A business filed for bankruptcy last week.
These have been tough times, so that’s not a shock. What makes the story juicy is that the FBI raided the company’s headquarters two days later.
The company? Solyndra, a solar panel manufacturer. A few months earlier, it had been boasting a profitable return on investment. And, as President Obama had proclaimed the previous year in a visit to the California outfit, Solyndra was precisely the kind of company that deserved federal government assistance. It was so cutting edge, so innovative, that it deserved a huge loan guarantee, to the tune of $535 million.
The raid occurred on the same day as the president’s “jobs” speech last week. Yet, Mr. Obama neglected to include an update on his administration’s previously self-praised policy of industrial subsidy pertaining to that very company.
Republicans are making much of this. They are themselves not immune to (indeed, during the Bush years they excelled at) just this sort of corruption.
And it is corruption. The Solyndra deal went down after major investors in the company gave millions in support of the Obama presidential campaign. It was fast-tracked as part of the federal government’s Keynesian “stimulus” spending.
This is how the politics of modern mercantilism — of systematic “business-government partnerships” — works. The moneymen support the politicians who support the moneymen.
It’s one way to get rich.
And gain (and maintain) power.
But it’s not good for the country.
This is Common Sense. I’m Paul Jacob.
22 replies on “A Million for Each Congressperson”
Amen, I thank you for saying this as it is all too common anymore. There are checks and balances but they are weak anymore, just as in our government enforcement of laws.
Do you have the proof of this. I am a stickler for the facts and only the facts especially when statements like this are made.
Thanks
“They are themselves not immune to (indeed, during the Bush years they excelled at) just this sort of corruption.”
And the strangest thing is not that the government totally wastes a half a billion dollars. Rather it is that they government loan was set up so that the investors in Solyndra would be paid back first, rather than the taxpayers.
One of the biggest investors in Solyndra, George B. Kaiser of Tulsa, had also ivested $53,500 as a political donation to Presbo, and bundled large additional amounts towards Obama’s 2008 election. Mr. Kaiser is one of the wealthiest people in the world. Mr. Kaiser visited the White House 16 times between 2009 and 2011.
Probably didn’t even mention that he had invested heavily in this company that was going under.
Those legal limits and rules things are for the little people.
My, my, my. Attorney General Holder — head of The Department of Payback — is outraged because the Solyndra bankruptcy will make The Obammunist look inept. Clue for the AG — don’t even bother; this PALES in comparison to the union bailouts in the “Stimulus” package.
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