In 2009, President Barack Obama promised that his new $38.6 billion loan guarantee program for “green” technology would create 65,000 jobs (that’s $600,000 per job). According to the Department of Energy, after spending 17.2 billion of taxpayer dollars, the program Obama created gave us 3,545 new permanent jobs (that’s $4.9 million per job).

Financed by the 2009 stimulus, this generous loan guarantee program recently came under scrutiny by the House Oversight Committee after the collapse of Solyndra. The California solar panel company was given the administration’s first green tech loan. It was for $535 million and was pushed through by the White House over the objections of federal budget analysts.

Before its collapse, Solyndra was the showcase of Obama’s green energy agenda. He lavished praise on the company when he visited its Silicon Valley headquarters last year, despite the company’s obvious financial troubles. According to David Freddoso of the Washington Examiner, an audit of the company by Price Waterhouse Coopers, revealed Solyndra had losses of $585 million in five years and had cash flow problems from its inception.

Questions about Obama’s gift of a half-billion dollars in taxpayer money to this failing company are now being linked to questions about the connection of Obama donors to Solyndra. George Kaiser, an Obama donor and frequent guest at the White House, was one of the original investors in Solyndra.

The Washington Times Bureau reports that Steve Spinner, a Department of Energy employer and major fundraiser for Obama, helped monitor the Solyndra loan and other green energy deals. Mathew Daly of The Associated Press quotes government records, “The Obama administration restructured the half-billion dollar loan to the troubled solar company in such a way that private investors, including a fundraiser for Obama, moved ahead of taxpayers for repayment in case of default.” Simply put, taxpayers lost $535 million.

The Solyndra fiasco is an example of crony capitalism and corruption. From all accounts, it appears to involve the president. But it could be just the tip of the iceberg. Sources say the White House is rushing to approve 15 more loans for questionable green energy projects to use up more of the stimulus funding before the deadline of Sept. 30.

If this concerns you, demand that Congress investigate where your stimulus dollars went, including loans and grants. This administration has thrown away your money. It cannot be trusted.

Diana Thorn
Carpinteria