If you thought the stunning failure of Solyndra, a solar-panel manufacturer and recipient of more than half a billion dollars in taxpayer-guaranteed loans, would set back the Obama administration’s pursuit of its “green jobs” agenda, you’d be wrong. Indeed, the president has shown few signs that he even considers the bankruptcy of a company he once called “a testament to American ingenuity and dynamism” much of a setback at all.
The company’s failure was predictable. A 2008 report from the Government Accountability Office warned that the Department of Energy’s loan program was insufficiently protected from the risk that green companies would not succeed, but the Obama administration pushed ahead anyway. The president even visited and gave a major speech at a Solyndra plant just weeks after a PricewaterhouseCoopers audit questioned the company’s “ability to continue.”
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