Bankrupt ‘Green Jobs Company’ Received $535 Million in Stimulus Money, Was Coincidentally Headed by Huge Obama Contributor

Doug Ross
Director Blue
6/27/2011

If this Republic survives the Obama presidency, I truly look forward to the first comprehensive, tell-all biography of our 44th president. Because when it comes to stories like this one, I’m betting we’ve only seen the tip of the iceberg.

The Obama ‘Green Jobs’ Scam That Redistributed Half-a-Billion Dollars to His Political Backers

Solyndra, Inc. was supposed to have showcased the effectiveness of the Obama administration’s stimulus and green jobs initiatives, but instead it has become the center of congressional attention for waste, fraud and abuse of such programs.

According to a Feb. 17 letter signed by Energy and Commerce Committee Chairman Fred Upton, Michigan Republican, and Oversight Subcommittee Chairman Cliff Stearns, Florida Republican, to Energy Secretary Steven Chu, the Fremont, Calif.-based solar panel manufacturer should never have received a $535 million loan guarantee from the stimulus.*

…The Energy Department estimated in a March 20, 2009 press release that the loan guarantee would create 3,000 construction jobs and a further 1,000 jobs after the plant opened… And President Barack Obama and Vice President Joseph Biden each personally showcased Solyndra as an example of how stimulus dollars were at work creating jobs, during appearances at the company over the course of the following year…

Read the rest at Director Blue.

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