From the Daily Caller
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.Read more:
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 company became the first recipient of an Energy Department loan guarantee under the stimulus in March 2009, which was intended to “finance construction of the first phase of the company’s new manufacturing facility” for photovoltaic solar panels.
So now taxpayers are on the hook for 390 million dollars, instead of the promised new jobs a couple hundred people were fired. For those who haven't done the math yet, even if we'd gotten the thousand jobs for our $390,000,000, the jobs would have bilked us for 390,000 bucks per job.
The president continues fly all over the country, at taxpayer expense to tell us about all the wonderful green jobs he creating... what he's not telling us is most of those jobs are being created in China.
This isn't the first time the White House has been tied to companies who stood to benefit from the presidents various green initiatives, as this article from McClatchey shows.
Cathy Zoi, the assistant secretary of energy for energy efficiency and renewable energy, owns between $250,000 and $500,000 worth of stock in Landis+Gyr, a Swiss-based manufacturer of special electric meters that are used to create an efficient "smart" grid of electricity use.On a slightly different note, last year I was surprised to find out the when Obama visisted the Cape Kemmedy Space Center thousands of employees were told to stay home for the day, today while I was verifying some of the information in the Daily Caller story, I noticed employess had been told to stay away when the President visited Sloyndra..
Her husband, Robin Roy, owns options on at least 120,000 shares of Serious Materials, a leading manufacturer of energy-efficient windows that's been singled out for praise by President Barack Obama and Vice President Joe Biden. As an officer of the company, Roy receives options on an additional 2,500 shares every month and will continue to do so until October 2012
It doesn't get mentioned too often. Besides the huge cost taxpayers swallow when the President bunny hops all over the country on his non-stop campaign, when the president visits, people are told not to come to work. An indirect, involuntary contribution to the Presidents campaign, that isn't even tax deductable..