"..exactly what the Recover act is all about."
So said Vice President Biden on Solyndra getting a half billion dollars in tax payer money for "clean energy" jobs. The promise made by President Obama and friends was that this company would create 4,000 new jobs.
Fast forward 15 months and Solyndra has filed for bankruptcy. Not only will no new jobs be created, the tax payers will not get the more than $500 million we put into the company.
A company that had a record of "recurring loses from operations, negative cash flows since inception" PricewaterhouseCoopers goes further after the audit and says "raises substantial doubt about its ability to continue as a going concern".
But, hey lets give them a half billion in tax payer money, they just might make a go of it, after all it is hope and change right? The fact that the GAO has come to the conclusion that the Obama administration has put forward a proper review process is besides the point. GAO analyst Frankin Rusco said:
It makes the agency more susceptible to outside pressures, potentially.I guess the $140K that Solyndra used for lobbyists paid off for them in the short term.........the fact that the taxpayers are left on the hook is neither here nor there.