Romney calls Solyndra a symbol of Obama failure

According to James Smith, Staff Writer at News Eagle 360: “California solar technology company Solyndra turned out to be a notoriously unreliable symbol for President Obama. Rather than becoming a successful showcase of his support for alternative energy business ventures, the company has become a symbolic albatross around his neck.”

Romney bashes Obama at Solyndra headquarters - Video
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"When Republican presidential candidate Mitt Romney showed up in late May at the closed Solyndra headquarters near Silicon Valley, he called the failed business a symbol of something else—abuse of taxpayer money. Romney has labeled it “crony capitalism,” the giving of money to friends that contributed to a campaign,” noted James Smith of News Eagle 360.
 
Some $535 million in federal stimulus money was “invested” in Solyndra by the administration despite reservations about the deal in high places within the administration. Federal auditors have said the deal smacks of special treatment given selected private sector investors. The company declared bankruptcy in 2011 and a thousand people lost their jobs.

“Two years ago President Obama was here to tout this building and this business as a symbol of the success of his stimulus,” Romney said in his visit to the locked building. “Well, you can see that it’s a symbol of something very different today. It’s a symbol not of success but of failure. It’s also a symbol of a serious conflict of interest.”

Political news on Solyndra
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Romney said the outsized U.S. investment also altered the solar manufacturing landscape: “The high-dollar backing of one company undoubtedly scared away investors in rival companies, even though the other firms might have had greater potential for success. Who wants to put money in a solar company when a government puts half a billion dollars into one of its choice?” Romney said. “They (the members of the Obama administration) don’t understand how the free economy works.”  

“The Republican presidential candidate compares the administration’s aggressive habit of selecting winners in the private sector to his own experience as a venture capital executive,“ according to Smith. “The difference is that the investors whose money Romney marshaled put up their own money to help struggling companies in hope of making money in the end. When the government does the investing, taxpayer money is put at risk. In the case of Solyndra, the risk proved too great,” Smith said.

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James Smith

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News Eagle 360

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