“No Man’s life liberty or property is safe while the legislature is in session”.

- attributed to NY State Judge Gideon Tucker

Tuesday, September 20, 2011

The Solyndra Scandal

The breaking, growing Solyndra solar panel maker scandal is proving to be the sort of embarrassment which could well be the decisive factor in driving Wonderboy's poll numbers into the basement for good.

Yes, we all know about the Bush administration quashing the loan application unanimously, only to see the First Rookie's energy department magically resurrect and pass it early in its tenure. And, yet, current energy staffers claim it was, of course, Bush's fault.

But the more interesting news is the restructuring of loan seniority which occurred in violation of federal law.

We are told that the federally-guaranteed $535MM loan cursed Solyndra, because its absolute seniority to all other debt scared off subsequent lenders. And that is totally plausible.

But we've also learned that George Kaiser, of the famous wealthy California Kaiser family, both donated money to one of Wonderboy's wife's charitable foundations, as well as served as a donation "bundler" for him, was involved.

It seems that sometime after the federal loan guarantee was made, Kaiser's multi-million dollar, pre-existing loan to Solyndra was made part of a debt restructuring which allowed it to illegally leapfrog the federal guarantee in seniority, and then be repaid.

This will be the real juice in the scandal. When the details all come out, the actual $535MM of bad government industrial policy won't be the worst of it, because, well, sadly, that's business as usual in Washington.

No, the real news will be that the self-proclaimed cleanest, most ethical administration in the nation's history will be shown to have nakedly violated federal law to help a big campaign donor/bundler to recover a risky loan from Solyndra before it went bankrupt.

And that news should break just in time for Wonderboy to be entering the last 12 months of his term and attempting to focus on his re-election campaign.

Nothing like a really good scandal to distract a sitting president and turn voters off to his bid for another term. Just ask Dick Nixon- if you could.

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