Solyndra CEO Called Obama White House the 'Bank of Washington'?
So, the company received a $535 million taxpayer loan via Obama's stimulus program in 2009, only to file for bankruptcy and lay off all of its employees in 2011, just after the 2010 elections — which we later learned was no accident.
The deal was green-lit anyway, much to the delight of one of the company's principal investors — a man named George Kaiser, who also happens to be a major Obama fundraiser. Despite the administration's claims to the contary, records show that Kaiser visited the White House frequently in the lead-up to the loan guarantee decision.
Flash forward to today's two new Solyndra developments. First, we have the aforementioned email, in which Solyndra's chief executive excitedly touts Obama's taxpayer loans. He refers to the White House as the "Bank of Washington:"
They spend hundreds of billions of dollars in other people's money, making false promises and racking up debt at a dizzying clip along the way. The Solyndra CEO's breathless formulation should be acutely insulting to taxpayers, who ought to hold the Obama administration responsible for enriching the president's campaign donors via reckless loans. It gets worse. A report in today's Washington Post confirms that the administration poured more taxpayer cash into Solyndra even after it knew it was doomed, again ignoring advice from one of their own OMB analysts:
As the Obama administration moved last year to bail out Solyndra, the embattled flagship of the president’s initiative to promote alternative energy, a White House budget analyst calculated that millions of taxpayer dollars might be saved by cutting the government’s losses, shuttering the company immediately and selling its assets, according to a congressional investigation.
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