Jonathan Silver, the Head of the Federal Loan Program Resigns Amid Solyndra Scandal

Solyndragate and Solargate meet scapegoat.

Jonathan Silver, the head of the federal loan program has resigned in the wake of the Solyndra scandal. Or as the Obama administration refers to him as, the scapegoat. Well some one had to take the fall, but this is not close to being over. Energy Secretary Steven Chu should be the next one out the door.

Hat Tip: Michelle Malkin.com (fantastic header)

The head of the Energy Department’s embattled loan program announced Thursday that he was stepping down amid an expanding probe of the agency’s $535 million loan to a now-shuttered solar company.

The departure of Jonathan Silver comes as the Obama administration faces intense pressure from Capitol Hill about whether it properly vetted the solar start-up Solyndra before providing it with taxpayer backing. President Obama used a Thursday news conference to credit agency officials with using their “best judgment” in approving the loan, part of a $35.9 billion federal effort to invest in breakthrough technologies that could create jobs and spur economic growth.

But wait, whey is any one resigning, didn’t President Barack Obama say that nothing was suspicious with the Solyndra loans and that the government bets on businesses all the time, you win some and you lose some? Of course that is easy to say when you are using other people’s money … the tax payers money.

The next question is, why is Jonathan Silver walking the plank? He was not even in place when the Solyndra deal went down and is a minor player.Barack Obama and his minions are foolish if they think that this resignation is going to make the story go away. The Obama/White House connection to Solyndra and campaign bundlers will make this story have legs.

Silver took over as head of the program after the Solyndra deal went through, so he’s not on the hook for it and he was in charge when the department killed a second $469 million loan to the same company. If he’s guilty of anything, so far as I can see, it was a foolish devotion to the gossamer promises of “green jobs”. There are plenty of people who share his misplaced faith. On the other hand, we shouldn’t applaud him too much. He held on to that second Solyndra loan to the bitter end. The only thing that kept it from going through was a report from Solyndra’s own auditors that the company was on the verge of collapse.

What’s a little scandal to add to Obama’s failed Presidency? Oh yea, then there is that ‘Fast & Furious” thing that the Obama administration is denying involvement. Who will be the next to be thrown under the Obama bus and take the fall?

Obama’s Hand Picked Green Jobs Company Solyndra Filing for Bankruptcy

Once again we are witness to two truths of the Obama Presidency … one, Obama’s the reverse Midas touch and two, “green” jobs are not the engine of the US economy. Has there ever been a better metaphor of the Obama economy?

Solyndra was touted by President Barack Obama as a shining example of “green” jobs and the future of the American economy. During a visit to the California based solar power energy company, Obama had nothing but growing praise for his Obama example of the economy and jobs. Needless to say, Obama’s “green” job masterpiece has filed for bankruptcy.

VIDEO Hat Tip: Gateway Pundit

During a visit to the Fremont facility in spring of 2010, the President said the factory “is just a testament to American ingenuity and dynamism and the fact that we continue to have the best universities in the world, the best technology in the world, and most importantly the best workers in the world. ”

It’s not his statements the administration will regret; it’s the loan guarantees. The President was celebrating $535 million in federal promises from the Department of Energy to the solar startup. The administration didn’t do its due diligence, says the Government Accountability Office. “There’s a consequence if you don’t follow a rigorous process that’s transparent,” Franklin Rusco of GAO told the website iWatch News.

Of course let us not forget the $535 million in federal promises from the Department of Energy to the solar startup. Yet more wasted money down the tubes at the hands of the Obama Administration playing favorites.

Obama was supposed to be the birth of a new way of doing business in Washington, DC. It was supposed to be “Hope and Change”. Or so he said. It is just nothing more than “crony capitalism”.