What exactly happened with Obama and Solyndra?

Soyndra is a company formed to produce solar energy panels. In order to promote green energy the White House granted a $535 million loan guaranty to the company to build solar panels and create 1,000 jobs. Falling prices of solar panels effectively removed any profit from panels and the company went bankrupt leaving the government holding the bag. This of course is an embarrassment to the Obama administration since this was a high visibility project. Putting this in perspective, the loan guaranty cost our government hundreds of millions of dollars (they still may find a buyer to pay something for it). The Reagan Administration deregulating Savings & Loans cost our government $124 billion ($170 billion in 2011 dollars). President Clinton repealing the Glass Stegall act lead to investment bank failures costing our government $87 billion. President Bush 43 misleading our nation into attacking the wrong country cost us $1 trillion in direct costs and $1-2 trillion in indirect costs. Every year our government actually pays $billions in subsidies to oil companies which are some of the most profitable companies in the world. While it is a fiasco in perspective it is like spitting in the ocean compared to earlier fiascoes.

The big story marring President Obama’s jobs tour Wednesday is the $535 million loan his administration doled out to Solyndra, a solar panel company that has just gone belly-up, leaving taxpayers on the hook. President Barack Obama visited the facility in May 2010, and said it was “leading the way toward a brighter and more prosperous future.” But only a month later, the company laid off 100 employees and cancelled its plans for a public stock offering. Two weeks ago, it filed for Chapter 11 and fired 1,000 workers. FBI agents promptly raided the company’s California offices.

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