Evidently, the Obama administration is hip deep in mud on this one. Not only were they complicit in fraudulently promoting a business that everyone told them was heading for bankruptcy; not only did they bestow a 535 million dollar gift, courtesy of the taxpayers, upon a company even though everyone told them it was an enormous risk, but they also circumvented the law that would allow the taxpayers to recoup some of that 535 million in the event of the bankruptcy that everyone told them was coming. Instead, they illegally restructured the arrangement so that Solyndra's major investors would get reimbursed first, and, just by coincidence, one of the major investors happened to be one of Mr. Obama's premier fundraisers in 2008.
McCarthy opens his column with this:
The Solyndra debacle is not just Obama-style crony socialism as usual. It is a criminal fraud. That is the theory that would be guiding any competent prosecutor’s office in the investigation of a scheme that cost victims — in this case, American taxpayers — a fortune.He goes on to explain what happened and how the laws were broken. Maybe someday the name "Solyndra" will take its place alongside the word "Watergate" as a byword for White House scandal.
Fraud against the United States is one of the most serious felony offenses in the federal penal law. It is even more serious than another apparent Solyndra violation that has captured congressional attention: the Obama administration’s flouting of a statute designed to protect taxpayers.
Since WW II there've been basically three reasons why voters have turned against presidents: Bad economy (Carter, Bush Sr.), unpopular war (Johnson, Bush Jr.), and scandal (Nixon, Clinton). President Obama appears on course for achieving the trifecta.
