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Obama donor gained nearly $1 billion in tax credits in Solyndra bankruptcy

(Part four of the Washington Examiner's 10-part series "With the Stroke of a Pen: How Obama abuses executive power to make the law of the land.")

Most people who follow the news are aware that President Obama invested $527 million in Solyndra, the now-bankrupt California-based solar panel manufacturing company.

What is much less well-known is that the federal government was legally required to cut its losses of tax dollars just months into the project, and that only an illegal loan modification made to benefit an Obama fundraiser led to taxpayers losing more than $500 million.

“The true engine of economic growth will always be companies like Solyndra,” Obama declared in May 2010, but even then, the company was burning through more than $10 million a month and headed towards bankruptcy.


Read more on WashingtonExaminer.com

 

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