Bankruptcy scenario played out before Solyndra collapse

Washington Times ^ | 9/22/11 | Jim McElhatton

[Nachum]

Before solar-panel maker Solyndra LLC went bankrupt, the U.S. Department of Energy — which had signed off on more than a half-billion dollars in loans — approved paying up to $1.1 million for an investment bank’s advice on restructuring Solyndra “both in and out of bankruptcy,” records show. (Snip) Six days earlier, the Energy Department signed a no-bid contract with investment powerhouse Lazard that foretold of a potential bankruptcy, though records show the effective date of the contract was even earlier, on Aug. 12. The contract was not competitively bid because the department said there was only one source for

5 Takeaways from the

[Nachum]

They knew that Solyndra was going down and bilked us all for a half a billion.

[Nachum]

The list, ping

Let me know if you would like to be on or off the ping list

http://www.nachumlist.com/

[denydenydeny]

The metaphor I use is a college football program that has committed egregious violations.

The DOE should get the death penalty.

[tsowellfan]

Most likely whoever order the FBI to raid their offices did it to keep evidence from surfacing to the public. They’re probably being thrown into the Oval Office fireplace as we speak.

[FormerACLUmember]

Solyndra was a worthless Penny stock making vast millions for democrat party Insider Traders.

[PA Engineer]

They knew that Solyndra was going down and bilked us all for a half a billion.

Yes. This was a clear case of racketeering. He had to pay off his supporters.

[Wiz]

While the scandal is concerning, we should understand the background which Chinese solar firms unfairly sold solar panels with dumping and destroyed the industry and resulting in many Americans to lose jobs. This is not an issue of the solar industry alone, but a problem with China dumping in various industries that are stealing jobs from Americans, and trying to destroy our economy. It is time to push for the congress to apply sanctions against Communist China to stop invading our homeland with trade terrorism. If you are a patriot and love your country, BUY AMERICA!

[FlingWingFlyer]

Where did the money go?

[D-fendr]

I think you’re incorrect on that. Solyndra used film tech hoping it was the cost-effective way of the future. It wasn’t. The Chinese didn’t.

[Nachum]

Good question.

[BobP]

Most likely whoever order the FBI to raid their offices did it to keep evidence from surfacing to the public. They’re probably being thrown into the Oval Office fireplace as we speak.

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'Embarrassing'

[Tallguy]

It's a scene right out of “Goodfellas”, except there is no need to torch the place to collect the insurance. The gov’t lost the money the second they issued the loan guarantee.

[not2worry]

Design/Build contractor for the Solyndra Project, Rudolph and Sletten, is a BIG OBAMA BUNDLER too!

This is one big snowball of Payback with taxpayer $$$$ for Team Obama!