Solyndra Just the Tip of the Iceberg

By:  Bob Adelmann
11/14/2011
       
Solyndra Just the Tip of the Iceberg

In late October White House Chief of Staff William Daley ordered a complete review of all loan guarantees the Department of Energy has made to various energy projects. The review “is a tacit acknowledgement that the loan program [that supported the now-bankrupt energy company Solyndra]…has raised enough internal concern that an outside assessment is necessary…”, according the Washington Post.

 

In late October White House Chief of Staff William Daley (photo) ordered a complete review of all loan guarantees the Department of Energy has made to various energy projects. The review “is a tacit acknowledgement that the loan program [that supported the now-bankrupt energy company Solyndra]…has raised enough internal concern that an outside assessment is necessary…”, according the Washington Post.

While the review is supposed to take 60 days and will no doubt be an attempt to whitewash failed efforts by the government to jumpstart the economy through its support of the green industry, a look at past efforts is more than sufficient to conclude that such “investments” are more properly labeled “boondoggles” and an enormous waste of taxpayer money.

The spin on the review is already in. When Daley named Herbert Allison, a former assistant Treasury secretary, to head it up, he said:

The president is committed to investing in clean energy because he understands that the jobs developing and manufacturing those technologies will either be created here or in other countries. And while we continue to take steps to make sure the United States remains competitive in the 21st century energy economy, we must also ensure that we are strong stewards of taxpayer dollars.

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