“The Bank of Washington continues to help us!” bragged Solyndra CEO Chris Gronet in emails released last week. An
investigation by the House Energy and Commerce Committee revealed that
Solyndra—the solar company that went under, taking more than $600
million in taxpayer funds with it—wasn’t ever supposed to be an
independent business. It was built to rely on the taxpayers.
“Getting
business from Uncle Sam is a principal element of Solyndra’s channel
strategy,” wrote Tom Baruch, founder of Solyndra investor CEMA Capital,
in an August 10, 2010 email.
Getting
federal money was integral to Solyndra’s business model. But even with
government backing, Solyndra failed—just one of a growing list of
companies in the Green Graveyard that took taxpayer money and went bankrupt.
The emails released
between Solyndra stakeholders and Obama Administration officials show
that Solyndra’s investors knew the company was a bad bet for taxpayers,
but the Administration wanted the energy loan guarantee program to be
perceived as successful. Meanwhile, the Government Accountability Office
was finding that the Department of Energy played favorites with the program, and high-level advisers including Treasury Secretary Tim Geithner were raising red flags.Read more: http://thegwpf.org/opinion-pros-a-cons/6330-amy-payne-solyndra-revelations-show-its-time-to-close-the-bank-of-washington.html
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