Obama Admin Reworked Solyndra Loan To Favor Donor [Republican Leadership Mum?]

AJC ^ | September 16, 2011 | MATTHEW DALY

[Steelfish]

Obama Admin Reworked Solyndra Loan To Favor Donor

By MATTHEW DALY The Associated Press

WASHINGTON — The Obama administration restructured a half-billion dollar federal loan to a troubled solar energy company in such a way that private investors — including a fundraiser for President Barack Obama — moved ahead of taxpayers for repayment in case of a default, government records show.

Newly released emails show that the Obama administration was worried about the financial health of a troubled solar energy company even as officials publicly declared the company in good shape. 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.

Administration officials defended the loan restructuring, saying that without an infusion of cash earlier this year, solar panel maker Solyndra Inc. would likely have faced immediate bankruptcy, putting more than 1,000 people out of work.

Even with the federal help, Solyndra filed for Chapter 11 bankruptcy protection earlier this month and laid off its 1,100 employees.

The Fremont, Calif.-based company was the first renewable-energy company to receive a loan guarantee under a stimulus-law program to encourage green energy and was frequently touted by the Obama administration as a model. Obama visited the company's Silicon Valley headquarters last year, and Vice President Joe Biden spoke by satellite at its groundbreaking.

Since then, the implosion of the company and revelations that the administration hurried Office of Management and Budget officials to finish their review of the loan in time for the September 2009 groundbreaking has become an embarrassment for Obama as he sells his new job-creation program around the country.

[mylife]

I know Perry isnt perfect, but he knows who all the players and czars are in this administration.

He has been hitting them from the beginning.

I don’t trust him 100%, but I think he will make clearing out Obamas chicago buddys at every level his first priority.

[Spunky]

"I heard it’s all Bush’s fault. Really, some talking head said today that the loans started during the Bush admin."

It seems Solyndra kept pestering the Bush administration to give them a loan, but they were smart enough not to.

Solyndra

[bruinbirdman]

"So... private investors who knew this would fail, got Obama to guarantee them against losses"

The Obammunist and his comrade Dingy Harry Reid have a better plan. They are selling 7500 acres of Nevada to the ChiComs so they can manufacture thesolar panels.

The announcement of Solyndra bankruptcy was purposefully withheld until the day after Dingy Harry announced his deal with the ChiComs.

""Oh, gee Solyndra is bankrupt? Look, the ChiComs will show us how to do it the collectivist way?"

ENN Chairman talks about Laughlin project

LAS VEGAS - Yusua Wang is the chairman of the Communist Chinese company ENN Group that has launched an effort to land Laughlin a large solar generating farm accompanied by a valuable thin solar panel manufacturing plant.

Wang said he looks forward to finding breakthroughs to push down the cost of solar and other clean generating sources so the alternates to coal and oil become the market driver. He said energy distribution also needs to become smart, to become part of a holistic energy system.

This will require a collective effort, he said.

The chairman put the initial investment in the Laughlin project as $5 billion. “We're hoping as it develops we will expand our investment,” he said.

He said he envisions generating 1 gigawatt of electricity within a decade of opening ENN's largest American facility at Laughlin.

“We are committed to our U.S. businesses,” he stated.

Wang spoke in Chinese on Aug. 30 at Sen. Harry Reid's 4th annual Clean Energy Summit to a large audience at the Aria hotel on the Las Vegas Strip, heard in English through a translator.

Governor touts proposed solar project in Laughlin

The estimated $6 billion project would be inside the boundary of the proposed city of Laughlin.

Final county zoning approval would come, under the normal schedule, in early October. The rezoning is not for the entire project; the initial request was for more than 8 sq.-mi. of the county-owned 14 sq.-mi.

Overall, the Red Chinese ENN wants to buy some 5,400 acres, with 400 acres on the east (downhill) side of the highway reserved for the factory; the uphill solar farm would use low-water consumption photovoltaic panels manufactured at the factory in two to four modules.

yitbos

[Mike Darancette]

Administration officials defended the loan restructuring, saying that without an infusion of cash earlier this year, solar panel maker Solyndra Inc. would likely have faced immediate bankruptcy, putting more than 1,000 people out of work.

So the people paid half a billion dollars to keep 1,000 people working for 6 months?

[vanilla swirl]

“We don’t have the votes in the Senate, and we have to be wary of accusations of political lynching.

We need to document all the cronys that lead to Obama, and even then we need the senate.”

So, we live by a government of elected tyrants rather than rule of law.

Yea, I thought so............

(So, aren’t there enough military leaders with enough morals and ba!!s to yell “ok, everybody out of the pool”)

[DaveA37]

“With the exception of Perry and Cain, all the Republicans with a set of balls are women.”........

That’s exactly why most of them are afraid of Sarah Palin. She and only she, has the gonads to go after them, be he/she a Repub or a Dummycrat. “Hang’em Sarah” would be more than capable (and happy) to toss the rope over the limb
to clean out that rubble.

Buckwheat and his merry band of thieves would not survive with her at the helm.

[trebb]

Pub leadership has been mum, in general, for 3 yrs now. Alternate media has been exposing the dims for what they are. Most people are starting to realize what a corrupt admin this is. No need to upset the applecart now. Maybe the pub’s lucked into it. Maybe they realized a eventuality.

I have some hopes it isn't that bleak - perhaps the delay is because it occurred when the WH and both Houses of Congress were all Dim. Now that the Repubs have the House, Issa has a bit more power to begin looking into things. I was doubtful that he would press much, but am heartened by all the stuff hitting the airwaves. Perhaps it is a slow but well-thought out plan being implemented to manufacture the stake that will pierce the Democratic heart.

Hopefully I'm not just delusional....

[Vinnie]

The pub leadership are mum on this because they have a trough in their closet too.

IMO the Solandra deal is a money laundering scheme.
I’ll bet much of the money going back to the dem investors ends up in the Zer0 re-election fund.

[NormsRevenge]

LightSquared.. now there’s a scandal brewing. national security implications and crass cronyism.

and here we have deaf mutes as the GoP leadership.. by choice. (no offense intended to legitimate deaf and mute folks out there)

They wouldn’t know what to do with a bully pulpit if ya sent them to camp to learn.

[cc2k]

kevao wrote:

The only thing hot about this investigation is the furnace they’re dumping all the incriminating documents into.

I'm almost certain that has already happened.

You don't really believe that the Party Propaganda Ministry and outlets like this (the AJC) would publish anything about the Solyndra case if this wasn't already done? They must have an "All clear" from The Won and his minions as well as from the Party leadership. Otherwise, this story would be unpublished and buried, just like the whole Fast and Furious story has been mostly ignored in the Propaganda Ministry outlets.

Those FBI raids when this Solyndra bankruptcy story started weren't to gather evidence for any prosecution or investigation. Those raids were to lock up or destroy any evidence that The Won and his minions have been involved with this mess.

---

Happy Constitution day, September 17, 2011.        — cc2k

[Former Proud Canadian]

I was extremely disappointed when Upton was made chairman. His excuse for banning incandescent bulbs was really dumb.

I don't know if he is a criminal or just stone stupid. Either way, he should not be where he is.

[PDMiller]

I was infuriated. I think he is neither criminal nor stupid, though. I believe he is the poster child for the "Ruling Class" mentality.

We know better than you. We'll do what's best for the sheeple ...

Thus his blind faith in green, light bulb bans, cash for clunkers. Those things are part of his belief system and his newfound conservatism is just survival instinct.

[9YearLurker]

Just like Romney can’t run against Obamacare, Perry can’t run against Obama corruption.

That’s the connection and part of why Perry’s cronyism a a problem that should come out fully before we go making him our nominee.

[Former Proud Canadian]

Both of these initiatives, “cash for clunkers” and banning incandescents are insane on the face, and anyone with half a brain should be able to understand it. The automobile incentives simply stole sales from the future. It didn't generate any new business. As for the light bulbs, if the newer bulbs are such a great deal, they should be able to push incandescents out of the market place on their own without government action.

These guys are either terminally stupid or criminals. Drunk with power is just a combination of both.

[casinva]

I think I hear a little birdie outside my window screeching “Bill White...”Bill White”.

[Carling]

It's ridiculous at this point. Any thread about Rick Perry, or even not about him, becomes infested with these handful of posters.

Oh well. The good news is there are only a handful of them. If JimRob wants to chase off people actually interested in debate for a few clowns, that's his right.

[casinva]

From the looks of your post here, I guess you didn’t get all the real facts on the other thread you were hacking this junk.

So, in response to all your earlier crony concerns from another thread which you linked to the liberal rag Dallas Morning News, which coincidentally hacked this same stuff and endorsed liberal Democrat Bill White who ran against Rick Perry and lost (cough cough looser..)in the last Texas Governor’s race... here are the facts on your crony allegations.

***

State auditor gives Emerging Tech fund the thumbs up

From: http://www.bizjournals.com/sanantonio/blog/2011/04/state-auditor-gives-emerging-tech-fund.html

(Excerpt)

After taking a lot of grief during his last re-election campaign over allegations of political favoritism influencing the Texas Emerging Technology Fund, Gov. Rick Perry was pleased to announce the results of a report by the State Auditor’s Office giving the program a clean bill of health.

The report found no fraud or violation of state law in the operation of the TETF, nor did it find any political basis for the awarding of TEFT money, the governor’s office said in a news release.

(End of Excerpt)

***

And Sarah Palin fans think SHE had a bunch of unnecessary, unsubstantiated, and un-called-for ethical violations to battle over. Well, at least you don’t have to be concerned anymore. It is public knowledge that the audit came up clean as a whistle as far as Rick Perry’s personal time and efforts in bringing these jobs to Texas... AND Texas got a 3 to 1 return on the grant money PLUS more high tech jobs in Texas.

***

But WAIT.... There’s MORE!....

To order 9YearLurker’s “Memories of Bill White CD”, please go to:
http://www.freerepublic.com/focus/f-news/2780038/posts

[SunkenCiv]

Note: this topic is from 9/16/2011. Thanks Steelfish.