Obama's corrupt redo with Solyndra

Conn Carroll:

What if the President of the United States flagrantly broke federal law to the financial benefit of his campaign contributors, ultimately costing U.S. taxpayers millions, but there was no way to hold him accountable?

That is exactly what happened when California solar panel manufacture Solyndra threatened bankruptcy in late 2010 and the Obama Energy Department agreed to illegally restructure their loan. But unless he is defeated at the ballot box this November, President Obama will get away with it.

Solyndra first sought a loan guarantee pursuant to the 2005 Energy Policy Act in 2008, but they were rejected by the Bush Energy Department. Solyndra then reapplied for another loan from the Obama administration and was awarded a $535 million guarantee in September 2009. Solyndra was the first company ever to get a loan guarantee pursuant to the Energy Policy Act and Obama made the company the signature showcase of his green energy economic stimulus plan.

But by December 2010, Solyndra had already burned through $440 million in taxpayer money and another $175 million in private money. Unless they got more private and public cash immediately, Solyndra would have to declare bankruptcy, causing major political embarrassment for the Obama administration. So on December 7th, Solyndra executives met with DOE officials and Obama donor/Solyndra investor Steve Mitchell, who represented Obama megadonor/Solyndra investor George Kaiser.

Mitchell and Kaiser came into the meeting willing to commit another $75 million to Solyndra, but only if DOE agreed to prioritize their new investment (and the remaining unspent taxpayer money) over the already spent taxpayer money. In other words, if Solyndra eventually went bankrupt Mitchell and Kaiser would get their $75 million back first, and taxpayers would have to come second. Problem is, DOE did not have the legal authority to make this deal and the DOE officials knew it....

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There is much more.

The evidence is pretty clear that DOE and eh White House knew the rewrite subordinating the government position was clearly and blatantly against the law.  There was really no wiggle room so they just ignored the law.  That seems to be a patter n with Obama.  He just ignores laws he does not like or finds inconvenient.

Carroll is right.  The only way to stop this sort of thing is to defeat Obama.