Obama hypocrisy as taxpayer money lost to risky investments he directed
By
John Paulus
– January 29, 2012
Do you remember this line in the President's State of the Union speech last week;
So if you are a big bank or financial institution, you're no longer allowed to make risky bets with your customers' deposits. You're required to write out a "living will" that details exactly how you'll pay the bills if you fail — because the rest of us are not bailing you out ever again.
It was one of those lines that easily drew applause. If you're like me, and one of those independent thinkers, you cringed at the Obama hypocrisy.
Did the Obama administration care about risky bets when it gave Solyndra a half a billion dollars of taxpayer money after it was repeatedly warned that the company would go bankrupt? Moreover, why did the Obama administration restructure the loan so that Democrat investors got paid back before the taxpayer- is that Obama's version of a "living will" for his friends at the expense of the American taxpayer?
Solydra is not the only company which received part of the $800 billion stimulus that later went bankrupt. Evergreen Solar filed bankruptcy in August of 2011. SpectraWatt also filed bankruptcy is August of 2011. Mountain Plaza, Inc filed for bankruptcy in June 2010. Olsen's Crop Service and Olsen's Mills Acquisition Co. also failed.
There are many other examples of companies that the Obama administration 'invested" our taxpayer money in that quickly went bankrupt. According to Obama, we need to take these risk… but where are the demands to these companies on how they'll "pay the bills" if they fail. Where are their "living wills" to the taxpayer?
To drive home the point, earlier this week, Stimulus beneficiary Evergreen Energy bit the dust. Then, Ener1, a manufacturer of batteries for electric vehicles and recipient of Stimulus largesse, filed for bankruptcy. And Friday, the Las Vegas Sun reports that Amonix, Inc., a manufacturer of solar panels that received $5.9 million from the Porkulus, will cut two-thirds of its workforce, about 200 employees, only seven months after opening a factory in Nevada.
If the President is serious about no longer allowing risky investments, he can begin by ceasing sinking anymore taxpayer money into Fannie Mae and Freddie Mac at a cost of $317 billion and still counting.
Time for the President to stop playing politics and start acting in the best interest of this country.