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 ...
Who knows? I just don’t get Boehner. In fact, I just don’t get the entire GOP “leadership” in both houses.
I would most certainly be running things differently. Talking up the scandals for starters. But also putting up Louie Gohmert’s “American Jobs Act” for an immediate vote. Send it to the Senate and watch Harry Reid squirm with that one.
“I bet Eric Holder is all wee wee’d up over these revelations and is hot on the investigation.”
Yep. This and Gunwalker must be consuming the bulk of a minute each day.
Oh Yeah, I do now remember months and months of trying to nail Billy!!!!
Impeachment in this country is INEFFECTIVE!
Daymn that Rick Perry! /s
Impeachment anyone?
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.
Greta had a segment on earlier. The FCC advanced the LightSquare, regardless of the warnings.
They are in this up to their necks.
I am waiting for some democrat to say, "its only sex." Yea it is, it is the taxpeyer that is getting screwed.
Fast & Furious should have been the death knell for Obama/Holder but it wasn't. We'll see? yeah, we'll see the same old crap we've been seeing for the last 3 years. WE ARE TOAST!
The repubs are mum because “there but for the grace of God go I”.
They are just awaiting their turn to plunder.
I agree.
The question is why did Boehner pick this piece of work?
With the exception of Perry and Cain, all the Republicans with a set of balls are women.
No idea, frankly. The whole thing is just an incestuous mess. No wonder congressional approval is at 12%!
Holder already sent the FBI in there to raid the place and confiscate every last shred of evidence. He even sent them into the homes of company officers to make sure nothing was missed. Holder and Ubama want to be certain that no evidence connecting the corrupt Whore House to Solyndra survives. I would guess by now everything that could be cleaned up has been cleaned up, and everything else has been burned.
I’m pretty fed up with this crew.
I know.
The stink has already attached to 0bama. He is burnt toast...
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