DC Trawler

Solyndra: the definition of crony capitalism

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tr.v. so·lyn·draed, so·lyn·dra·ing, so·lyn·dras
1. To squander taxpayer dollars: Observe as yet another doomed solar-energy company solyndras away huge piles of your money, without your consent or consultation.
2. To sum up the Obama administration in a word.

Todd Shepherd reports:

Despite glowing press clippings in which the CEO of Colorado-based Abound Solar claimed seven months ago that his company was the “anti-Solyndra,” the green-energy firm has filed for chapter 7 bankruptcy liquidation. It is terminating all 125 workers at its Loveland, Colo. headquarters, and is blaming China for its failure.

The U.S. Department of Energy awarded Abound Solar a $400 million loan guarantee in December 2010, funds that the then-three-year-old startup said it would use to compete with solar panel industry leader First Solar.

The company had tapped into about $70 million of those funds by August 2011 when the DOE unplugged it from the taxpayers’ cash stream, around the same time the more famous Solyndra went bankrupt. That company ate through $535 million in loans guaranteed by the federal government before it failed.

Okay, fine, so Abound Solar didn’t turn out to be the “anti-Solyndra.” Hey, at least they didn’t solyndra away quite as many tax dollars as Solyndra.

Just because none of this stuff has worked for the last four years, that doesn’t mean it won’t start working if we give Obama another four years. Happy Dependence Day!