obama became president, the administration approved the money. Over the objections of financial analysts who predicted Solyndra would go bankrupt by September 2011.
The man behind Solyndra was George Kaiser. A top Obama fundraiser. He visited the White House 16 times accompanied by Solyndra officials. Four times in the week before the loan was announced. Merely a coincidence.
Last February, it became crystal clear Solyndra would go bankrupt. So the Obama Administration rewrote the loan documents. This allowed Kaiser to get his investment firm’s money out of Solyndra ahead of the U.S. government in bankruptcy proceedings. Such an arrangement never happens.
Actually, it did happen once before. In the Chrysler bankruptcy. Union leaders recovered their unsecured loans first. And secured bondholders got only pennies on the dollar. At White House direction. Ending 200 years of banking precedence. Chrysler was political.
The actions in Solyndra appear to be criminal. Yet, Attorney-General Eric Holder is pretending the scandal doesn’t even exist.