Every time I here the name Solyndra, I remember a bad George Clooney movie but I digress. This Solyndra is far from fictional but I bet the Obama administration now wish it was.
Solyndra was a whimsical name synonymous with change:change for a new and brighter tomorrow for America. One of President Obama's shining beacon that was going to blaze a trail to our greener alternative energy future.
Fast forward to today and it has turned into a nightmare that just keeps on scaring and I know the White House wants it gone. So how did it all go wrong?
Solyndra was a Freemont California solar company held up as an example of alternative 'green energy' at its best. It was held in such high regard that a whopping $535 million in federal loans was given to the company. President Obama even toured the facilities with glowing confidence on May 26, 2010, saying the factory was. "a testament to American ingenuity and dynamism...."
Now Solyndra has gone belly-up, filed for chapter 11 bankruptcy, with over 1,100 workers pushed into the already long unemployment line. The company has gone from beacon of 'green light' to a huge embarrassment for the White House.
Just when you thought the Solyndra disaster couldn't get any worse, it did. Now there is rumble of campaign contributions for the President coming from that same energy adviser who pushed for the half a billion dollars in federal loans for the now bankrupt company, especially when he wasn't suppose to be involved in the transactions.
According to Politics Wires, Steve Spinner, the energy adviser, has allegedly raise $500,000 (almost the same amount he got from the federal coffers pumped into Solyndra) for President Obama's re-election campaign.
Spinner himself is under a cloud of suspicion for emails now allegedly show that he was involved in securing the federal loan for Solyndra when he was supposed to recuse himself from the deal because of conflict of interest. His wife reportedly worked for the law firm that represented the company.
It's appears to be getting stickier and stickier for the President and now Congress has requested the White House reveal all documents pertaining to Solyndra. The President's camp has released over 5000 pages of documents and say they will not release anymore. Congress is asking for more--they want all of it.
The plot thickens and some in the media have already dubbed the scandal "Solargate." Many critics are accusing the Obama administration of rushing the loan through for political gains and ignoring several red flags. According to Business Insider, after the 2009 completion of Solyndra's review, key shortfalls in the company's capital were found and ignored.
Stay tuned for more for it is sure to get much more interesting before it is over.
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