Skip to comments.Administration officials grilled on Solyndra loan
Posted on 09/14/2011 7:18:22 PM PDT by Nachum
Obama administration officials refused to say Wednesday whether anybody would be fired over the decision to award solar-panel manufacturer Solyndra LLC a half-billion dollars in loansbefore it went bankrupt and saw its headquarters raided by the FBI. During a hearing in which two top administration officials defended the $535 million loan deal to Solyndra in 2009, Republicans on the House Energy and Commerce Committee questioned whether Americans could expect any government officials to be fired. The FBI raided the company after it filed for bankruptcy last week
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I would like to know why the FBI raided them. Does the FBI raid every company that goes bankrupt?
They want to keep the evidence under wraps until after the 2012 election.
If only they would truly grill them (gas only down here in Texas ... burn ban on wood and charcoal grilling).
Solyndra had the backing of an extraordinarily successful and wealthy businessman who knows how to manage companies, money and risks.
The Obama Administration Department of Energy experts underwrote the market and financial risks before agreeing to the loan guarantees.
Professional Solyndra upper management, capable of making good business decisions, continued to adjust the company business plan and gave assurances to Congress that everything was going to be OK.
Then, bankruptcy and loss of a 1000 jobs and $500MM of taxpayers’money.
This demonstrates that even competent, experienced and successful businessmen cannot be successful in artificial green industry investments supported by ideology and not by the marketplace.
Solyndra should be investigated for all the reasons previously stated, but should also be used as an example of why this type of government driven social engineering should be eliminated.
I would have to agree. If they did nothing...there would be talk of a special prosecutor requirement by December of this year, and that would hurt them greatly by the summer of 2012. By jumping in....you keep the data in a locked box. You slowball this by putting in half the analysts you’d normally use, and you use mostly rookies to ensure that they keep asking more questions rather than answering them.
The FBI will hand their case over to a federal prosecutor around December of 2012, and actual charges will be put on the books around January 2013. At that point, someone will figure out that someone high up in the administration did the “pushing” and want them tossed into the mess.
I agree that green energy cannot compete without government force, but with this company, I think you’re in error.
Solyndra bet on technology that failed in the marketplace. It was costing double that of competing tech. It was a big loser in the marketplace. So big a loser it would rip through half a billion in a short time.
It was in this shape when the government gave it money. The company knew, the auditors knew it, competent managers who looked at the basics knew it.
How else can Eric Holder Shred all the Documents that point to Obama and Valerie Jarrett and Van Jones
Thanks Nachum. “Fast and Furious”, fake green jobs used to launder money, an invasion by drug cartels, the reversal of a century of US diplomacy and foreign policy, rising unemployment, AttackWatch... but other than that, how’s Zero doin’? ;’)