Nothing like a of scandal to ruin your chances of being re-elected.The Solyndra scandal explodes in the administrations' face as news keeps coming out that the administration knew it was a bad investment and even worse, it was a political payback deal.
Due to massive media coverage in the business journals and money news programs like CNBC and Fox Business we all know about the Solyndra collapse this past August, and that we lost over half a billion dollars in taxpayer money, my money, your money, our money, gone, to a firm who's business model and product where known in the industry and to investment companies to be failures and bad investments before the loan.
So why did they get the money?
Email records and whistle blower testimony indicate that Steven Spinner in lengthy email discussions occurring in the days before the
Solyndra loan closed in September 2009, advocated for getting the deal done, apparently in an effort to
score the loan as a political victory for President Obama. Many of the
emails surround his efforts to coordinate plans for either President
Obama or Vice President Biden to announce it as the administration's
first loan approval -- one that he repeatedly notes will create clean
energy jobs.The problem, Steven Spinner was an Obama campaign fund raiser that netted over one million in funds. Steven Spinner was appointed to the Obama Administration in 2009 as an Energy Department director.
Investigations continue, new emails found describing how after the Obama Administration knew Solyndra was going to file for bankruptcy and was attempting to save them by giving them another 5.4 Million.
Watch how these newly released emails show the Administration wanted to use this for political gain.
Solyndra Executives Keep Quiet
Now congress is investigating, and on September 23rd in a Congressional hearing, lawmakers pressed Solyndra executivesfor answers on what they knew and when they knew it. But to no availe they all pleaded the 5th.
So what is a president to do?
It is hard to say. There are still over 12 months till the election and just about anything can happen between now and then. But this is certain, these scandals add up and chip away at reputation. Any more fallout will be sure to continue the downward spiral of the chances of being re-elected. Right now there is another scandal brewing that can go horribly wrong for the administration called the Fast and Furious scandal. This one involves the justice department issuing orders to allow guns to be illegally sold and shipped to drug cartels. Yikes. This one is just beginning to get legs but you can read about it here ... Link
If this keeps up, Obama's record and reputation will be marred too badly to even stand a chance.
Links
Obama Fundraiser Pushed for Solyndra dealOfficials resign over Solyndra Scandal
Solyndra executives plead the 5th to Congress
Executives refuse to talk - Plead the 5th
CNN - Fast and Furious Scandal - Subpenas being issued.
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