What if the President of the United States flagrantly broke federal law to the financial benefit of his campaign contributors, ultimately costing U.S. taxpayers millions, but there was no way to hold him accountable?
That is exactly what happened when California solar panel manufacture Solyndra threatened bankruptcy in late 2010 and the Obama Energy Department agreed to illegally restructure their loan. But unless he is defeated at the ballot box this November, President Obama will get away with it.
Solyndra first sought a loan guarantee pursuant to the 2005 Energy Policy Act in 2008, but they were rejected by the Bush Energy Department. Solyndra then reapplied for another loan from the Obama administration and was awarded a $535 million guarantee in September 2009. Solyndra was the first company ever to get a loan guarantee pursuant to the Energy Policy Act and Obama made the company the signature showcase of his green energy economic stimulus plan.