By: Mark Hyman
Solyndra may be the biggest presidential corruption scandal in more than a century.
You may be just now hearing aboutÂ Solyndra.Â Especially if you primarily watch network news or read newspapers.
Shortly after Barack Obama became president, the administration approved the money.Â Over the objections of financial analysts whoÂ predictedÂ Solyndra would go bankrupt by September 2011.
The man behind Solyndra was George Kaiser. AÂ top Obama fundraiser.Â HeÂ visited the White House 16 timesÂ accompanied by Solyndra officials.Â Â Four timesÂ in the week before the loan was announced.Â Merely a coincidence.
Last February, it became crystal clear Solyndra wouldÂ go bankrupt.Â So the Obama Administration rewrote the loan documents. This allowed Kaiser to get hisÂ investment firm’s moneyÂ out of Solyndra ahead of the U.S. government in bankruptcy proceedings.Â Such an arrangementÂ never happens.
Actually, it did happen once before. In the Chrysler bankruptcy.Â Union leaders recovered their unsecured loans first.Â And secured bondholders got only pennies on the dollar.Â At White House direction.Â Ending 200 years of banking precedence.Â Chrysler was political.
The actions in Solyndra appear to beÂ criminal. Yet, Attorney-General Eric Holder is pretending the scandal doesn’t even exist.
Mark Hyman hosts "Behind the Headlines," a commentary program for Sinclair Broadcast Group.