Green jobs company that got $535 million from Obama raided by the FBI.

More than a year or so ago, Solyndra and other Green technology companies like it, where being touted by the progressive greens as the solution to both the economic wreck and employment disaster they wrongly, but quite successfully, wanted everyone to believe was caused by evil Boosh-Chimpy-McHitler instead of progressive government pressure on lending institutions and a myriad of schemes and scams to overcome the laws of economics and reality that eventually caused both the housing market collapse and the global financial crisis. Solyndra was not just our economic the future but the way to save us all from Gaia’s CO2 induced wrath! Hence the large – $535 million – stimulus check to make it so.

Skip ahead, to a few weeks ago, and we have Solyndra going belly up and laying off 1,100 employees. But oh, does it get better. Seriously, you could not make this kind of damning shit about the Keynesian Marxist and the progressive greens movement up if you tried. Today we find out that:

FREMONT, Calif.— FBI agents executed search warrants on Thursday at the headquarters of California solar firm Solyndra, which received a $535 million loan from the federal government before filing for bankruptcy last week.

Agents executed multiple search warrants at the company’s headquarters in Fremont as part of an investigation with the Department of Energy’s Office of Inspector General, according to FBI spokesman Peter Lee. Lee said he could not provide details about the investigation.

This has shades of Chicago politics and Rezko-esque rip off of the tax payer written all over it. I will be surprised to find out what the FBI comes back with. I am sure it will somehow be something that tries real hard to absolve the WH from being in this mess. But spin it as they want, the choice of excuses I can see them peddling all leave the WH, the green movement, the progressive agenda, and Obama looking bad or worse. In the mean time we the tax payers are out a half a billion and we will likely throw a few hundred millions more at it before someone finally finds a way to bury this embarrassing story for the WH like they are doing with that whole Gunrunner fiasco. Priceless.

Comments are closed.

  1. TxAg94

    I doubt we’ll hear a peep about this in the LSM. At most they’ll say there’s nothing to say due to the “ongoing investigation”.

    I have been pissed about this one since I heard about their bankruptcy. Half a million dollars per empoloyee and you go belly up? I suspect this is but the tip of the iceberg.

    Thumb up 0

  2. TxAg94

    It filed bankruptcy amid hard times in the nation’s solar industry. The price for solar panels has tanked, in part because of heavy competition from Chinese companies, dropping by about 42 percent this year.

    Easy solution, push for “Buy America” provisions as part of the grants issued for solar projects. They do it on real projects like highways. No reason it couldn’t be expanded. In fact, I am for BA provisions, within reason, as part of just about any government grant spending.

    Thumb up 0

  3. CM

    I LOVE how people can, at the same time, complain that the cost of solar is too high, but then complain about the effects of the substantial drop in prices. Good evidence that they’ll complain whatever happens.

    Anyway….

    A leading American solar company is set to begin the largest residential rooftop project ever undertaken, effectively doubling the number of solar systems currently on homes around the U.S.

    Armed with funds from two major investment banks and a loan guarantee from the Department of Energy that will cover close to a third of the $1 billion project, SolarCity plans to install 160,000 solar photovoltaic systems on houses and other buildings on military bases around the country in the next five years.

    As a “solar services” provider, SolarCity owns, operates and maintains the systems, and sells the electricity to the end-user. By working with investment banks to pool together often-complicated state and federal incentives, the company streamlines the process and simply offers the customer solar electricity — often at prices lower than current electric rates.

    SolarCity says it will try to employ American veterans and family members for the 750 people needed to complete the project, showing that green jobs do indeed exist. The company has seen extraordinary growth in recent years. After starting in 2006 with just two people, SolarCity has added over 600 employees since 2006. And this latest project will again double the staff.

    The $344 million loan guarantee will leverage $1 billion from private investors Bank of America Merrill Lynch and USRG Renewable Finance. This comes after Google invested $280 million in a fund for SolarCity installations this past June.

    With the bankruptcy of the solar company Solyndra last week, the Department of Energy loan guarantee program has been under major attack. What critics don’t mention is that the $535 million set aside for Solyndra is only two percent of all loan commitments to clean energy companies, and is dwarfed by the tens of billions of dollars leveraged by the program.

    The DOE loan guarantee program is designed to fund “first-of-a kind” projects. As an ambitious 160,000-system undertaking, this project is exactly that. But it’s also a very safe bet. SolarCity is a company with a proven business model and a history of strong, sustainable growth.

    You can bet that the critics who claim green jobs “don’t exist” or solar power “doesn’t work” will be ignoring this piece of news.

    Thumb up 0

  4. JimK

    Weren’t we told – repeatedly – by actual business analysts, not a partisan hackery like ThinkProgress, that Solyndra was also proven and successful and could not miss? Worse, were we not told this by the god-damned President of the Fucking United States?

    You’ll forgive me if I don’t believe yet another miracle of solidity in the field of American subsidized solar.

    This numbnuts who wrote this piece, btw, doesn’t seem to realize that he’s just told all of us we can expect more Solyndra-style failures. WHy? As he put it, we have tens of billions of taxpayer dollars tied up with Christ knows how many more companies that *will* fail in the coming years. Why am I confident they will fail? The Chinese continue to subsidize the market in order to destroy it. So awesome. Not only does this OPINION piece prove nothing, it actually inadvertently highlights a coming problem.

    Thumb up 2

  5. AlexInCT *

    I can vouch for that MY. I have now seen three independent sources point out that this company lobbied the WH extensively. Worse, still, they started doing it when Bush was president, and the WH then turned them down numerous times because they pointed out that Solyndra had an unsound business plan and many other serious problems. Then Obama wins, they go back a couple of more times, and bingo! They score more than a half a billion dollars in subsidies only to go bankrupt a little over a year later.

    There is a HUGE story here, but I expect the LSM to use CM’s approach, and actually, instead of pointing out Team Obama fucked up in giving this loan – likely because of ideological reasons and the massive lack of representation by people with real world business experience in that circle of know-it-all collectivist elitists – that this green shit is bogus, and instead will take the tack that the emperor’s new clothes are still awesome. That despite the fact that all we have here is morons that paid half a billion dollars for magic beans. They will never, ever, be able to point out that without massive subsidies – that’s tax payer money funneled by politicians that are hell bent on picking winners and losers and feel that this green shit should win over those nasty fossil fuels that made other people they so hate rich – this green shit isn’t viable, because it is anathema to the ideology to do so. And the angle that Bush’s people turned them down while Obama didn’t is going to be doubly painful.

    Today’s progressives and their blind faith to their stupid ideology put the old ideologically driven communist masters of the USSR that for example refused to allow privatized farming – even when they knew it would work far better than their idotic collectivized 5 year planned planting schemes – to shame.

    Thumb up 0