Tag: Solyndra Inc.

Solyndra update: Pearls to the swine..

The left might be desperate to see this story die, but it is like the gift that keeps on giving. We have often gone back and forth about if this was just people with no clue making stupid decisions, if this was political cronyism, or if it was both, and the more we find out, the more it looks like it is both. The latest revelation is that recently released e-mails show that the DOE was moving toward second loan that would have cost the tax payers and additional half a billion dollars for Solyndra. And this was going on at the same time that the auditors where saying Solyndra was doomed. Check this out.

Newly released e-mails show the Obama administration’s Energy Department was poised to give Solyndra a second taxpayer loan of $469 million last year, even as the company’s financial situation grew increasingly dire.

The department was still considering providing the second loan guarantee to the solar-panel manufacturer in April and May 2010, at a time when Solyndra’s auditors were already warning that the company was in danger of collapsing.

Details of the plan are revealed in e-mails released this week by Democrats on the House Energy and Commerce Committee, which is investigating the original loan. On Wednesday, the probe intensified as committee Republicans requested that the White House provide all documents, dating back to President Obama’s inauguration, that would show communications between staff members and other officials regarding Solyndra’s original $535 million federal loan guarantee.

Republican leaders said that documents obtained in recent weeks show that Obama’s “closest confidantes” monitored the loan, and that his campaign donors offered advice on the company.

So the DOE knew Solyndra was going down in flames, all the auditors where screaming “toast” and waving this off, and yet, they considered throwing more good money after bad? Why? Seriously, why would they do such a thing? What was in it for them? Was this a case of trying to postpone the inevitable? Did they really think that more money was going to change things? I know these leftists constantly tell us that the answer to every problem from healthcare to schools is to let them take and spend more money, and that since it was just tax payer money they obviously wouldn’t be as concerned about it as if it was their own money on the line, but damn, WTF where they thinking? Maybe there is a clue in the following piece of information:

“Documents reveal a startlingly cozy relationship between wealthy donors and the president’s confidantes, especially in matters related to Solyndra,” Cliff Stearns (R-Fla.), chairman of the committee’s investigations panel, said in a statement.

E-mails already made public in the eight-month investigation have kept the White House and the Energy Department on the defensive for weeks, showing in part that Valerie Jarrett and Lawrence H. Summers, top Obama advisers at the time, took part in discussions about Solyndra.


The class warriors serving the Obama overlord where cozy with wealthy donors? Those same wealthy people Team Obama loves to demonize and complain about when they try to incite the usual jackass, with talk about how unfair it is that the poor jackass is suffering the consequences of their bad choices while the rich live it up, into a frothing envious anger so they can pretend their flat out theft of other people’s money is a decent and good thing? Are they fraternizing with the enemy?

Those of us that understand what this nonsense – communism, socialism, class warfare, anti-fossil fuel, pro-green pie-in-the-sky bullshit energy, and in general the left’s core ideology – is about are not surprised. Understand that the left’s belief and efforts to pick the winners & losers, under whatever justified guise they parcel out, really is about overthrowing the current establishment and to replace it with themselves, and you see the kabuki dance for what it really is: they are manipulating stupid people by promising them pennies on the dollars they intend to make for themselves.

And that’s what we have here: Obama’s donor buddies, the new establishment, in bed with the people at the DOE that are responsible for handing out our tax dollars, screwing us all over. We should consider ourselves lucky that the second loan never panned out and that we only lost a half a billion dollars on this deal. We should also find out how many more of these “sweet deals” where made where once the money train runs out, the company will implode. How many more Solyndras are out there, still pretending to be viable, but for the fact that these green energy crooks gave them yet another loan at our expense to keep them afloat for another year or so? And lest you think that this was all above board and that this stuff was ever viable, here is a heavy dose of reality for you:

Solyndra applied for a second loan days after receiving the first one in September 2009. The agency had put Solyndra’s request for a second loan guarantee on a fast-tracked priority list, two sources familiar with the company’s application told The Washington Post. The sources spoke on the condition of anonymity because the probes of the loan are ongoing.

Really? Just days after they got a half billion they asked for another half billion, and it was again fast-tracked? I can not wait for what else we find out. Maybe we will get lucky and find out how much of this tax payer cash Solyndra larded on democrats, including Obama himself. I should feel gleeful that everything I predicted is coming out and vindicating me, but all I feel is abused. These crooks are seriously ripping us off. Now Obama wants to steal another half a trillion dollars from the tax payers to line the wallets of his chosen few and democrat campaign coffers, under the guise that it is going to create jobs, and with a backloaded tax burden that will cripple the conomy and kill more jobs than this will ever create,in the usual leftist propagandists biggest wet dream, and people need to wise up and tell these fools no thank you.

Solyndra update: WH doubled down.

The AP has this piece running today dealing with how the WH knew Solyndra was a disaster waiting to happen, and that when it happened, it was coming right around the 2012 election, too. While the AP article is not clear as to exactly when the WH figured out this company was a disaster waiting to happen – likely I feel, that because pointing out that they knew even before the loan was made, would be damning – it is clear that they knew Solyndra was in deep trouble before Obama went on stage in 2010 to tout them as the example of the success of the stimuluspatronage bill. Epic fail on both counts.

From an e-mail by WH budget official trying to red flag this disaster we get the following:

An email from a White House budget official to a co-worker discussed the likely effect of a default by Solyndra Inc. on President Barack Obama’s re-election campaign.

“The optics of a Solyndra default will be bad,” an official from the Office of Management and Budget wrote in a Jan. 31 email to a senior OMB official. “The timing will likely coincide with the 2012 campaign season heating up.”

You think? But it gets better! Why was the e-mail sent? Well lets read on.

The email, released by the House Energy and Commerce Committee as part of its investigation into a half-billion dollar federal loan to Solyndra, said the budget official wanted White House budget director Jacob Lew to warn Energy Secretary Steven Chu about the risk posed by Solyndra, which was once the poster child for the Obama administration’s clean energy program but by early this year was teetering on collapse.

At the time of the email, the Energy Department was pushing to release an additional $67 million to Solyndra. The Fremont, Calif.-based solar panel maker received a total of $528 million in federal loans before declaring bankruptcy Aug. 31 and laying off 1,100 workers.

They where considering if they should give Solyndra another $67 million of tax payer money. Was that money part of the original allocated half a billion dollars, or was that money on top of that? If the first, then the money was given despite the terrible news, and on can not help but speculate that considering what they knew, if it was done hoping to prevent or postpone the inevitable? If it was new money, we obviously where spared that pain.

We also again get validation that people knew Solyndra was in trouble, but that the WH dismissed them:

At least three reports by federal watchdogs over the past two years warned that the Energy Department had not fully developed the controls needed to manage the multibillion-dollar loan program.

Emails obtained by The Associated Press show that a White House official dismissed reports about Solyndra’s gloomy future. An email from Greg Nelson, a White House official who had been involved in the planning of Obama’s May 2010 trip to Solyndra’s headquarters, to a Solyndra executive downplayed a July 2010 news story in a trade publication that criticized the company’s financial health.

Seems B.S.,” Nelson wrote.

A 2009 report by the Energy Department’s inspector general warned that the DOE lacked the necessary quality control for the loan guarantee program, which was created in 2005 to support clean-energy projects that could not obtain conventional bank loans due to high risks.

In July 2010, the Government Accountability Office said the Energy Department had bypassed required steps for funding awards to five of 10 applicants that received conditional loan guarantees.

Can we now stop pretending that not only did the people in the WH get told Solyndra was a dead beat company, but that they also where warned that they had no mechanism to make sure Solyndra used the money wisely and that the DOE had bypassed required steps in the process by the GAO (that’s fast tracking if you have a problem with English comprehension), but that then politics and ideology trumped common sense, here?

And lest there be any doubt that this was ideology trumping everything else, there is this tidbit:

The report did not publicly identify the companies that were not properly vetted, but congressional investigators say one of them was Solyndra. The company was the first to receive a loan guarantee after the program was expanded under the 2009 stimulus law.

Solyndra was not the only one that had their application process not thoroughly vetted. There is a pattern here. How many of these “other companies” that are not identified by the AP article had similar problems as Solyndra but still got money? How many more Solyndra-like failures are there in the near or not-so-near future? Why where these companies fastracked in the first place? Was it either desperation to produce something with all that stimulus cash being thrown around, or was it because of the political/ideological belief that green industry was the solution to all our ills? Me, I bet it was a little bit of both. And it get’s better!

The Obama administration is moving to finalize as many as 15 loan guarantees for renewable-energy companies before the stimulus program ends on Sept. 30. Republicans question whether that could lead to more loans to companies that fail like Solyndra.

Time will tell. One thing is for sure: this is damaging to Obama, the progressives and the green movement in general, and most of all to the tax payer which foots the bill for these ideologues and their crusades against evil fossil feul in the progressive government controlled battle to pick who wins and who loses. And while I suspect no laws where broken, it is obvious that this will haunt Obama and the left in 2012.

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.

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.