Are you familiar with the name? You should be; Solyndra is a manufacturer of solar panels that is headquartered in the Bay area, and received a $535 million loan as part of the 2009 stimulus package. President Obama praised it to the skies back in March of last year, even though accountants had questioned its ability to survive, much less thrive.
A couple of days ago, Solyndra announced plans to file for bankruptcy protection, which means that the prospects of recouping the government loan extended to it have dimmed considerably, and that the Obama Administration now has egg on its face for having touted the company so heavily.
I believe that the word you are looking for is “oops.”
What makes the story intriguing is that Solyndra is backed by a contributor to the Obama campaign, George Kaiser. So in addition to government intervention to pick winners and losers in the field of green energy, we may well have government intervention on the part of the Administration in order to reward political contributors to Team Obama. One can appreciate how this might be a problem.
Disturbing details here. Read the whole thing, which has “cronyism” written all over it. And do be sure to read Rich Lowry’s take that if it was right for Enron to be connected to the Bush Administration, then it is entirely justified to link Solyndra with the Obama Administration.