Posted on 07/23/2011 10:35:59 PM PDT by Nachum
President Obama's senior appointees at the U.S. Office of Management and Budget took another step this week toward a potentially epic confrontation with Congress by ignoring a document subpoena issued by a subcommittee of the House Energy and Commerce Committee. The subpoena is for thousands of documents requested months ago by the committee's Subcommittee on Oversight and Investigations concerning OMB's evaluation of a Department of Energy economic stimulus program loan guarantee worth $535 million for Solyndra, Inc., which makes solar energy panels.
(Excerpt) Read more at washingtonexaminer.com ...
She’s packing.
They all continue to march in lock step with him despite his dismal poll numbers and fading popularity. Why?
Because they know enough people have caught on to what they’re doing and they figure they might as well go for as much as they can while they can.
And because evil has a hold on them.
He should RETURN to Hell where he belongs.
No way.
Holder is not walking away like them guns did.
I’ll bet on it
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Oh, I bet you could think of what he has planned if you just let yourself. Alinsky's guiding principle, if he can be said to have had principles, was to "think the unthinkable." Armed with that bit of knowledge, the actions of this usurper, this Congress, this Supreme Court, and this federal government, as a whole, and the consequences of said actions, just fall into place.
Reap the whirlwind, America.
LOL, I don’t bet but if I did bet, I would take you up on it! “No controlling legal authority” over the Obama administration. No one has standing.
Wait .. just wait.
Call it a friendly bet.
When they appoint a special prosecutor and the rats jump the sinking ship, it will be worth it to watch Obama implode!
I beleive it is Holder who would be the “controlling legal authority” responsible in appointing a special prosecutor to investigate himself and dear reader...or not.
We’ll see.
You can add Pelosi and Reid to that list. Remember when asked about the Constitution in government she replied , Are you serious? These people suck off the people of America and in the same time, loath them. They loath the values we love. They don't deserve to be in office but their constituents keep re-electing them. I wish we could impeach them all.
>I beleive it is Holder who would be the “controlling legal authority” responsible in appointing a special prosecutor to investigate himself and dear reader...or not.<
I think it is the congressional hearing authority
His thin-film solar company, which filed for an initial public offering in December 2009 before withdrawing it a few months later, has focused on cutting costs as competition from the rest of the solar market made its value proposition less viable. The company’s equity investors, which put in close to $1 billion, have seen their stakes rapidly lose value even as they have had to continue putting more capital into the company, as detailed in VentureWire today. Solyndra’s shot at the public markets last year fizzled and it pulled its registration documents.
At the same time, the Department of Energy, which issued the company a $535 million loan guarantee in 2009, has also been squeezing the terms of the loan, to ensure repayment.
That loan has come under scrutiny, as the chairman of the House Energy Committee, Rep. Fred Upton (R. Mich.), earlier this month requested documents from the DOE about the loan guarantee, raising questions as to whether it was a prudent investment choice.
But Harrison said the company has met the objectives of the loan guarantee program–hiring 3,000 people for the construction of its factory in Fremont, Calif., and now employing about 1,000 people in the U.S.
“The $535 million was not a grant, not a subsidy, it was a loan,” said Harrison, adding that the company fully intends to repay it.
He said the company’s growth–measured by the amount of megawatts shipped–doubled between 2009 and 2010 and he expects it to double again. That, however, is much lower than expectations at the time the loan was approved, he said. At that time the company was planning on tripling or quadrupling growth, he said.
“Those were unrealistic growth expectations,” Harrison said.
http://blogs.wsj.com/venturecapital/2011/03/03/solyndra-ceo-we-made-two-major-mistakes/
Asked whether the company would have taken the federal loan had it known it would come under so much scrutiny, Harrison said: “I suppose we would do it again.” He added that the loan enabled the company to build a new factory in Fremont, Calif., whose construction was the second largest project in California last year, after the Bay Bridge.
Solyndra CEO Chris Gronet (right) with Vice President Ben Bierman (left) explains solar technology to President Obama at the Solyndra solar panel company in Fremont last year.
Chris Gronet, CEO of Solyndra. Gronet has a base salary of $400,000.
Here’s the background. In late 2009, Solyndra, a manufacturer of solar rooftop components, was the recipient of the first loan guarantee issued by the Department of Energy pursuant to the “Section 1705 program” created by the 2009 stimulus. Only months after receiving the $535 million loan guarantee, Solyndra pulled back on a planned public offering after a PricewaterhouseCooper’s audit found that the company’s finances “raise substantial doubt about its ability to continue as a going concern.” In November 2010, the company announced that it would shutter a plant and lay off 170 employees. Last week, Solyndra CEO Brian Harrison made the rounds on Capitol Hill to perform damage control. I suspect that whatever rosy financial numbers he presented were influenced heavily by the billions of dollars in renewable energy subsidies that are still trickling out of the Department of Energy. (So much for the stimulus mantra, “temporary, targeted, and timely,” right?). As such, I wouldn’t trust any data put forth by any renewable energy company until after the stimulus money is (finally) spent.
In addition to Solyndra’s financial troubles, the Oversight and Investigations Subcommittee was piqued by the possibility that the solar company’s loan guarantee had been influenced by politics. As has been reported by ABC News and iWatch News, Solyndra’s primary financial backer was a “bundler” (i.e., big-time fundraiser) for then-Senator Barack Obama’s Presidential campaign. Also suspicious is the timing of Solyndra’s loan guarantee. It was closed 10 months before the next such loan guarantee; in the ten months thereafter, 10 loan guarantee were closed. It certainly seems as if the Solyndra loan guarantee was rushed out the door. The Subcommittee would like to know why.
In January, the Subcommittee opened its investigation. On March 14, it requested documentation on the loan guarantee from the Office of Management and Budget, which has an oversight role with regard to the Department of Energy’s Loan Programs Office, but OMB has refused to produce the documents. The subcommittee convened a hearing June 24 to hear directly from OMB Deputy Director Jeffrey Zients, but he refused to show up to testify.
The OMB’s obfuscation forced the Oversight and Investigation Subcommittee’s hand. According to Subcommittee Chairman Cliff Stearns, “Voting to authorize this subpoena is a necessary step in carrying out this Committee’s constitutional obligations. We simply cannot allow executive branch agencies to pick and choose what they will produce, or whether they will produce it at all. We are the stewards of the taxpayers’ money, and we need to ensure that the billions of dollars appropriated for the DOE Loan Guarantee Program are properly invested.” Hear, hear!
http://www.globalwarming.org/2011/07/25/federal-showdown-over-solyndra-comes-to-a-head/
The loan guarantee, the administration’s first for a clean energy project, benefited a company whose prime financial backers include Oklahoma oil billionaire George Kaiser, a “bundler” of campaign donations. Kaiser raised at least $50,000 for the president’s 2008 election effort..
He is among the top 100 richest people in the world.
Kaiser’s uncle and parents, Jewish refugees from Nazi Germany who settled in Oklahoma.
Kaiser took control of Kaiser-Francis Oil Company in 1969. In 1990, Kaiser bought the Bank of Oklahoma, N.A. from the FDIC, the government agency that guarantees the soundness of the nation’s major savings institutions. Buying the Bank of Oklahoma
In 2008, with an estimated current net worth of around $12 billion
In March 2009, in the face of the general world economic downturn, Forbes reported that Kaiser’s net worth had dropped to $9 billion
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