Those would be the same 1,100 employees that the President would have "permanent" jobs as a result of Solyndra's work.
WASHINGTON (AP) — The Obama administration restructured a half-billion dollar federal loan to a troubled solar energy company in such a way that private investors — including a fundraiser for President Barack Obama — moved ahead of taxpayers for repayment in case of a default, government records show.
Even with the federal help, Solyndra filed for Chapter 11 bankruptcy protection earlier this month and laid off its 1,100 employees.
Anyways, on to the good stuff...
I see. So the Bush administration said the loan application had merit, but needed further study, specifically an independent market analysis. So what did the Obama administration do shortly after? Well, this...
WASHINGTON -- Solyndra officials were intensely pressuring Bush administration officials in early January 2009 to approve a government loan for the solar company before the Obama administration took power, according to new emails obtained by Fox News on Friday.
On Jan. 12, 2009, Solyndra CEO Chris Gronet sent an Energy Department official an email marked "urgent" expressing outrage that Bush officials had decided a few days earlier that while the loan application had "merit" it needed further study before officials could move forward with a taxpayer-financed loan.
However, I think Jon Stewart really sums it up best!
Emails released by the House Energy and Commerce Committee suggest the Obama administration did later ignore or discount warning signs about the viability of Solyndra.
In one Aug. 19, 2009, email obtained by the House panel, it was clear to some administration officials that the solar company had shaky finances.
"While debt coverage is robust under stress conditions, the project cash balance goes to $62,000.00 in September 2011," said the email, which was prescient since the company did in fact go bankrupt in that very time frame.
But just days after that August 19, 2009, email, Obama officials approved the loan to Solyndra, with Vice President Joe Biden attending the company's ground-breaking via satellite.
Friendly Fire? Jon Stewart Blasts Obama Administration For Solyndra Scandal
"House Republican investigators found email evidence of repeated warnings about the company and its green energy projects, with one calling it “not ready for prime time” and others warning that it was doomed to run out of money this very month. And and and, there’s also evidence that one investor in Solyndra, George Kaiser, was also a fundraiser for Obama and made several visits to the White House in order to visit with several aides"