You can’t make this stuff up Solyndra update edition

The latest revelations in the whole disastrous fiasco around Solyndra, one of the Obama Administration’s new green jobs model companies, are unbelievable, as can be seen from this ABC News article on the subject.

First off, it now looks like the Obama Administration had DOE operatives keep a close eye on the “going ons” at Solyndra, because of the concern that the fears that republicans had expressed that the company was in dire straights, might have been true. And yet, these geniuses – likely because they have never held a real job in the real world – never suspected anything was awry.

Worse to me still, is how it now looks like Team Obama told Solyndra that they would put the US tax payer up as guarantors of any investment debt if Solyndra went bankrupt as shown here:

In 2009, the Energy Department put Solyndra’s application on a fast-track for approval, and announced the award with great fanfare. The generous terms of the government loan included the lowest interest of all the green projects benefitting from Energy Department help, iWatch News and ABC News found.

And as part of the deal, the Energy Department agreed that if the company went bust, private investors could recoup their losses before the government. Republicans in Congress called the investment “a bad bet” and said it “put taxpayers at unnecessary risk.”

So we might not only be out the loan amount, but be held liable for even more. How in hell do you say did this happen? Well here is the money quote:

One of the lead private investors in Solyndra was an Oklahoma billionaire who served as an Obama “bundler,” raising money during the 2008 presidential campaign.

The bundler, George Kaiser, has declined to comment. His firm, Argonaut Ventures and its affiliates have been the single largest shareholder of Solyndra, according to SEC filings and other records. The company holds 39 percent of Solyndra’s parent company, bankruptcy records filed Tuesday show.

Someone that raised big money for Obama got special favors! I guess when you are hoping to raise a billion dollars for your reelection, you need to break a few eggs. This smacks of the whole Buddhist Monk-Wu Chinese connection the Clintons went through. At least Obama did not do it to help a foreign country but one of those Wall Street big business people he so likes to demonize.

But these incompetents, lacking any real world business experience or true economic insight, where had, as the fact that they where still touting this company as a successful model of their green jobs plan a few weeks back, proves. These are the people running the economy and telling us we need to let them throw almost a thousand times what they flushed down the toiled dealing with Solyndra, on a new “Jobs plan”.

And better yet the bad guys, those republicans that pointed out something smelled fishy here only to be severely chastised by their fellow travelers of the “ass” persuasion, now are vindicated and come out as those that actually had the back of the American tax payer and people, while the drones that attacked them for daring to question the one now have some explaining to do:

Republican members of the House have said that bankruptcy indicates the deal was doomed from the start. Now, even Democratic leaders are questioning whether Solyndra misled the government.

“Less than two months ago, Mr. Harrison met with us and other Committee members to assure us that Solyndra was in a strong financial position and in no danger of failing,” Reps. Diana DeGette, D-Colorado, and Henry Waxman, D-California, wrote to Republicans leading the investigation. “These assurances appear to contrast starkly with his company’s decision to file for bankruptcy last week.”

Not surprised to see Waxman’s name in there. The guy is a freaking loon with no understanding of how the real world works. Think it will hurt him or DeGette a bit? Me neither? If things go the way they have always gone, these massive failures will actually result in boosts for their credibility amongst the intelligentsia and the progressive serfs. Can we aford any more from these people? Seriously.

Comments are closed.

  1. Mississippi Yankee

    Although none of these Solyndra stories will get the full coverage from the LSM I do find it refreshing that some of the shenanigans have reached the public.

    Now tell us WTF really happened in the San Diego blackout yesterday.

    It seems, at least to me, that King Putt is losing some of his Media shield lately. Of course it may be just a ploy for now with a huge “HUZZAH” come the first of the year.

    Thumb up 1

  2. Miguelito

    Now tell us WTF really happened in the San Diego blackout yesterday.

    It’s still looking like someone F’d up seriously with some routine work. I doubt they’ll ever come fully clean with it, and likely never a name, because the guy would be toast.

    There’s going to be a lot of “Told you so” about the Sunrise Powerlink SDG&E’s been fighting for for a long time to avoid exactly these kinds of issues, but far too many NIMBY’s and eco-nuts have been fighting tooth and nail.

    Thumb up 0