The editors of IBD write:

Boondoggles: With a minimum of five green firms going bankrupt, taxpayers find themselves on the hook for at least one possibly illegal loan while paying ghastly sums for each green job created. We’ve been sunburned.
As solar panel manufacturer Solyndra was sliding into a long-predicted bankruptcy, Energy Department officials began negotiations with the company and two of its main investors about restructuring its $535 million loan to keep afloat the business that was supposed to be a good investment.
Under the restructuring agreement, Solyndra’s private investors were moved to the front of the line and taxpayers were put on the hook for at least the first $75 million if the company should default. Subordinating taxpayers to private investors in recovering loan money is an “apparent violation of the law,” according to Fred Upton, R-Mich., chairman of the House Energy and Commerce Committee.
During hearings last week, Rep. Steve Scalise, R-La., and other Republicans noted that the Energy Policy Act of 2005 says obligations, or loan guarantees, shall not be subordinated to other financing.
In other words, taxpayers get first dibs on any money recovered and private investors take a number.
Why was the Solyndra loan restructured in this way? Was it because a major donation bundler for President Obama’s 2008 campaign was also a principal investor in Solyndra? Is that why the administration ignored repeated warning’s of Solyndra’s insolvency?

The rest here.

I do think the focus on Obama’s bundler is not entirely valid, as the Walton family — not friends of the Democratic party – also benefited from the restructuring.

My main argument stands: Obama picked Solyndra because Solyndra created the most jobs the fastest. The other connections make for a juicy story, but I think there’s enough malfeasance on the part of the DOE without having to tie in Obama fundraisers.