Posted on 09/16/2011 8:04:50 PM PDT by 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.
(Excerpt) Read more at ajc.com ...
And Bachmann accuses Perry of corporate cronyism.
We need to keep our eye on the prize.
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 bet Eric Holder is all wee wee’d up over these revelations and is hot on the investigation.
Of course if your opponent is busy hanging himself, why interfere, just give him rope.
This case should be the death knell for Obama...but we’ll see.
The only thing hot about this investigation is the furnace they’re dumping all the incriminating documents into.
Probably.
you’re surprised they are mum??? they never said or did anything about obama adviser, james johnson- the biggest FANNIE MAE criminal out there...
She’s toast.
Why isn’t Boehner pressing for a special investigator on this and “fast and furious”?
Perhaps they are waiting to drag this all up after we have a candidate.
At this point in the watergate investigation the media was covering the congrssional hearings live 24/7
I remember because I was PO’s that there were no cartoons on.
Where the hell is soeone in the GOP with some balls?
That is MHO as well.
I heard it’s all Bush’s fault.
Really, some talking head said today that the loans started during the Bush admin.
Same o same o..................
I wonder if they contributed to his campaign in return
A Republican president would have already been shown the door. Time for the DC Republican establishment to nut up or shut up.
The loans were denied under bush.
They demonstrated that Solyndra had a losing cost structure.
Obama was privy to those earlier reports.
This is all on him and his chicago crony’s.
The interest of the fundraisers was put ahead of the tax payer and American people.
In this case it is a security, safety and ecomomic issue. thread link, LightSquare
Interesting.
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