President Obama & Solyndra
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This analytical essay looks at the background and history of the Solyndra loan controversy, the involvement of both the Bush and Obama administrations, and the accompanying allegations of political favoritism and lobbying. The paper also discusses the outcome of the controversy and where the company stands today.
Federal Funding for Solyndra
Federal Funding for Solyndra
From the Paper:"Hints of an investigation began to surface when in September of 2011 federal agents visited the homes of Brian Harrison, the company's CEO, and Chris Gronet, the company's founder. The agents stated that they were there to examine computer files and documents.The raid and visits were the result of increasing evidence found by the Justice Department and Inspector General that Solyndra may have misled the government while trying to secure its loan. Later in September, the U.S. Treasury Department and the FBI launched full investigations. On October 7, 2011, an article in The Washington Post reported that emails had surfaced that revealed that officials at the Energy Department had been concerned that helping Solyndra by restructuring the loan - which they did in mid-2011 as the company began to flounder - might be illegal. The restructure went through anyway-- the new deal would allow for creditor repayment before taxpayers. Particularly controversial was the fact that the California Democratic Party was listed for payback before the American taxpayers. (McElhatton, 2011) All of this might have ended up being seen as the usual sturm und drang of business if the Solyndra bankruptcy had not suddenly become a hot button political issue. Conservative and libertarian bloggers quickly picked up on the Solyndra story and began pushing it as evidence of Obama's "crony capitalism" and that the situation proved that government should not "be picking winners and losers in the marketplace". (Hinckle, 2011)"
Sample of Sources Used:
- Hinckle, A. B. (2011, September 09). Obama's Crony Capitalism. Retrieved January 6, 2012, from Reason.com: http://reason.com/archives/2011/09/09/obamas-crony-capitalism
- McElhatton, J. (2011, September 25). California Democratic Party among Solyndra's creditors. Retrieved January 6, 2012, from washingtontimes.com: http://www.washingtontimes.com/news/2011/sep/25/bankrupt-solyndras-curious-creditor/
- Ryan Tracey, D. S. (2011, November 10). Solyndra Suporter Spoke to President. Retrieved January 6, 2012, from Wallstreetjournal.com: http://online.wsj.com/article/SB10001424052970203537304577028432440510796.html
- Staff, S. o. (2011, September 12). The Committee on Energy and Commerce Internal Memorandum September 12, 2011. Retrieved January 6, 2012, from House Energy Commerce Committee: http://republicans.energycommerce.house.gov/Media/file/Hearings/Oversight/091411/Memo.pdf
Cite this Analytical Essay:
President Obama & Solyndra (2012, January 12) Retrieved December 07, 2021, from https://www.academon.com/analytical-essay/president-obama-solyndra-149910/
"President Obama & Solyndra" 12 January 2012. Web. 07 December. 2021. <https://www.academon.com/analytical-essay/president-obama-solyndra-149910/>