Obama’s ‘Bank of Washington’ applauded by Solyndra CEO in email

Solyndra’s CEO labeled President Barack Obama’s administration “The Bank of Washington.”

Chris Gronet offered the description in an internal email one year before the company collapsed in 2010, costing taxpayers roughly $500 million.

The email was obtained and published by the Republican National Committee.

“The Bank of Washington continues to help us!” he wrote in the October 2009 e-mail, which described several government programs and incentives.

The email bolsters GOP claims that Obama’s support of green-tech companies amounted to “crony capitalism.”

Several White House officials had close ties to green-tech companies, and many green-tech executives have donated to Obama’s political campaigns.

The company received numerous benefits from the Obama administration, which allocated roughly $60 billion to spur a variety of green-tech companies, including Solyndra.

Numerous companies have since collapsed, including Solyndra, costing the taxpayers hundreds of millions of dollars.

Obama has defended his high-risk spending strategy, saying on numerous occasions that it is needed to help the nation shift from the use of oil and gasoline.

Solyndra’s collapse cost the taxpayer $500 million, partly because Obama’s deputies agreed to place the repayment of Solyndra’s commercial creditors at a higher priority than repaying the debts owed to taxpayers.

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