The Energy Department said Thursday it expects to begin tentatively approving new taxpayer-backed loans for renewable energy projects in the coming months.
The announcement comes about seven months after Solyndra, the California solar firm that received a $535 million loan guarantee from the administration in 2009, went bankrupt, setting off a firestorm in Washington.
Solyndra was such a huge success, huh Barack?
Actaully no, Solyndra was one of the biggest crony capitalist deals that Obama has conducted since becoming president. The cronyism started in the months prior to the approval of the Solyndra loan by the Department of Energy in March of 2009, when billionaire and Obama bundler, George Kaiser, held numerous meetings with the White House about the pending loan.
George Kaiser holds the biggest stake in the now defunct Solyndra.
White House logs revealed that Solyndra executives and investors held four separate visits the week before the company received its cut of your stimulus cash. Those meetings all took place while a White House budget analyst warned in an email that, “this deal is not ready for prime time.”
On May 26, 2010, Obama visited Solyndra, boasted about the loan and said, “the true engine of economic growth will always be companies like Solyndra.” He praised Solyndra as a Recovery Act (stimulus) success story.
On September 6, 2011, Solyndra filed for bankruptcy. The immediate result was the layoff of 1,100 workers.
The scandal took another turn when, on September 8, 2011, the FBI raided Solyndra’s headquarters.
Obama was so impressed with the failed solar company that the administration wanted to give it another $469 million on top of the $535 million to make it an even billion dollars in taxpayer cash.