Cato explores the amount of money Solyndra put into lobbying for free money from the government:
Is the taxpayers’ lost $535 million in the green-energy company Solyndra just an unfortunate business failure, or is there something more scandalous involved? You should read every word of this front-page New York Times article. Sure, it says that “no evidence has emerged that political favoritism played a role in what administration officials assert were merit-based decisions.” But the story is full of smoking guns.
And CoyoteBlog mocks the ever-obtuse Krugman’s inability to distinguish between “forced donations stolen from taxpayers and given to political favorites” and “private venture capital:”
…government loan guarantees go only to those companies who the free market has chosen NOT to fund. If the free market was willing to toss another half billion into Solyndra, its owners would not have been burning a path back and forth to Washington. So by definition, every single government loan guarantee in this program is to a company or a technology that the free market, knowledgeable investors, and industry insiders have rejected as a bad investment. For the program to work, one has to believe that Obama, Chu, and some career energy department bureaucrats have a better understanding of commercializing technologies than do private investors (who are investing with their own money) and industry experts.
While Obama’s Media Outlets continue to run interference for the administration by pretending like the story doesn’t exist, and there’s no controversy here:
Appearing Friday before the House Energy and Commerce Committee’s Subcommittee on Oversight and Investigations, the CEO and CFO of Solyndra both invoked their fifth amendment right against self-incrimination.
But instead of highlighting the cover-up in the scandal of the $535 million federal loan trumpeted by the Obama administration to the solar panel manufacturer which went bankrupt, neither ABC nor NBC mentioned the development Friday night and CBS allocated a mere 25 seconds.
Just goes to show – if you ever think you’re about to screw up big, make sure you register as a Democrat before the media finds out.