Follow the Money: Part 2
If I were to approach you with an opportunity to invest in a company that has accumulated losses of $558 million since its inception, has suffered recurring losses from operations, has never once had a positive cash flow in its five years of existence and has a net stockholders’ deficit, would you take a risk with a few million dollars in hopes that maybe magically, against all odds, the company would suddenly turn a profit?
The appropriate response? “Of course not, you fool!”
Not that your response matters, since President Obama has already decided that he’s doing you a favor by investing your tax dollars ($535 million of them, to be precise) in Solyndra, a solar panel manufacturer.
David Freddoso over at the Washington Examiner reports on some wildly innovative ways that Solyndra is putting your investment to use:
Solyndra has hired people that people in Washington listen to, spending $140,000 on lobbyists in just the first quarter of this year. Solyndra's most prominent representative in Washington is Steven McBee, a former Democratic Hill aide whose firm did $11 million in business last year. He has contributed $235,000 to politicians and political action committees (mostly Democrats) since 1999.
“This is…exactly what the Recovery Act is all about,” says Vice President Joe Biden. I couldn’t agree more.
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Jun '10
Re: Follow the Money: Part 2
I don't understand why Solyndra gets this special treatment. There are several manufacturers selling several different solar panel designs. So why not just let the market pick the winner, as happens in ever other industry? I don't get it.
May '10
Re: Follow the Money: Part 2
As I have thought about the Stimulus for a while now....it looks like the Democrats have learned to appreciate trickle-down economics!