EDITORIAL: Picking losers

A common mantra during the debates about bailing out the financial industry and Detroit automakers was that the federal government was "picking winners and losers," with the recipients of Washington's cash being the winners.

Unfortunately, the country is finding out the government bet too heavily on losers, too. What remains in question is whether the cash infusion given by the federal government to promote policy goals was also part of an effort to promote overly political goals, too.

At the center of the controversy is the California-based solar technology company Solyndra, which received a federal loan guarantee of $528 million to develop its renewable energy technology and ability to manufacture energy-producing panels. When the loan guarantee was announced, Energy Secretary Steven Chu attended the company's 2009 groundbreaking. Later, President Barack Obama went on a tour of the company's headquarters and touted it as a clean energy company upon which future economic growth could occur. ...

What's striking is the timing of the announcement of the company's implosion: Nov. 3, one day after the midterm elections. If company officials delayed - or were asked to delay - their announcement because of the effect it would have on the general elections, such a move would be beyond the pale even in today's hyper-partisan Washington.

Chu repeated that the Solyndra debacle was based more on poor timing and unforeseen events - the reduction of solar demand in Europe and the proliferation of cheap products from China - but as more information comes out, it could become apparent that a company working in lockstep with the administration's goals received treatment not equivalent with its business fundamentals. And that reeks of corruption.