White House was more concerned with press events surrounding the loan than the soundness of Solyndra. The aide said "corners were cut."
According to the House committee, the average review time for White House budget officials screening Energy Department loan guarantees is 28 calendar days. The committee said that for Solyndra, the first such loan guarantee made by the department, the review took just nine days.
Officials expressed concern about the review process in the run-up to the Biden announcement.
One White House budget official asked that the announcement "be postponed." Another email complained about "rushed approvals," and said "we are worried" about Solyndra. However, the announcement went forward as planned
The emails show White House officials repeatedly checking with the Office of Management and Budget on the progress of its review of the loan ahead of the high-profile groundbreaking for the company's new factory.
One email from a budget official referred to "the time pressure we are under to sign-off on Solyndra."
Yes the government as a high risk venture capital source. Only instead of measuring the investment based on technology, business plan, market study, financial strenght. Investment is based on how much donated to campaign. Obama got his donation, his friend got his government money. Taxpayers got screwed.
This is why these things need to be left to the private sector.
If you think the taxpayers got screwed under Obama, read this, it may change your mind..
George W. Bush. President Obama's predecessor inherited a balanced budget, with no deficit, when he took office in 2001. For each of the next eight years, the Bush administration ran up a deficit, adding about $4.7 trillion to the national debt over two terms. Bush also left two thorny problems for the next president to solve. The tax cuts he enacted in 2001 and 2003 were never offset with spending cuts or other revenue gains, which meant they'd add to the debt indefinitely unless repealed. And while those tax cuts were scheduled to expire at the end of 2010, it was clear all along that any president who allowed that to happen would effectively be raising taxes on most Americans, an act sure to be punished at the voting booth. Bush also passed the costly Medicare prescription drug benefit, without coming up with funds or spending cuts to cover the cost of that either, adding more than $100 billion per year to the debt.