House probing $528M loan to failed solar company

Comet · #1 (**permalink**) 09-14-2011, 09:36 PM

Do you think companies that donate money to a political party should be allowed to receive half a billion dollar loans from the government?

Do you think the donations to the Democratic party had anything to do with receiving the loan?

Quote:

WASHINGTON (AP) — House Republicans questioned Wednesday whether the White House rushed approval of a half-billion-dollar loan guarantee for a now-bankrupt solar panel manufacturer once cited as the kind of renewable energy company worthy of federal stimulus money.

Solyndra Inc. was a major presence in Washington and spent millions of dollars on lobbying there, particularly about the Energy Department's loan guarantee program. And its executives raised thousands of dollars for Obama and Democrats in Congress.

The collapse of the Fremont, Calif.-based company once touted by President Barack Obama ultimately left taxpayers on the hook for $528 million, raising questions if the loan was rushed to accommodate a company event in September 2009 that featured Vice President Joe Biden.

The congressional panel examining the loan disclosed emails that appeared to show senior staff at the Office of Management and Budget chafing about having to conduct "rushed approvals" of federal loan guarantees designed to help jumpstart the nation's renewable energy industry.

House probing $528M loan to failed solar company - Yahoo! News

cnredd · #2 (**permalink**) 09-14-2011, 10:49 PM

Quote:

Originally Posted by Comet

Do you think companies that donate money to a political party should be allowed to receive half a billion dollar loans from the government?

Absolutely!...

...when they are TRANSPARENT and APPROVED by all relevant agencies according to DUE PROCESS...

...which was FAR from done here...

Quote:

Originally Posted by Comet

Do you think the donations to the Democratic party had anything to do with receiving the loan?

It's more than just Kaiser's donations...He was a "bundler", which means he collected donations on others' behalf and presented the whole thing to Obama as a collection...

That AND Solyndra execs (and Kaiser himself) had 20 visits to the White House directly...

It's amazing that Enron...with no visits to the WH, no loan guarantees from the taxpayer, and no interference with the Office of Management and Budget...was all Bush's fault because the execs contributed to him, but there's nothing to see here folks when one of Obama's biggest bundlers is in the front door multiple times asking for a half-BILLION (at scratch my back rates)!...

...Sergeant Schultz would be proud...

AK Gandy · #3 (**permalink**) 09-14-2011, 11:04 PM

Quote:

Originally Posted by Comet

Do you think companies that donate money to a political party should be allowed to receive half a billion dollar loans from the government?

This is certainly not the first time a political donor has benefited or even close to the most amount of money involved.

The fact that this was a loan and not a pork barrel project or sweetheart contract....seems unusual to me.

Although, can anyone prove that this kind of loan was unusual? I don't recall hearing about something like this in the past, but it could be purely because those other companies didn't go bankrupt in a controversial industry.

Regardless, the answer to quid-pro-quo.....is NO!

Quote:

Originally Posted by Comet

Do you think the donations to the Democratic party had anything to do with receiving the loan?

I'm sure it had an influence.

One more example of why I keep saying that the only way to change the system, is to eliminate private campaign donations and severely restrict lobbyists.

CLICK HERE

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faithful_servant · #4 (**permalink**) 09-15-2011, 09:35 AM

This is the kind of crap that is driving conservatives in this country to fight against the status quo and try to get some better people into leadership. When do the liberals plan on joining us and stop perpetuating the problem??? This is the EXACT kind of crap that the left accused the Reps. of doing with little actual proof and now we're seeing the real thing happening only it's the left that's doing it. There's ALWAYS been this kind of corrupt crap going on, but it's happening this blatantly and happening at the top and is getting very little in the way of news coverage (CNN - no mention on it's main page, FoxNews - nothing, MSNBC - nothing) . This should be front page news across the nation. It's pretty clear evidence of corruption in the WH and on The Hill and it's getting the silent treatment.

Comet · #5 (**permalink**) 09-16-2011, 10:29 PM

Solyndra Pestered Bush Administration Over Delays in Approving Federal Loan, Emails Show

Quote:

WASHINGTON -- Solyndra officials were intensely pressuring Bush administration officials in early January 2009 to approve a government loan for the solar company before the Obama administration took power, according to new emails obtained by Fox News on Friday.

On Jan. 12, 2009, Solyndra CEO Chris Gronet sent an Energy Department official an email marked "urgent" expressing outrage that Bush officials had decided a few days earlier that while the loan application had "merit" it needed further study before officials could move forward with a taxpayer-financed loan.

"I was appalled to learn on Friday that our application is being delayed yet again," Gronet wrote to Energy official Steve Isakowitz, writing there had been "countless communications" back and forth suggesting the application would be reviewed Jan. 15.

Gronet wrote just days before President Obama's inauguration that stretching the process out could have a "severe" impact on Solyndra. The California-based solar panel manufacturer eventually got a $535 million loan from the Obama administration in September 2009 but recently filed for bankruptcy, cut 1,100 jobs and has since been raided by the FBI.

"It could cause an unknown delay in the program with the change in administration," wrote Gronet. "Jobs are at stake this time. I would like to talk to you at your earliest convenience on Monday to discuss how we can get the application back on track for what I hope to be a positive review on Thursday."

Obama administration officials provided the new emails to Fox News to show that Republicans on Capitol Hill have misrepresented other emails released earlier this week to suggest the Bush administration tried to cut off Solyndra's chances of getting a government loan.

Earlier this week, Republicans on the House Energy and Commerce Committee released a Jan. 13, 2009 email in which Bush Energy official Lachlan Seward wrote, "After canvassing the [Energy Department's credit] committee it was the unanimous decision not to engage in further discussions with Solyndra at this time."

Rep. Tim Murphy, R-Pa., a member of the House committee, used that email to charge Friday that the decision to no longer "engage" on the matter meant that Bush officials wanted to pull the plug on the Solyndra deal altogether and the Obama administration improperly moved forward on it later.

"The [credit] committee voted unanimously not to go along with this ... loan so it died, and then like Lazarus it rose again," Murphy said Friday morning on Fox News.

But Obama administration officials insist Seward's email was actually just noting the credit committee did not want to "engage in further discussions with Solyndra" about the decision-making process because they were being hit with emails pressing for a decision. In fact, the Bush officials were still weighing the decision on a loan right up until the handover to the Obama administration.

Back on Jan. 9, 2009, Energy's credit committee had decided it would make sense to conduct "an independent analysis" of Solyndra and "the current state of the competitive market" in solar panels as it weighed to move forward on the deal.

The new emails obtained by Fox News show that on Jan. 12, 2009, Energy officials received several emails from Solyndra officials pressing the department to make a decision and complaining about the Jan. 9 decision to do an independent market analysis.

In a second email from Gronet to Isakowitz on Jan. 12, 2009, the CEO noted he had just been on the phone with another Energy official, David Frantz.

"And I find the response completely unacceptable," wrote Gronet. "An apology from David is enough."

Gronet added, "In addition, the rules and conditions keep changing. The impact on Solyndra is severe."

The next day, Jan. 13, 2009, Seward sent his email to Energy Department colleagues saying it was time to stop engaging with Solyndra officials.

Later that day, Seward received an email from a colleague who mentioned that a USA Today article noted there was a "glut of roof top solar systems," so perhaps Solyndra might not be able to carve out a market.

Seward thanked his colleague for sharing the USA Today article and concluded in a final email, "It serves ... to bolster our argument for a market analysis at this time," suggesting the Bush administration was still considering the deal.

But the new emails obtained by Fox News do not change the fact that other emails released by the House Energy and Commerce Committee suggest the Obama administration did later ignore or discount warning signs about the viability of Solyndra.

In one Aug. 19, 2009, email obtained by the House panel, it was clear to some administration officials that the solar company had shaky finances.

"While debt coverage is robust under stress conditions, the project cash balance goes to $62,000.00 in September 2011," said the email, which was prescient since the company did in fact go bankrupt in that very time frame.

But just days after that August 19, 2009, email, Obama officials approved the loan to Solyndra, with Vice President Joe Biden attending the company's ground-breaking via satellite.

Solyndra Pestered Bush Administration Over Delays In Approving Federal Loan, Emails Show | Fox News

cnredd · #6 (**permalink**) 09-17-2011, 01:12 AM

Quote:

On Jan. 12, 2009, Solyndra CEO Chris Gronet sent an Energy Department official an email marked "urgent" expressing outrage that Bush officials had decided a few days earlier that while the loan application had "merit" it needed further study before officials could move forward with a taxpayer-financed loan.

Should be headlined "Green company outraged when Bush does the responsible (taxpayers win), then elated when Obama does the irresponsible; (taxpayers lose)...

AzMike · #7 (**permalink**) 09-17-2011, 01:22 AM

How is this not bigger than watergate? The entire operation is chrystal clear to any thinking US citizen.

If you donate to Obama you get visits to the WH in which you get to decide how many tax dollars you get in return.

Solyndra donated they get over half a billion.

GE donated and they get a few billion, and can move jobs over seas, while being on the job creation board.

UAW got a firm grasp on the company they work for by shoving the investors out of first position. They must not have been useful people though because the tax payer got pushed to the end of the line.

Did I mention that Obama put the tax payers in last place in collecting any money from Solyndra?

This is what we expected from our saviour?

AK Gandy · #8 (**permalink**) 09-17-2011, 09:00 AM

Quote:

Originally Posted by AzMike

How is this not bigger than watergate?

That statement right there, does more to exhibit the irrational hatred and willingness for hyperbole toward Obama........than just about anything else I could think of.

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AzMike · #9 (**permalink**) 09-17-2011, 12:50 PM

Quote:

Originally Posted by AK Gandy

That statement right there, does more to exhibit the irrational hatred and willingness for hyperbole toward Obama........than just about anything else I could think of.

.

Half a billion dollars stolen from us and given to Obama's cronies and that's irrational hyperbole?

AK Gandy · #10 (**permalink**) 09-17-2011, 01:24 PM

Quote:

Originally Posted by AzMike

Half a billion dollars stolen from us and given to Obama's cronies and that's irrational hyperbole?

There's more irrational hyperbole right there....and you know it.

Go back and read Post #3 if you think I believe it is OK.

I'm just rational enough to realize that it happens with both parties....and you're not.

.

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