The Energy Department official who oversaw the agency that funded the now-bankrupt Solyndra with taxpayer dollars announced that he would resign on the same day Obama announced his support of federalism on the issue of same-sex marriage.
Arun Majumdar ran the Advanced Research Projects Agency — Energy (ARPA-E), which was responsible for authorizing loans to Solyndra. Majumdar will step down from his post on June 9, Energy Secretary Steven Chu announced on Wednesday.
In a letter to his department, Chu wrote, “As Acting Under Secretary of Energy, Arun has spearheaded efforts to create game changing programs that bring together the best and brightest across the Applied Offices, ARPA-E, and Office of Science to solve our greatest energy challenges.”
Chu also wrote that, “under Arun’s leadership, we have seen ARPA-E grow from a fledgling program to become a leading agency for innovation and energy research” that has created “programs that have the potential of changing the entire energy landscape.”
According to The Hill, ARPA-E “was first established in 2007 but didn’t receive funding until 2009 — [and] invests in so-called ‘high-risk, high-reward’ projects to develop ‘transformational’ energy technologies.”
One can only wonder why taxpayer money would even be wagered on “high-risk, high-reward” projects meant to be “transformational.” Many of these projects, as Solyndra demonstrated, not only spectacularly fail and waste money but also crowd out entrepreneurs in the free market who can’t compete when other companies get support from Uncle Sam (or Uncle Sugar, in these cases).
Obama knows the only way he can win is to distract the electorate and the mainstream media with social issues such as contraceptives, same-sex marriage, racial grievances, and a fabricated “war on women.” And the mainstream media is more than willing to take the bait and ignore Obama’s failures on the economy.