Karl Rove-related group launching Solyndra ads at Obama
The Karl Rove-related conservative PAC is about to launch $500,000 worth of cable TV ads against President Obama that features Fremont’s most famous bankrupt solar company, Solyndra. Just a guess: The three ads won’t be positive.
Indeed.They paint as Obama as feeding the beast that is “crony capitalism” — exemplified by Solyndra, the high-tech solar panel manufacturer that incinerated $528 million in taxpayer-funded federal loan guarantees when it declared bankruptcy.
H/T to the AP for getting the jump on this one. Says the A-to-the-P:
“The nationwide ad by Crossroads GPS is aimed at ‘exposing this ugly underbelly of Obama’s vision,’ according to a memo from Crossroads president Steven Law. It calls the Solyndra case ‘a powerful cautionary tale about big-government hubris and the cronyism it invariably invites.”
“Obama’s administration restructured the Solyndra loan so that private investors would be repaid before taxpayers in case they defaulted,” says the AP about its own investigation.
“But the administration defended the loan restructuring, saying that without an infusion of cash earlier this year the company would have faced immediate bankruptcy. Officials have also said that investment in renewable energy is critical for the nation’s future,” according to the Associated Press.
Crossroads GPS is sister group to the Rove-backed American Crossroads, a super PAC.