Where Did The Money Go?

I know $535 million may not sound a lot to you, but it’s hard to spend $535 million in just six months. Yet this is how long Solyndra had their hands on your taxpayer dollars before it went belly up.

Solyndra, Inc. was supposed to have showcased the effectiveness of the Obama administration’s stimulus program on green jobs, but instead it has become the center of congressional attention for waste, fraud and abuse.

The company became the first recipient of an Energy Department loan guarantee under the stimulus in March 2009, which was intended to “finance construction of the first phase of the company’s new manufacturing facility” for photovoltaic solar panels.

The Energy Department estimated in a March 20, 2009 press release that the loan guarantee would create 3,000 construction jobs and a further 1,000 jobs after the plant opened.

Taylor made to show the administration’s savvy business skills and to showcase Biden’s ability at handling the future of green jobs in this country, it’s balance sheet was virtually unlooked at in a rush to meet a ribbon cutting ceremony featuring Energy Secretary Steven Chu and Governor Arnold Swhwartzenegger.

The reason for the administration’s blunder?  No doubt they’ll say Bush was looking at Solyndra.