On the day that Obamacare was upheld by the Supreme Court, Colorado's Abound Solar announced it is closing and filing for bankruptcy after receiving a $400 million taxpayer-backed loan from Obama's Energy Department. While the High Court may have allowed one form of social engineering to continue, the free market decisively declared the green energy scam dead-in-the-water.
News of Abound's permanent demise comes after the solar panel company laid off 70% of its staff, or 280 workers, back in February. The company insisted at the time that it had no plans to shut down.
Sure is a sweet and sour day for Pat Stryker.
Stryker, the Ft. Collins billionaire who earned her money the old-fashioned way — she inherited it — invested heavily in Abound and may have had a role in helping Abound get the Obama administration loan as well.
The Sunlight Foundation reported that Stryker's name appeared in White House visitor logs in October 2009, though Stryker has refused to speak publically about what she discussed with the White House. In July 2010, Obama personally announced the $400 million loan to Abound Solar.
Stryker has been a big backer of Obama — raising $87,500 for his inauguration alone — and served as the personal sugar momma for Colorado Democrats for years, donating millions for attack ads and liberal front groups.
While Obama's social engineering went 1 for 2 today, Stryker's investment strategy may ultimately go 0 for 2. Her solar company investment just went belly up, and with Obama now having to defend Obamacare as the single largest tax increase on the middle class in history, her investment in Obama is looking equally as shaky.
Give it to the Obama administration, though. They suck at governing, but they are as good as it gets at spinning, hiding and covering the massive failures that define their administration. Dumping this bit of really bad news today is one more example.