Sunday, September 18, 2011

Appearance of corruption

Among other things, capitalism is about taking risk. When the government removes all risk from an "investment", the result cannot be called capitalism. It can be called corporatism, crony capitalism, mercantilism, fascism or socialism, but not capitalism. Such deals are the province of corporatist whores and their government enablers who suspend the rule of law in order to loot the public treasury.

Solyndra "investors" took out a 535 million dollar risk-free loan from you, and they are not going to pay it back.
The Obama administration restructured a half-billion dollar federal loan to a troubled solar energy company in such a way that private investors — including a fundraiser for President Barack Obama — moved ahead of taxpayers for repayment in case of a default, government records show.

Administration officials defended the loan restructuring, saying that without an infusion of cash earlier this year, solar panel maker Solyndra Inc. would likely have faced immediate bankruptcy, putting more than 1,000 people out of work.
"Without an infusion of cash... Solyndra Inc. would likely have faced immediate bankruptcy?" So, instead of 1,000 lost jobs we have 1,000 lost jobs at a cost of $535,000 per lost job, and those whose lost their jobs don't get the money, the venture huckster-bundlers do.

The "appearance of corruption" is a good enough reason for the Supreme Court of the United States to suspend our First Amendment rights. The appearance of corruption is apparently not a good enough reason to avoid giving free money to Solyndra connected bundlers.

Go figure.

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