Solyndra, a California green-tech company banking on the success of advanced solar-cell manufacturing, fell into bankruptcy when silicon prices collapsed. After receiving a $535 million federal loan guarantee, the company’s records are under investigation by the FBI. Now RNC chairman Reince Priebus is claiming the company is a “prime example of stimulus failure” and “taxpayer-funded cronyism” because one of the investors, George Kaiser, is an Obama fundraiser:
Solyndra’s downfall puts a spotlight on the kind of taxpayer-funded cronyism this White House said it would eliminate. After bundling tens of thousands of dollars for President Obama and his campaign, company officials were granted at least 20 visits to the White House and had Energy Department officials sitting in on company board meetings.
However, Solyndra’s top investors also include the Republican Walton family. The CEO, Brian Harris, is also a Republican.
At Climate Progress, Stephen Lacey and Richard Caperton have published a comprehensive timeline of the Solyndra story, showing that its financing began under the Bush administration.