COMMENTARY | The Solyndra story just took an unexpected turn with the news that FBI agents have raided the company’s offices, apparently at the behest of the Department of Energy that ran a green jobs program that gifted it a $500 million guaranteed loan.
Solyndra is a solar panel company once touted by President Obama as a generator of “green jobs.” However, despite the federal-backed loan, the company recently went into chapter 11 bankruptcy, laying off 1,100 workers and closing down its California manufacturing plant.
Clearly the Department of Energy and the FBI are interested in finding out where the $500 million went. Even more interesting is the revelation that Solyndra officials and investors made no less than 20 trips to the West Wing of the White House between March 2009 and April 2011. One of those investors is George Kaiser, a major campaign fund bundler for the 2008 Obama campaign.
It is unknown at this time what sort of malfeasance, if any, the FBI is looking for in the raid on Solyndra. But certainly one can speculate, considering the spectacle of a company going bankrupt despite $500 million in federal government largess. While the solar power industry is somewhat speculative and dependent on government subsidies, Solyndra’s fall was just a little too swift not to raise eyebrows and questions.
The FBI raid comes on the morning of the day when President Obama is due to deliver a speech before a joint session of Congress outlining a jobs program. The jobs program will very likely feature more deals like Solyndra, using government money to finance ostensible private enterprises in order to facilitate government goals. Thus the raid could not have come at a worse time from Obama’s viewpoint.
Hot Air’s Ed Morrissey speculates the Obama administration will try to squelch the investigation, especially if it shows signs of uncovering official government corruption. Of course, this just means the focus of the investigation will just switch to Congress, which has an oversight responsibility.
If Obama is the political loser of this development, the political winner has to be none other than Sarah Palin. Palin has been inveighing against crony capitalism as of late. The FBI has made her point in no uncertain terms.
Source: Obama, Solyndra and the Perils of Crony Capitalism, Mark R. Whittington, Associated Content, Sept, 4, 2011
The FBI Is Raiding Obama’s Favorite Solar Company, Zeke Miller, Business Insider, Sept, 8, 2011
FBI raids Solyndra, Ed Morrissey, Hot Air, Sept. 8, 2011