Blumer: This Isn’t ‘Lending’ — It’s More Like Looting

One of the definitions of “loot” as a verb is: “to rob, as by burglary or corrupt activity in public office.”

Excuse the pun, but as bankrupt Solyndra sinks into the sunset, two levels of needed lesson-learning to prevent future looting as just defined are not taking place.

The first lesson should be that there are consequences if you do something extraordinarily dumb, and even more serious consequences if you commit criminal acts. I’d like to be wrong about this, but it looks like those responsible for this debacle will never be brought to account for offenses ranging from colossal incompetence to serious criminal malfeasance. (A convenient low-level scapegoat has resigned, but landed on his feet at a lefty think tank.) Because of this, it’s reasonable to expect that there will be similar future failures, possibly larger in scope.

That Solyndra requires a top-to-bottom forensic audit could not be more clear, both to determine what its executives knew and when they knew it concerning the company’s dreadfully obvious lack of viability, and to determine how much money was drained from it by excessive and possibly fraud-driven spending.

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