Obama Officials Sat In On Solyndra Meetings

ABC ^ | ABC

[sunmars]

Officials from the Department of Energy have for months been sitting in on board meetings as "observers" at Solyndra, getting an up-close view as the solar energy company careened towards bankruptcy after spending more than $500 million in federal loan money.

Word of the Energy Department's unusual arrangement came as federal agents on Thursday converged on the California headquarters of the failed solar company, focusing fresh attention on the first corporate beneficiary of President Obama's stimulus program to create new clean energy jobs.

The company, which closed its doors last week and laid off 1,100 workers, has been a subject of an ongoing series of stories by the Center for Public Integrity's iWatch News in collaboration with ABC News.

Questions about the loan have been simmering for months. 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."

[NormsRevenge]

I is for Impeach.

All in favor..

The ‘I’s have it.

[RushIsMyTeddyBear]

Kudos to Qbert for finding this little gem. I’ll post for further reference:

http://www.freerepublic.com/focus/f-news/2775936/posts

[tobyhill]

“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.”

OMG! Who in the Energy Dept. thinks they can bypass a bankruptcy judge and screw the taxpayers?

[Former Proud Canadian]

Umm, not really. Solyndra was half a billion. The “jobs bill” (that doesn’t exist except in the mind of potus) is half a trillion. I know its confusing. I get my billions and trillions mixed up too, especially when I balance my checkbook.

[manc]

Holder should have been forced to step down a couple of years ago after he left black racist go when they were outside the polling booth intimidating voters and then went on to say his people.
Add that to how there is a racist program in place letting blacks go while going after whites.

[manc]

Add the fast and furious program too this as well.

This admin stinks of corruption and if this was a republican admin the biased media would have ripped them apart by now.

[In Maryland]

"OMG! Who in the Energy Dept. thinks they can bypass a bankruptcy judge and screw the taxpayers?

I'm not sure, but I bet they are using consultants from the group that screwed over the Chrysler bond holders.

[Dr. Bogus Pachysandra]

“Holder and Ubama sent the FBI in to “raid” the place and get control of the evidence”
Solyndra has been “Solaundered.”

[Eldon Tyrell]

Actually - the coverup is excellent news -

Means there was something there to cover up - beyond their usual incredible incompetence.

Remember - all we need is one “Monica’s Dress”. In a company that just failed and laid off 1,000 - I bet someone has something nice on a thumb drive somewhere.

this is both the most corrupt and most stupid administration in history. When the dam breaks - it will be a flood.

[9YearLurker]

Won’t be enough to brinmg him down on its own, but may work well with Palin’s perfectly positioned campaign.

[Lucky9teen]

[dan on the right]

It sounds like there was a recent $75 million recapitalization from the investors and part of their deal was that their new money would be senior (regarding the collateral) to the existing lenders (whom we guaranteed).

Further, sounds like the lender - more important the guarantor (that would be the US Gov’t = us) agreed to the subordination to get the new cash in the company. Unless we agreed in writing, we would still be senior.

Not uncommon, actually, for “new money” investors to be senior to existing creditors. Can't believe we agreed to it, however. How do you blow through $500 million in such a short time (assuming it was all spent - details are not really clear yet).

[Flint]

I bees want’n to know how much money this outfit gave to the DNC, President’s reelection fund, other Demo candidates funds, Acorn, Acorn spin offs and any other outfit that funnels money back to The Messiah.

[American Constitutionalist]

THE GLOBAL WARMING HOAX WAS A MONEY MAKING SCAM AFTER ALL: THIS PROVES IT !!!!


Yeah, it was a " GREEN " jobs whatever you want to call it , green money in someone's pockets.

Wonder now ? Van Jones ? Naaaaaaa, he wouldn't have known about this ? would he ?

[tacticalogic]

I bees want’n to know how much money this outfit gave to the DNC, President’s reelection fund, other Demo candidates funds, Acorn, Acorn spin offs and any other outfit that funnels money back to The Messiah.

You and a lot of other people. That's why they're being investigated.

That way, when they ask The One about it, he can say he can't comment about them, and no information can be released until the investigation is finished.

[True Republican Patriot]

Maybe NOT!!!! There is HONOR in the FBI!!!

[True Republican Patriot]

Where did the other $875 plus Billion Go of HUSSEIN’S ALLEGED STIMULUS TAXPAYER MONEY????? My bet is that there is NO CLEANER DEAL than SOLYNDRA and that it was a big money laundering and Grand Theft Program for the entire TRILLION DOLLARS!! It was a Stimulus Program for THE MOB, and every dirty and corrupt Leech that helped get this Moron and Terrorist into the White House!

[PA-RIVER]

It’s a safe bet Rahm Emanual ended up with a windfall when this was deal was cooked up.

[PA-RIVER]

Oh, it was based in California. That explains everything. No business can survive California.

The Janitor was probably union, and making 500K a year.

[PA-RIVER]

And half the employees were probably speaking spanish, while trying to read english instructions...