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Why Did the Obama Regime Loan Half a Billion to Solyndra… AND LEAVE TAXPAYERS EMPTY-HANDED?

Thursday, September 15, 2011 5:25

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(Before It's News)

by Sharon Rondeau

Dr. Steven Chu is Secretary of the U.S. Department of Energy

(Sep. 14, 2011) — A solar panel manufacturer based in California was awarded a loan through the U.S. Department of Energy exceeding $500,000,000 in 2009 and has now declared bankruptcy. A government official has described the outcome as “very unfortunate.”

Obama has claimed that “renewable energy” endeavors are a “model for the future.” The loan made to Solyndra LLC was reportedly rushed to completion so that Joe Biden could “announce the deal” at a press conference in September 2009. There apparently wasn’t “time to negotiate.”

Biden has recently labeled members of the Tea Party “terrorists” for demanding that government rein in spending. Biden considers paying higher taxes “patriotic.”

A press release from Solyndra dated August 31, 2011 states that it has filed for Chapter 11 bankruptcy because it could not overcome a “global oversupply of solar panels” in combination with a “decline in credit markets that finance solar systems.” The press release mentions European investors but nothing about the half-billion-dollar loan from the U.S. Treasury footed by U.S. taxpayers.

complete article here:

http://www.thepostemail.com/2011/09/14/why-did-the-obama-regime-loan-half-a-billion-to-solyndra/

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