Barack Obama, Flim-Flam Man

Barack Obama, Flim-Flam Man:

Former federal prosecutor Andrew McCarthy has an important column in which he argues that the Solyndra fiasco is not just a garden-variety scandal, but a criminal fraud that should land someone, inside and/or outside of the Obama administration, in the slammer.

The facts are very bad. Solyndra was a money-loser from beginning to end. Its business model was untenable. The Bush administration turned it down for funding. Its owners wanted to do a public offering; for that purpose, they had to have their books audited and a report written by PriceWaterhouseCoopers. The report was more or less an obituary for the company:

[O]utside auditors from PricewaterhouseCoopers (PWC) found that condition to be dire. “The company has suffered recurring losses from operations, negative cash flows since inception, and has a net stockholders’ deficit,” the PWC accountants concluded. Even with the gigantic Obama loan, Solyndra was such a basket case that PWC found “substantial doubt about its ability to continue as a going concern.”

(Excerpt) Read more at powerlineblog.com ...