posted by Greg Chamberlain
The following article is just one more reason why we need anti-crony capitalists as President and members of Congress.
This Wall Street Journal Article is just another typical unintended consequence of government malinvestment and crony capitalism. If this panel maker were to have had to compete with others in the sector, only gaining capital from professional venture capitalists and other seasoned investors and business leaders, and not the government, this massive failure would not be costing taxpayers one dime. Fake competition from companies like, propped by by the taxpayer dime, has undermined what should have been a level playing field in the sector.
The Wall Street Journal Reports:
FBI Raids Solar-Panel Maker
Probe of Solyndra Centers on Actions In Obtaining U.S. Loan Guarantees
Solyndra LLC, a California solar-panel maker once hailed by President Barack Obama as "the future" of clean energy, is the target of a criminal investigation into whether its executives knowingly misled the government to secure more than $500 million in loan guarantees, said people familiar with the matter.
Agents from the Federal Bureau of Investigation on Thursday raided the company's headquarters in Fremont, Calif., carting away documents and computer equipment as part of the previously undisclosed federal probe.
The raids were conducted at the behest of the Department of Energy's inspector general, and agents from that office took part, officials ...
To read the rest, click the following link: http://online.wsj.com/article/SB10001424053111903285704576558560085902774.html?mod=googlenews_wsj