The story gets worse and worse as details emerge about the deal in which $535 million of taxpayer money were flushed down the drain along with the California solar venture into which the Obama industry threw our money.
Some of the lowlights are that:
* The government "investment" was made shortly after the venture's auditors warned, and as solar industry investment analysts were warning -- correctly, as it turned out -- that the recipient of the largess from the public treasury probably was headed for collapse,
* The government "investment" called for an extraordinarily low rate of interest.
* The government "investment" was and is subordinate to the interests of private investors in the venture, which means that the private investors will get repaid in full before the U.S. gets anything out of the liquidation of the venture's assets in the course of its bankruptcy proceedings.
* Prominent among those private investors is the Obama billionaire buddy (and major contributor and bundler of campaign funds) who arranged the half billion dollar plus deal and shepherded it through to consummation in the course of numerous White House visits.
Hey fellow suckers, click here if you want further details about how we got snookered in this latest example of socialism supporting the well connected rich with public funds while leaving ordinary citizens struggling on their own.
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