Mitt Romney Blasts Obama for 'Crony Capitalism'
Obama's campaign investors invested in Solyndra. If Solyndra had been a success Obama's Chronies would have made a small fortune but it went bankrupt so the Taxpayers lost $535 million dollars.
Obama Blames the Solyndra Loan Guarantee on the Bush administration
When Solyndra went bankrupt President Obama initially blamed it on the Bush administration. After it came out that the Bush administration denied the Solyndra loan guarantee two weeks before Bush left office, on January 9, 2009, then Obama took the position that 'some investments fail, they can't all be winners.'
Obama is questioned on the Solyndra Investment Loan Guarantee
Obama defends his administration's decision to guarantee the Solyndra loans.
Solyndra couldn't obtain funding from Wall Street and Private Equity because their technology was antiquated.
This is why government should not be guaranteeing loans for companies that can NOT raise capital any other way.
US Secretary of Energy Steven Chu interview on Solyndra
Reporter asks the question, "Why wasn't Solyndra vetted a little better?" Secretary of Energy Steven Chu never answers his question and speaks of the Solar Industry in general. This is the same man that stated prior to his appointment to Secretary of Energy that our gas prices should be comparable to Europe's $8 per gallon.
7 Things You Should Know About Solyndra
NEW YORK (CNNMoney) -- No matter how hard President Obama may try, the Solyndra debacle -- and its $529 million taxpayer-backed price tag -- just won't go away.
Just last week, Mitt Romney criticized Obama's economic acumen while standing in front of the company's now-closed headquarters in Fremont, Calif.
Solyndra represents the ideological divide between the two parties on issues beyond energy.
To Democrats it represents government support for a private enterprise that was supposed to create something that made us all better off -- clean energy and jobs.
To Republicans it represents government overstepping its role.
With the issue not showing signs of fading away in the election, here are seven things you should know about Solyndra and the Department of Energy loan program that supported it.
It was started by Bush: The DOE loan program that funded Solyndrawas actually started by President Bush in 2005. It was intended to provide government support for "innovative technologies."
But the Bush administration never approved Solyndra's loan, saying the application needed more work.
Congress thought there would be more failures: Two companies have declared bankruptcy under the loan program so far, out of the 33 projects funded. Congress was expecting more.
Lawmakers set aside $10 billion to cover any losses from $26 billion in loans. Solyndra could potentially cost the government $529 million. AndBeacon, a power storage company that also went bankrupt, cost the government $12 million. So even if Solyndra ends up costing the full $529 million, there's still nearly $9.5 billion available should other loans go belly up.
Two other DOE-funded companies have also had trouble -- Ener1 and Fisker -- but they received grants and are not in the loan program.
Solyndra wanted more: The company applied for another $468 million in funding shortly after its first DOE loan closed. The government did not award the second request.
Taxpayers aren't the only losers: Private investors lost almost twice what the government did -- nearly $1 billion.
While much has been made that the largest private investor was an Obama supporter, the second largest was a fund controlled by the Walton family -- of Wal-Mart (WMT, Fortune 500) fame. Walton family members are noted Republican donors.