Solyndra

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The Solyndra loan is starting to look really bad.

The situation: The "green" company Solyndra got into financial trouble. The government gave them a loan guarantee of 500+ million dollars. The company went bankrupt anyway.

So far that looks a little bit like croney capitalism. But it will probably be alright. It was a big company and of course, in the bankruptcy, the government will have priority over the private parties who, after all, were being saved by the government loan guarantee. Right?

Wrong, it turns out that the agreement provided that: To get our money back the government has to get in line BEHIND the private people that the government had been trying to help!!
This is pretty bad.
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