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View Full Version : White House Funnels Over $500 M to Failed Solar Company Solyndra



Conley
09-14-2011, 04:44 PM
The Obama administration committed more than $500 million in taxpayer money to a maker of solar power panels despite repeated red flags about the company’s viability, NBC News’ Lisa Myers reported Wednesday.

The FBI raided the Silicon Valley headquarters of the company, Solyndra, last week, investigating whether the government was misled when it loaned the company $535 million in taxpayer funds. Solyndra officials say they are cooperating with the investigation.

Solyndra received the loan guarantees in 2009 as part of President Barack Obama’s promise to create millions of so-called "green" jobs. But last month, Solyndra declared bankruptcy, laying off all 1,100 workers.

“The evidence seems to be pretty clear to even the non-lawyer types that this smelled from the very get-go, that this was a really bad deal,” said Rep. Fred Upton, R-Mich., chairman of the House Energy and Commerce Committee.

A committee panel, which has been looking into the company for months, will hold a hearing Wednesday on what went wrong with Solyndra. Two company executives are expected to appear before the panel next week, The Associated Press reported.

http://bottomline.msnbc.msn.com/_news/2011/09/14/7759207-white-house-ignored-red-flags-in-loan-to-failed-solar-company

Unbelievable...think what that money could have done. Half a billion dollars? This investigation better go to the top.

Why the rush? The White House appeared to be pushing to meet political deadlines so Vice President Joe Biden could announce final approval when he spoke at the groundbreaking for the new plant.

A key question is whether Solyndra's political connections were a factor. A big Obama donor associated with the venture, identified by the Post as Tulsa billionaire George Kaiser, repeatedly visited the White House. He has denied using his influence to win approval of the loan.

MMC
09-14-2011, 04:59 PM
WTF.....Issa should have a field day with this. They went bankrupt and folded. I am sure they cooperate with any investigation. Looks like someone with a name that carries no weight. Will end up taking the Weight!

Pendragon
09-14-2011, 05:09 PM
Certainly this is nothing new. Take a look at how George W. Bush's donors did during his eight years. Does the name Enron ring some chimes with any of you defenders? How about Halliburton? Corporations and politics are perpetually intertwined in the current state of affairs. If you dislike it then perhaps your conservative heroes on the Supreme Court should have sang a different tune on Citizens United.

Pendragon
09-14-2011, 05:14 PM
WTF.....Issa should have a field day with this. They went bankrupt and folded. I am sure they cooperate with any investigation. Looks like someone with a name that carries no weight. Will end up taking the Weight!


The same Issa who refuses to investigate Fox News for their illicit phone hacking and evidence tampering. He is far more damaging to the Republican than the Chris Matthews who has your knickers in a tangle.

MMC
09-14-2011, 05:15 PM
Certainly this is nothing new. Take a look at how George W. Bush's donors did during his eight years. Does the name Enron ring some chimes with any of you defenders? How about Halliburton? Corporations and politics are perpetually intertwined in the current state of affairs. If you dislike it then perhaps your conservative heroes on the Supreme Court should have sang a different tune on Citizens United.


Hmmm then there was Soro's and then Lady Rothschild. We can immediately look at Jeffery I. From none other than G.E. Perhaps those liberal ones shouldn't have turned a blind eye to a Corporation who is conducting business with Iran.

Conley
09-14-2011, 06:55 PM
WTF.....Issa should have a field day with this. They went bankrupt and folded. I am sure they cooperate with any investigation. Looks like someone with a name that carries no weight. Will end up taking the Weight!


I don't know why this is the first I'm hearing of this. Half a trillion dollars to one company? A solar panel company? F his jobs bill, I'll say that right now. This should be grounds for impeachment. What a thief.

Juggernaut
09-14-2011, 07:07 PM
Red flags were pointed out before funding and now the FBI raids, smells like corruption tied to the Obamabots since they rushed the funding before Biden went to company for speech. Obama too.

Once the cash burn rate gets out of control, nothing can help but revenue growth and cost cutting. Not going to happen in a down economy and with Obama and his fools sending solar jobs to China.......Think GE's Jeff Immelt. Wind jobs too!

wingrider
09-14-2011, 11:53 PM
Certainly this is nothing new. Take a look at how George W. Bush's donors did during his eight years. Does the name Enron ring some chimes with any of you defenders? How about Halliburton? Corporations and politics are perpetually intertwined in the current state of affairs. If you dislike it then perhaps your conservative heroes on the Supreme Court should have sang a different tune on Citizens United.


did haliburton or enron file bankruptcy with in a year of recieving federal money.??

was there an investigation into the the funding of haliburton and enron for maybe illegal contributions?

was bush pushing for those funds to be distributed to those companies the way obama was pushing funding for solyndra/

just where did that 535 million dollars go in a year? how much was funneled into numbered accounts in overseas banks over the last year?

there are just to many unanswered questions here

MMC
09-15-2011, 12:26 AM
Certainly this is nothing new. Take a look at how George W. Bush's donors did during his eight years. Does the name Enron ring some chimes with any of you defenders? How about Halliburton? Corporations and politics are perpetually intertwined in the current state of affairs. If you dislike it then perhaps your conservative heroes on the Supreme Court should have sang a different tune on Citizens United.


did haliburton or enron file bankruptcy with in a year of recieving federal money.??

was there an investigation into the the funding of haliburton and enron for maybe illegal contributions?

was bush pushing for those funds to be distributed to those companies the way obama was pushing funding for solyndra/

just where did that 535 million dollars go in a year? how much was funneled into numbered accounts in overseas banks over the last year?

there are just to many unanswered questions here


Good Call Lo.....I was going to bring up the fact that Enron nor Haliburton didnt file bankruptcy.

wingrider
09-15-2011, 06:07 AM
this just in on this topic:

Republicans on the House and Energy Commission are accusing the Obama administration of ignoring multiple warning signs that Solyndra was a bad bet. The Commission lays out its case against the administration's handling of the loan in a report released Wednesday, following a months-long investigation.

Under the Bush administration, the Department of Energy rejected Solyndra for a loan in early 2009, worrying that the company didn't have good long-term prospects. Yet only two months later, Obama's newly appointed Energy Secretary Steven Chu announced the government would give the company a $535 million loan, funded with money from the stimulus. Last year, government accountability investigators criticized the White House for scheduling a groundbreaking at a Solyndra plant before the Energy Department had even finished filing all its paperwork. "This deal is NOT ready for prime time," a White House budget analyst wrote only nine days before the agreement was announced.

http://news.yahoo.com/blogs/lookout/exactly-happened-goverment-solyndra-loan-212111448.html

At issue are two main things. One, emails obtained by the Center for Public Integrity show that White House officials asked the Department of Energy to make a decision on the Solyndra loan so that they would know whether they could schedule President Obama for a visit to the facility to publicize the loan. Republicans say this is evidence that the White House pressured the Energy Department, or used undue influence, to approve the loan before they knew whether it was a good bet. Republicans also mention that a big private backer of the deal, Oklahoma billionaire George Kaiser, also raised money for Obama's 2008 campaign.

doesn't look good for Obama.. read the full article and you will get the big picture.

MMC
09-15-2011, 06:10 AM
this just in on this topic:

Republicans on the House and Energy Commission are accusing the Obama administration of ignoring multiple warning signs that Solyndra was a bad bet. The Commission lays out its case against the administration's handling of the loan in a report released Wednesday, following a months-long investigation.

Under the Bush administration, the Department of Energy rejected Solyndra for a loan in early 2009, worrying that the company didn't have good long-term prospects. Yet only two months later, Obama's newly appointed Energy Secretary Steven Chu announced the government would give the company a $535 million loan, funded with money from the stimulus. Last year, government accountability investigators criticized the White House for scheduling a groundbreaking at a Solyndra plant before the Energy Department had even finished filing all its paperwork. "This deal is NOT ready for prime time," a White House budget analyst wrote only nine days before the agreement was announced.

http://news.yahoo.com/blogs/lookout/exactly-happened-goverment-solyndra-loan-212111448.html

At issue are two main things. One, emails obtained by the Center for Public Integrity show that White House officials asked the Department of Energy to make a decision on the Solyndra loan so that they would know whether they could schedule President Obama for a visit to the facility to publicize the loan. Republicans say this is evidence that the White House pressured the Energy Department, or used undue influence, to approve the loan before they knew whether it was a good bet. Republicans also mention that a big private backer of the deal, Oklahoma billionaire George Kaiser, also raised money for Obama's 2008 campaign.

doesn't look good for Obama.. read the full article and you will get the big picture.


You know what we call that.....Busted!