This is lining up to be another disaster for Obama. While I feel terrible for the people whom lost their jobs at the factory, those jobs should never have been created. If the WH pressured the DOE to give loans to the company, and the main backer was a huge Obama financial backer, this story may hang over Obama well into 2012.House investigators said they have uncovered evidence that White House officials became personally involved in an Energy Department review of a hot-button $535 million loan guarantee to the now-failed California solar company Solyndra. The allegation surfaced in a letter House Energy Committee Chairman Fred Upton (R-Mich.) sent to the White House Thursday night, saying he planned to accelerate efforts to understand an investment deal that may have left taxpayers out half a billion dollars. "We have learned from our investigation that White House officials monitored Solyndra's application and communicated with [Department of Energy] and Office of Management and Budget officials during the course of their review," the letter says.
Peter Lynch, a longtime solar industry analyst, told ABC News the company's fate should have been obvious from the start. "Here's the bottom line," Lynch said. "It costs them $6 to make a unit. They're selling it for $3. In order to be competitive today, they have to sell it for between $1.5 and $2. That is not a viable business plan."
Solyndra Investigation: Probe Into White House Role in Massive Energy Loan - ABC News