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Solyndra pay-to-play charges threaten to toll on Obama campaign soon

All the campaign news as of late has been dominated by the sex-harassment claims against Herman Cain. Once that starts to recede, there's a a good chance that the pay-to-play Solyndra accusations against President Obama will become a top fundraising story as more information drips, drips, drips out -- like this:

WASHINGTON (AP) — Newly released emails show that, contrary to White House claims, a major donor to President Barack Obama pushed for a loan to a solar energy company that later went bankrupt. The donor, George Kaiser, pushed White House and Energy Department officials for a second loan for Solyndra Inc. last year, after the California company had already received a $528 million loan in 2009, the emails show.

The second loan was not approved. Instead, an investment venture controlled by Kaiser made a private loan that resulted in the firm and other investors moving ahead of taxpayers in line for repayment in case of a default by Solyndra.

Solyndra, the first renewable energy company to receive a federal loan under the 2009 stimulus law, declared bankruptcy in September and laid off its 1,100 workers, leaving taxpayers on the hook for more than a half-billion dollars.

The company's implosion and revelations that administration officials rushed to complete the loan in time for a September 2009 groundbreaking have become an embarrassment for Obama and a rallying cry for GOP critics of his green energy program.

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Maxwell Williams

Don't forget SunPower... American Tax Dollars for Mexican Jobs.

"SunPower: Twice As Bad As Solyndra, Twice As Bad For Obama"
10/11/2011

"How did a failing California solar company, buffeted by short sellers and shareholder lawsuits, receive a $1.2 billion federal loan guarantee for a photovoltaic electricity ranch project -three weeks after it announced it was building new manufacturing plant in Mexicali, Mexico- to build the panels for the project."

"The company, SunPower, now carries $820 million in debt, an amount $20 million greater than its market capitalization. If SunPower was a bank, the feds would shut it down. Instead, it received a lifeline twice the size of the money sent down the Solyndra drain."

"Marty T. Neese, the company's chief operating officer, said, "Establishing our own manufacturing facility in Mexicali means we will be positioned to quickly deliver our high-efficiency, high-reliability solar products to a growing North American solar market."

"Mexicali Mayor Francisco Perez Tejada Padilla said he was thrilled. "Mexicali is rapidly becoming an industrial hub for high-tech companies, offering an educated workforce and a growing manufacturing area," he said. "We welcome SunPower to our city and are pleased that they have chosen Mexicali to establish its solar panel manufacturing facility."

www.humanevents.com/article.php?id=46761

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