Obama administration and the Solyndra bankruptcy
By Jessica Joseph and Opinions
September 29, 2011
A recent scandal has hit the Obama administration that could ruin the rest of Obama’s presidency. Stimulus money was found being given to companies that went bankrupt a year or two after the money had been given to them. The major company that is part of this scandal is Solyndra, a solar power company that uses silicon to make solar panels. The stimulus money also went to four other green companies where similar incidents took place. The money was given to these companies to create jobs and to help make a cleaner environment for the United States. These companies were given almost half a billion dollars each and the money that was suppose to be given to these companies in gone and now congress is trying to find where it went.
The money that was given to these companies was given out so fast that congress had barely anytime to pass it. It is believed that the spending on these companies was passed to make it look like his administration was taking fast action and that America was headed into a strong economic direction. However, this fast act lead to turmoil. More jobs were suppose to be created but in 2010 Solyndra only had made 526 jobs throughout the company. More than half a billion dollars was invested in Solyndra and now that the company has gone bankrupt, people are asking “Where has the money gone?”
There are rumors going around that the Obama administration knew that these companies were going downhill and gave them drastic amounts of money knowing that it would be filtered back into the Obama campaign fund. This rumor has not been proven, but there is some evidence that this may be true. When the money was given to Solyndra and these other companies there were companies in China making solar panels a lot cheaper and there were signs that these companies were going to go bankrupt from the beginning. The head if the company George Kaiser is a huge Obama supporter and they have a close relationship when it came to the economy and Solyndra which would give people a reason to think that he would agree to this scam. Recently the Solyndra Company in court pleaded the fifth which makes their case seem even fishier because this is what mobsters tend to do. There is no proof of these accusations, but as the weeks go on more evidence to the source of this strange problem will appear.
The Solydra scandal or “Green Scandal” has been flooding the media and it will continue to come up in the media until answers come out. The United States has invested in private sectors such as companies as Boeing and Lockhead- Martin which have done extremely well, even though it is not preferred that the government gets involved in these type of companies. Even though the green scandal is a major issue in the United States the government has invested in companies that have helped the economy. The green scandal however has wasted billions of American tax dollars and an answer to this scandal needs to be brought into the media before the 2012 presidential because the answer could jeopardize President Obama’s chance to win incumbent seat.