Wednesday, September 14, 2011

The fierce moral urgency of managing the news cycle


The Obama White House tried to rush federal reviewers for a decision on a nearly half-billion-dollar loan to the solar-panel manufacturer Solyndra so Vice President Biden could announce the approval at a September 2009 groundbreaking for the company’s factory, newly obtained e-mails show.

The Silicon Valley company, a centerpiece in President Obama’s initiative to develop clean energy technologies, had been tentatively approved for the loan by the Energy Department but was awaiting a final financial review by the Office of Management and Budget.

The August 2009 e-mails, released to The Washington Post, show White House officials repeatedly asking OMB reviewers when they would be able to decide on the federal loan and noting a looming press event at which they planned to announce the deal. In response, OMB officials expressed concern that they were being rushed to approve the company’s project without adequate time to assess the risk to taxpayers, according to information provided by Republican congressional investigators.
Managing the news cycle matters more than due diligence, of course, especially if you're just spending other people's money. The punchline?

Solyndra collapsed two weeks ago, leaving taxpayers liable for the $535 million loan.

This story is getting more interesting by the moment.


Gino said...

i'm still convinced there was money changing hands and maybe an immelt-type connectyion.

too many pols have their hands in the green energy industry. just wait that that book gets written.

CousinDan 54915 said...

If Obama purposefully defrauded the taxpayers, he should go to jail. Any questions?