
Remember Solyndra? Just one of many of President Obama’s public equity “successes” (I sure hope you caught the sarcasm there).
President Obama has been extremely harsh on Mitt Romney regarding his tenure at Bain Capital, a private equity firm. He has attempted to portray Mitt Romney as a vulture capitalist who completely disregards the lives and jobs in order to secure his own personal profit. However, it seems that the president’s strategy is backfiring, as top Democrats continue to repudiate his push against private equity, which contributes greatly to a healthy business environment. But yesterday, an intriguing editorial by Marc Thiessen in the Washington Post revealed that there could be more serious repercussions for the president than just some defections, as Obama’s comments about Romney’s career in private equity opens himself to criticism about his abysmal and corrupt use of taxpayer dollars in government-funded public equity schemes.
I certainly hope that you all remember Solyndra, President Obama’s most publicized failure in public equity. After giving a half-billion dollar loan to the Obama donor-run solar energy company, Obama made a speech to the press about the “promise” and inevitable success of green energy. Well, things didn’t turn out that way, as Solyndra filed for bankruptcy and fired its workers, leaving the American taxpayer with a massive monetary loss. In his editorial, Mr. Thiessen discusses several other failures on the part of the Obama administration in public equity, including SunPower, Raser Technologies, and several other green energy flops.
However, it is not just the president’s loans themselves that upset taxpayers across the country, but also the blatant corruption that accompanies them. According to Hoover Institution scholar Peter Schweizer, a whopping 71% of President Obama’s green energy grants went to “individuals who were bundlers, members of Obama’s National Finance Committee, or large donors to the Democratic Party.” If giving a massive majority of supposedly merit-based loans to campaign donors doesn’t speak of massive corruption, I don’t know what does.
Essentially, President Obama has worked himself into a difficult position. By bringing up Mitt Romney’s mixed record at Bain Capital, our president has opened his own absolutely horrific record as the chief steward of taxpayer dollars to voracious and damaging attacks by the right. I am certain that President Obama will be quick to regret his line of attack on Bain Capital if such attacks begin to occur.











