Solyndra

Rachel Maddow – Romney unmoved to change ad despite fact-check smackdown

I enjoyed this segment of The Rachel Maddow Show, last night.  In fact I enjoyed it so much I just had to share it with you.

The gist of the segment:  Rachel caught Mitt Romney in a bold-faced lie the day he went to Solyndra  to discuss President Obama’s involvement with the now defunct company.

Now, to the video…

Issa calls Obama admin. ‘the most corrupt government in history’

Congressman Darrell Issa (R-CA). Photo: AFP.

Kettle…meet Pot.

The Raw Story

The Chairman of the House Committee on Oversight and Government Reform thinks that the Obama administration is “the most corrupt in history,” and he’s not afraid to say it.

Speaking to Bloomberg on Tuesday, Rep. Darrell Issa (R-CA) insisted that the president’s political appointees must be held accountable for their actions, citing the recent General Services Administration graft scandal and a failed solar power company, Solyndra, that the Obama administration had invested in.

“If they reported to the White House and the White House did nothing, shame on the White House,” he said. “But even if they didn’t report to the White House, we still have to say, ‘Why weren’t they doing their job of protecting the American people?’ Political appointees cost a lot of money to the taxpayers. If they’re… giving awards for bad behavior, they’ve got to go.”

He added: “But again, we’re very busy in Washington with a corrupt government, with a government that I said a year ago, because of the money, because of the TARP and stimulus funds, was going to be the most corrupt government in history, and it is proving to be that.”

In spite of Issa’s allegations, he only cited two specific scandals. According to journalist Haynes Johnson, the “most corrupt” label actually belongs to the administration of President Ronald Reagan. Plagued by dozens of scandals like selling weapons to Iran, rigging federal grants, the savings and loan crisis and other assorted political skullduggery, it all ended with 138 officials having been investigated, indicted or convicted — the most of any U.S. presidency, ever.

This video is from Bloomberg, broadcast Tuesday, April 24, 2012.

The Phony Solyndra Scandal

Image representing Solyndra as depicted in Cru...

Image via CrunchBase

The New York Times – Joe Nocera

If Brian Harrison and W. G. Stover, the two Solyndra executives whotook the Fifth Amendment at a Congressional hearing on Friday, ever spend a day in jail, I’ll stand on my head in Times Square.

It’s not going to happen, for one simple reason: neither they, nor anyone else connected with Solyndra, have done anything remotely criminal. The company’s recent bankruptcy — which the Republicans are now rabidly “investigating” because Solyndra had the misfortune to receive a $535 million federally guaranteed loan from the Obama administration — was largely brought on by a stunning collapse in the price of solar panels over the past year or so.

The company’s innovative solar panels, high-priced to begin with, became increasingly uncompetitive in the marketplace. Solyndra didn’t have enough big commercial customers to create the necessary economies of scale. And although Harrison and Stover remained optimistic up to the bitter end — insisting six weeks before the late-August bankruptcy filing that the company was going to be fine — they ultimately failed to raise additional capital that would have allowed Solyndra to stay in business.

The Republicans are trying to make that optimism appear sinister, but if we’ve learned anything from the financial crisis, it is that wishful thinking in the face of a collapsing market is not a crime. Otherwise, Richard Fuld, the former chief executive of Lehman Brothers, would be wearing prison garb.

Continue reading here…

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