Monday, December 26, 2011

Solyndra and the "Bank of Washington"

A dog bites man story in the Washington Post detailing the crony capatilism ways of the Solyndra fiasco:
Solyndra: Politics infused Obama energy programs

...Just two days before the visit, Obama fundraiser Steve Westly warned senior presidential adviser Valerie Jarrett that an appearance could be problematic. Westly, an investment fund manager with stakes in green-energy companies, said he was speaking for a number of Obama supporters in asking the president to postpone the visit because Solyndra’s financial prospects were dim and the company’s failure could generate negative media attention.

“The president should be careful about unrealistic/optimistic forecasts that could haunt him in the next 18 months if Solyndra hits the wall,” Westly wrote. Westly did not respond to a request for comment from The Post.

Similar concerns arose repeatedly among officials inside the White House. One staffer at the Office of Management and Budget suggested to a colleague that the visit could “prove embarrassing to the administration in the not too distant future.” Even Ron Klain, Biden’s chief of staff, acknowledged “risk” in the trip.

But administration officials ultimately waved off the jitters, after assurances from Energy Department officials that their policy was sound and that Solyndra’s troubles would be fleeting. After Obama’s trip, the administration hung a photo from his visit on a wall in the West Wing, to underscore good things to come.

Solyndra’s financial picture did not improve, however, and by year’s end the company was crumbling. Its investors pitched bailout plans, seeking help from what a Solyndra executive referred to as the “Bank of Washington” — his apparent term for U.S. taxpayers...
(ed. Emphasis added)

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