IBD: Obama sunburns taxpayers with possibly illegal Solyndra handout
(Excerpt) “With a minimum of five green firms going bankrupt, taxpayers find themselves on the hook for at least one possibly illegal loan while paying ghastly sums for each green job created. We’ve been sunburned…
…Under the restructuring agreement, Solyndra’s private investors were moved to the front of the line and taxpayers were put on the hook for at least the first $75 million if the company should default. Subordinating taxpayers to private investors in recovering loan money is an “apparent violation of the law,” according to Fred Upton, R-Mich., chairman of the House Energy and Commerce Committee.
During hearings last week, Rep. Steve Scalise, R-La., and other Republicans noted that the Energy Policy Act of 2005 says obligations, or loan guarantees, shall not be subordinated to other financing.
In other words, taxpayers get first dibs on any money recovered and private investors take a number.
Why was the Solyndra loan restructured in this way? Was it because a major donation bundler for President Obama’s 2008 campaign was also a principal investor in Solyndra? Is that why the administration ignored repeated warning’s of Solyndra’s insolvency?
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