President Barack Obama’s aides pressured White House budget officials to complete a review of a $535 million U.S. loan guarantee to Solyndra LLC, a solar-panel maker that has filed for bankruptcy protection, according to a House committee report based on e-mails and other documents.
Solyndra, promoted by the Obama administration as a successful example of the use of stimulus money to spur development of a clean-energy industry, filed for bankruptcy on Sept. 6, and two days later its offices were raided by the Federal Bureau of Investigation.
This is yet another reason why I’m skeptical of the second stimulus bill that was recently proposed. The federal government shouldn’t be directly or indirectly backing any company. If a company is sufficiently promising, they should be able to raise that same capital through private sources.