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Keyword: solyndragate

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  • Obama on Solyndra: ‘This Was Not Our Program Per Se’

    03/22/2012 9:24:23 AM PDT · by Sub-Driver · 43 replies · 2+ views
    Obama on Solyndra: ‘This Was Not Our Program Per Se’ Email 4 Smaller Font Text Larger Text | Print At the nation’s largest solar energy plant Wednesday, President Obama doubled down on his commitment to government subsidies for clean energy technology and green jobs — and deflected blame for instances when those investments have failed. “Are you doing your ‘all-of-the-above’ strategy right if that’s what we have to show for it — Solyndra?” asked Kai Ryssdal, host of “Marketplace” on American Public Media, in an interview with Obama. The solar energy start-up Solyndra, which had been the poster child of...
  • Obama Distances Himself From Solyndra: "Not Our Program, Per Se" (video)

    03/22/2012 9:13:47 AM PDT · by i88schwartz · 13 replies · 2+ views
    RealClearPolitics ^ | March 22, 2012 | RealClearPolitics
    In an interview with (full audio), President Obama defends using U.S. taxpayer money to invest in solar energy projects. During the interview, Obama was asked about Solyndra, one of the more well-known solar panel companies that failed after receiving a loan guarantee from the Department of Energy.
  • White House withholding Solyndra records, House energy committee says

    12/02/2011 10:38:59 AM PST · by Nachum · 5 replies
    The Daily Caller ^ | 12/2/11 | C.J. Ciaramella
    Despite a subpoena, the White House is still withholding records related to the failed $535 million federal loan to Solyndra, Republican investigators from the House Energy and Commerce Committee said Thursday. In a letter to White House Counsel Kathryn Ruemmler today, Republican committee Chairman Fred Upton and subcommittee chairman Cliff Stearns said the White House had not fully complied with the committee’s Nov. 3 subpoena for documents concerning the Solyndra loan. “[D]ocuments already in the Committee’s possession clearly indicate that you have numerous other documents in your possession which are responsive to the subpoena, but which have not been produced,”...
  • Solyndra saw staff "mutiny" before Obama visit

    12/02/2011 6:12:05 AM PST · by Libloather · 8 replies
    Yahoo ^ | 12/01/11 | Roberta Rampton
    Solyndra saw staff "mutiny" before Obama visitBy Roberta Rampton | Reuters – 15 hrs ago **SNIP** An initial public offering was on the skids, and finally, there was a "mutiny" by the company's entire executive team, who flagged the crisis to the company's board of directors. The e-mails between senior advisers to George Kaiser, a major investor in the company, provide the best view yet into how problems took root early at Solyndra. The company had received a $535 million federal loan guarantee in 2009 and was held up by the Obama administration as an example of how it could...
  • Judicial Watch Sues Obama Administration to Obtain Solyndra Records

    12/01/2011 9:52:49 AM PST · by jazusamo · 4 replies
    Judicial Watch ^ | December 1, 2011
    Washington, DC -- December 1, 2011 Judicial Watch, the public interest group that investigates and prosecutes government corruption, announced that it filed today separate lawsuits against the Obama Department of Energy and Office and Management and Budget to obtain records regarding the taxpayer funded government loan provided to the now bankrupt green energy company Solyndra. On September 5, 2011, Judicial Watch submitted Freedom of Information Act (FOIA) requests seeking the following information: Any and all records regarding, concerning or related to the issuance of loan guarantees to Solyndra LLC, Solyndra Inc., Solyndra Fab 2 LLC, and/or 360 Degree Solar...
  • Obama's Labor Department Approves Deal Giving Ex-Solyndra Staff $13,000 Each In Federal Aid

    11/21/2011 4:54:01 PM PST · by txroadkill · 13 replies
    Fox Nation ^ | 11/21/2011 | Sean Higgins
    The Labor Department today announced that it had approved Trade Adjustment Assistance for the former employees of the bankrupt solar panel maker Solyndra. That means all of the firm’s 1,100 ex-employees are eligible for federal aid packages, including job retraining and income assistance. The department has valued packages at about $13,000 a head.
  • House GOP votes to subpoena White House Solyndra documents

    11/03/2011 8:37:23 AM PDT · by Bigtigermike · 17 replies
    The Hill ^ | Thursday November 3, 2011
    Republicans on the House Energy and Commerce Committee voted Thursday to subpoena the White House for all internal communications related to the failed solar company Solyndra. The subpoena escalates the ongoing battle between the White House and Republicans over a $535 million Energy Department loan guarantee to Solyndra, the California solar panel maker that filed for bankruptcy in early September, setting off a firestorm in Washington. Republicans have pummeled the White House over the loan guarantee for weeks, using Solyndra’s bankruptcy to challenge the administration’s green energy agenda. The committee’s investigative panel voted 14-9, along party lines to subpoena the...
  • Inspector General launches criminal probe into more than 100 Energy Dept. loans

    11/02/2011 7:21:36 PM PDT · by martosko · 17 replies
    The Daily Caller ^ | 11/02/2011 | CJ Ciaramella
    Solyndra is being investigated by the FBI, but that may just be the tip of the shovel-ready iceberg. The Department of Energy is investigating more than 100 potential instances of criminal abuse of stimulus loan monies, according to the department’s Office of Inspector General. In prepared testimony before the House Oversight and Government Reform Committee Wednesday, Energy Department Inspector General Gregory Friedman said his office has launched more than 100 probes into possible criminal activities related to the 2009 stimulus funds behind the loans.
  • Obama administration considered Solyndra bailout

    11/02/2011 5:01:10 PM PDT · by Free ThinkerNY · 6 replies
    Associated Press ^ | Nov. 2, 2011 | MATTHEW DALY
    WASHINGTON (AP) -- Days before a solar panel maker collapsed, the Obama administration considered a bailout that would have provided an infusion of cash and a new board of directors, including two directors appointed by the Energy Department. Officials rejected the plan, which was recommended in August by the investment banking firm Lazard Ltd. Lazard was paid $1 million for analyzing options related to the faltering company, Solyndra Inc.
  • Solyndra to Auction Assets, But Taxpayers Won’t See a Dime

    10/22/2011 5:33:56 PM PDT · by opentalk · 26 replies
    Heritage ^ | October 21, 2011 | Lachlan Markay
    As part of its bankruptcy proceedings, defunct solar company Solyndra will auction off thousands of items from its California production facility on Nov. 2 and 3. But taxpayers won’t see a dime of the proceeds, due to the Energy Department’s decision to subordinate taxpayers to Solyndra’s private financiers in repayment of their investments.As I explained in a Friday column in the Washington Examiner, DOE has developed an unprecedented interpretation of the law to allow Solyndra’s private investors to recoup $75 million of their investment before taxpayers are repaid.Heritage Global Partners, which is conducting the auction, told Scribe that the money...
  • Fisker Karma: Solyndra on Wheels?

    10/20/2011 5:26:15 PM PDT · by moneyrunner · 12 replies
    The Virginian ^ | 10/20/2011 | moneyrunner
    This car, which you can buy for a mere $100,000, was brough to your by a half billion dollar loan from the US Department of Energy, made in Finland using batteries and electric motors made in China. But I'll let Andrew explain it: Our tax dollars at work… a half-billion dollar loan (actually $529 million) from the U.S. Department of Energy to develop a hybrid toy for the wealthy and/or celebri-licious (like Leonardo DiCaprio, one of the first customers) that, in real world driving, won’t get much better mileage than your average crossover utility vehicle. Not only that, but...
  • Obama Energy Department Is Going Back and Changing Solar Energy Loan Press Releases

    10/19/2011 7:30:47 PM PDT · by Hojczyk · 32 replies
    Gateway Pundit ^ | October 19,2011 | Jim Hoft
    The Obama Administration spent nearly half of the $38.6 billion ($17.2 billion) set aside for his green energy programs and was only able to create 3,545 permanent green jobs. This comes out to a staggering $4,853,000 per job. Now we find out that the Obama Energy Department is going back and changing solar energy press releases. CNBC reported: Someone affiliated with the Department of Energy has been going back to make changes to press releases posted on the Internet weeks and months ago, CNBC has found. The changes occurred in two press releases from the Department of Energy’s loan guarantee...
  • Busted: DOE Altered Solyndra-Related Documents

    10/19/2011 3:03:03 PM PDT · by Nachum · 26 replies
    National Review ^ | 10/19/11 | Andrew Stiles
    It appears as though the Obama administration has been caught red-handed trying to cover up evidence in relation to the “green” loans programs that helped finance Solyndra. CNBC reports that a number of press releases posted by the Department of Energy have been retroactively altered to remove the name a solar company thought by many to be the next “green” failure: The changes occurred in two press releases from the Department of Energy’s loan guarantee program — the same program that has been the center of controversy surrounding the failed solar company Solyndra. Both were changed to remove the name...
  • Top Solyndra pusher jumps up a bracket in Obama's reelection campaign bundling

    10/16/2011 12:39:27 PM PDT · by matthewreporter · 5 replies
    The Daily Caller ^ | October 14, 2011 | Matthew Boyle
    Former Obama administration Department of Energy loan programs adviser Steve Spinner jumped up a bracket in fundraising for the president’s re-election campaign. Spinner was the staffer inside Energy Secretary Steven Chu’s office who pushed and advocated on behalf of Solyndra. Spinner was ranked in the Obama campaign’s $250,000 to $500,000 bundling bracket in the second quarter, but third-quarter fundraising numbers released on Friday show he raised more than $500,000.
  • Lintelle Engineering closing after 22 years due to Solyndra bankruptcy

    10/14/2011 7:43:04 PM PDT · by artichokegrower · 19 replies
    Santa Cruz Sentinel ^ | 10/14/2011 | JONDI GUMZ
    SCOTTS VALLEY - Dozens of people turned out Friday to say goodbye to Lintelle Engineering founder Bill Turner, who hosted a picnic for current and former staff in the company parking lot on El Pueblo Road. Lintelle, founded in 1989, was forced to close after its largest customer, Solyndra, filed for bankruptcy owing $1.9 million for equipment built by Lintelle employees. The bankruptcy filing came despite Solyndra receiving a $535 million federal loan guarantee. "It's hard to see this happen," asked Teri Stacher, 47, of Santa Cruz, who worked for Lintelle for 12 years. "We figured with the federal government...
  • White House refuses House GOP demand to turn over all internal documents related to Solyndra

    "Congress isn’t getting a glimpse of what’s on President Barack Obama’s Blackberry – or any more internal White House communications related to the bankrupt solar company Solyndra, which received a $535 million loan guarantee from the federal government…"
  • On Solyndra: President's Blackberry Off Limits

    10/14/2011 5:51:26 PM PDT · by Free ThinkerNY · 34 replies ^ | Oct. 14, 2011 | Jessica Yellin
    Washington (CNN) - Congress isn't getting a glimpse of what's on President Barack Obama's Blackberry - or any more internal White House communications related to the bankrupt solar company Solyndra, which received a $535 million loan guarantee from the federal government. House Republicans investigating the loan controversy had requested all internal White House documents about the issue. House Energy and Commerce subcommittee chair Rep. Cliff Stearns said that includes emails on the President's Blackberry. On Friday the White House Counsel sent a letter to the House Energy and Commerce Committee explaining they won't comply with the request because it "implicates...
  • 0bama defies request to turn over all documents related to Solyndra ("I AM above the LAW" ~ 0bama)

    10/14/2011 6:02:13 PM PDT · by R0CK3T · 51 replies
    CNN ^ | Oct 14, 2011 | Jessica Yellin
    Washington (CNN) - Congress isn't getting a glimpse of what's on President Barack Obama's Blackberry - or any more internal White House communications related to the bankrupt solar company Solyndra, which received a $535 million loan guarantee from the federal government. On Friday the White House Counsel sent a letter to the House Energy and Commerce Committee explaining they won't comply with the request because it "implicates longstanding and significant institutional Executive Branch confidentiality interests."
  • Energy Dept.: Law Prevents Us From Doing What We Want, Therefore the Law Doesn’t Apply

    10/14/2011 5:19:50 PM PDT · by afraidfortherepublic · 5 replies
    National Review - The Corner ^ | 10-14-11 | Andrew McCarthy
    How absurd is the Obama DOE’s explanation for violating the federal law against prioritizing private lenders ahead of taxpayers (i.e., sliding the president’s Solyndra cronies ahead of the public)? As Andrew’s post demonstrates, it is laugh out loud absurd — or at least it would be if the scheme were not so outrageous. Let’s put aside for the moment that, by the administration’s “reasoning,” the public could be robbed on every loan by simply “renegotiating” it 10 seconds after it was finalized. What is truly priceless is the administration’s claim that the law had to be ignored because “investors are...
  • Solyndra Redux?

    10/13/2011 5:32:07 PM PDT · by Kaslin · 10 replies
    IBD Editorials ^ | October 13, 2011 | Editor
    Solargate: On the program's last day, a billion-dollar loan guarantee went to another politically connected solar outfit in financial trouble. Fiscal insanity is throwing good money after bad and expecting a different result. They say haste makes waste. But then, so does government. And when you combine the two you get a real mess. Such was the case when the Department of Energy found itself with $4.75 billion in unallocated loan guarantees as the stimulus loan program responsible for the Solyndra fiasco was ending at the end of September. In the wake of the $535 million loan guarantee to a...
  • Solyndra CEO resigns.

    10/13/2011 12:04:10 PM PDT · by GlockThe Vote · 25 replies
    SH Chron ^ | 10/12/2011 | David Baker
    Solyndra CEO Brian Harrison, who refused to answer questions from Congress about his solar startup's high-profile bankruptcy, has left the company, according to a new court filing. Harrison stepped down on Friday, Solyndra reported in a bankruptcy court document filed late Tuesday. The company said Harrison left "as scheduled," but didn't elaborate. A Solyndra spokesman could not be reached for an explanation. To replace Harrison, Solyndra wants to hire R. Todd Neilson, who served as bankruptcy trustee for boxer Mike Tyson and rap impresario Marion "Suge" Knight. Neilson has a background in forensic accounting, including a stint with the FBI...
  • SunPower: Twice As Bad As Solyndra, Twice As Bad For Obama

    10/11/2011 7:48:59 AM PDT · by tcrlaf · 18 replies
    Human Events ^ | 10-11-11 | Niel McCabe
    How did a failing California solar company, buffeted by short sellers and shareholder lawsuits, receive a $1.2 billion federal loan guarantee for a photovoltaic electricity ranch project—three weeks after it announced it was building new manufacturing plant in Mexicali, Mexico, to build the panels for the project. The company, SunPower (SPWR-NASDAQ), now carries $820 million in debt, an amount $20 million greater than its market capitalization. If SunPower was a bank, the feds would shut it down. Instead, it received a lifeline twice the size of the money sent down the Solyndra drain. Two men with insight into the process...
  • WH Budget Official: Oh, We Made Far Worse Loans Than Solyndra

    10/10/2011 6:09:08 PM PDT · by george76 · 31 replies
    Townhall. ^ | October 10, 2011 | Guy Benson
    Happy Monday, Obama administration. According to a new tranche of emails obtained by ABC News, the political wreckage of the Solyndra scandal could get significantly more grisly before all is said and done. In one particularly incriminating note, a staffer at the White House's Office of Management and Budget candidly frets that "bad days" lie ahead : Emails released earlier this month show that at least one official of the Office of Management and Budget worried that Solyndra was just the tip of the iceberg when it came to ill-conceived government loans to green energy companies. “(W)hat’s terrifying is that...
  • Friday Solyndra Email Dump

    10/07/2011 5:03:31 PM PDT · by Nachum · 13 replies
    Michelle Malkin ^ | 10/7/11 | Michelle Malkin
    Buried within an ABC News story about today’s release of hundreds of Solyndra-related emails is a reminder of what White House Spokesman Jay Carney said at a press conference late last month after being asked about the involvement of a Department of Energy consultant and Obama fundraiser named Steve Spinner: Carney replied: “It’s my understanding, at least with regard to the gentleman you just mentioned [Steve Spinner], that he had no connection to overseeing the loan guarantee program.” After hearing Carney say that, your first instinct might have been to think, “Hey, Spinner must have a connection to overseeing the...
  • E-Mail Shows Senior Energy Official Pushed Solyndra Loan

    10/07/2011 3:18:10 PM PDT · by reaganaut1 · 15 replies
    New York Times ^ | October 7, 2011 | ERIC LIPTON and JOHN M. BRODER
    WASHINGTON — A senior Energy Department official pushed hard for the government’s $535 million loan to the California solar energy company Solyndra even after he had disclosed that his wife’s law firm represented the company and promised to recuse himself from matters related to its loan application, according to e-mails released by federal officials on Friday. The official, Steven J. Spinner, a senior member of the Energy Department’s loan guarantee oversight office and a 2008 Obama fund-raiser, inquired frequently about the progress of the Solyndra loan, urging the White House Office of Management and Budget to move more quickly on...
  • Obama Fundraiser Pushed Solyndra Deal From Inside

    10/07/2011 1:19:26 PM PDT · by maggief · 15 replies
    ABC News ^ | October 7, 2011
    An elite Obama fundraiser hired to help oversee the administration's energy loan program pushed and prodded career Department of Energy officials to move faster in approving a loan guarantee for Solyndra, even as his wife's law firm was representing the California solar company, according to internal emails made public late Friday. "How hard is this? What is he waiting for?" wrote Steven J. Spinner, a high-tech consultant and energy investor who raised at least $500,000 for the candidate before being appointed to a key job helping oversee the energy loan guarantee program. "I have OVP [the Office of the Vice...
  • Obama doesn’t regret Solyndra loan (the rookie Hussein shows off his vast business experience)

    10/03/2011 3:06:12 PM PDT · by Libloather · 18 replies
    The Hill ^ | 10/03/11 | Ben Geman
    Obama doesn’t regret Solyndra loanBy Ben Geman - 10/03/11 04:38 PM ET President Obama on Monday defended the administration’s half-billion dollar financial support for the solar-panel company Solyndra which filed for bankruptcy in early September. Asked by ABC News if he regretted holding up Solyndra as a model for jobs and clean energy, Obama replied "No, I don't, because if you look at the overall portfolio of loan guarantees that have been provided, overall it's doing well." "And what we always understood was that not every single business is going to succeed in clean energy, but if we want to...
  • Finally, The Cognoscenti Ask: What Could We Be Thinking?

    10/02/2011 11:38:41 AM PDT · by stolinsky · 8 replies
    Investors Business Daily ^ | 09-30-11 | Mark Steyn
    Occidental, Columbia, Harvard Law, a little light community organizing, a couple of years timeserving in a state legislature: That's what America's elites regard as an impressive resume rather than a bleak indictment of contemporary notions of "accomplishment." Obama would not have withstood scrutiny in any society with a healthy, skeptical press. Yet, like the high-rolling Wall Street moneybags, they failed to do due diligence. Three years on, nothing has changed. Obama is proposing to raise taxes because of some cockamamie yarn Warren Buffett has been peddling about his allegedly overtaxed secretary. Yet the court eunuchs of the media persist in...

    10/02/2011 7:19:14 AM PDT · by UB355 · 33 replies
    Dick, ^ | 10/02/2011 | Dick Morris
    Who arranged the Solyndra loan? A top Obama fund raiser named Steven J. Spinner who, according to ABC, worked to “pick and select fantastic projects” for DOE to fund. During the campaign, he was responsible for raising at least half a million dollars for Obama. Now, he told associates that he “helped oversee the more than $100 billion of loan guarantee and direct lending authority” for DOE’s green-energy lending program. And what a coincidence! Spinner’s wife, Allison’s law firm Wilson, Sonsini, Goodrich & Rosati got $2.4 million in legal fees to handle the legal work in connection with the Solyndra...
  • Chu takes responsibility for a loan deal that put more taxpayer money at risk in Solyndra

    09/30/2011 4:51:44 PM PDT · by sunmars · 33 replies
    Washington Post ^ | September 29, 2011
    Energy Secretary Steven Chu acknowledged Thursday making the final decision to allow a struggling solar company to continue receiving taxpayer money after it had technically defaulted on a $535 million federal loan guaranteed by his agency. Chu spokesman Damien La­Vera said in a statement that the secretary approved the restructuring agreement for Solyndra because it gave the company “the best possible chance to succeed in a very competitive marketplace and put the company in a better position to repay the loan.” On the political front, Chu’s admission came as some members of Congress were asking whether Chu went too far...
  • Solyndra Executive Has ‘Responsibility’ to Clam Up, Says Attorney ( Valerie Jarrett mentioned )

    09/29/2011 7:36:27 AM PDT · by george76 · 25 replies
    Yahoo ^ | Sep 24, 2011 | Anthony Ventre
    Thugs in suits, I was thinking. What did they do with over half a billion bucks of taxpayer money? With that kind of score, why would some dumb criminal even think of robbing a liquor store, a drug store, or even a bank? The real money is in white-collar capers, with special treatment and little chance of arrest. All you've got to do is send a team of grifters to the offices of Obama administration adviser Valerie Jarrett and the bucks will be delivered to your bank account with thanks from a grateful administration. ... whoever agreed to put the...
  • The Secret Gov't Bank That's Financing More Solyndras?

    09/28/2011 1:08:21 PM PDT · by cowtowney · 16 replies
    Fox Business ^ | 9/28/11 | Elizabeth MacDonald
    This little-known government bank, the Federal Financing Bank [FFB], had a zero balance in 2008 for green energy projects, but now, with little Congressional oversight, it is giving out billions of dollars in loans to White House pet projects often at dirt-cheap interest rates below 1%. In July alone, the government bank, which had $61 billion in assets, lent nearly three quarters of a billion dollars in taxpayer funds with no Congressional checks and balances. Plus the bank is funding the insolvent U.S. Post Office; the White House’s expensive green car projects at Ford Motor, Nissan and Tesla Motors; a...
  • What Solyndra Fiasco?

    09/28/2011 7:45:31 PM PDT · by Kevin in California · 22 replies
    If you thought the $535 million Solyndra scandal had chastened the fearless venture capitalists of the Obama Administration, think again. The Department of Energy shovelled out $1.1 billion in new loan guarantees to solar projects in Nevada and Arizona Wednesday, and more deals are pending before the $18 billion program funded by the 2009 stimulus expires Friday.
  • Solyndra: What the President Knew and When He Knew It

    09/28/2011 11:31:48 AM PDT · by Nachum · 11 replies
    Big Government ^ | 9/28/11 | Larry O'Connor
    Until now the Solyndra scandal only reached the White House in the guise of e-mails from staffers fretting about the political implications of the disastrous bankruptcy and how it would reflect on the President’s “Winning the Future” rhetoric. Until now, the Solyndra scandal was a circumstantial log of White house visits by a big Obama donor who also was the failed solar company’s chief investor (those visits occurring right before a half-billion dollar loan guarantee was awarded by Obama’s Dept. of Energy). Until now, the White House’s direct involvement in the Solyndra scandal appeared to be over-zealous operatives looking to...
  • Energy Department approves $737 million solar loan guarantee

    09/28/2011 9:30:56 AM PDT · by Sub-Driver · 16 replies
    Energy Department approves $737 million solar loan guarantee By Andrew Restuccia - 09/28/11 11:02 AM ET The Energy Department announced Wednesday that is has finalized a $737 million loan guarantee for a Nevada solar project. The decision comes several weeks after a California-based solar manufacturer that received a $535 million loan guarantee from the Obama administration in 2009 filed for bankruptcy and laid off 1,100 workers, setting off a firestorm in Washington. The $737 million loan guarantee will help finance construction of the Crescent Dunes Solar Energy Project, a 110-megawatt solar-power-generating facility in Nye County, Nev. The project is sponsored...
  • Energy Department approves $737 million solar loan guarantee

    09/28/2011 9:40:09 AM PDT · by maggief · 33 replies · 2+ views
    The Hill ^ | September 28, 2011 | Andrew Restuccia
    The Energy Department announced Wednesday that is has finalized a $737 million loan guarantee for a Nevada solar project. The decision comes several weeks after a California-based solar manufacturer that received a $535 million loan guarantee from the Obama administration in 2009 filed for bankruptcy and laid off 1,100 workers, setting off a firestorm in Washington. The $737 million loan guarantee will help finance construction of the Crescent Dunes Solar Energy Project, a 110-megawatt solar-power-generating facility in Nye County, Nev. The project is sponsored by Tonopah Solar, a subsidiary of California-based SolarReserve. Crescent Dunes is the latest solar project to...
  • Solyndra Who? Obama Admin. Approves $737M Solar Loan

    09/28/2011 10:04:38 AM PDT · by Nachum · 42 replies
    fox ^ | 9/28/11 | Andrew Restuccia, The Hill
    The Energy Department will announce later Wednesday that is has finalized a $737 million loan guarantee for a Nevada solar project. The decision comes several weeks after a California-based solar manufacturer that received a $535 million loan guarantee from the Obama administration in 2009 filed for bankruptcy and laid off 1,100 workers, setting off a firestorm in Washington.
  • Gov't Restructured Solyndra Loan after Company Violated Terms, Allowed Extra $50 Mil in Loans

    09/28/2011 5:57:42 AM PDT · by therightliveswithus · 3 replies
    Pundit Press ^ | 9/28/11 | Aurelius
    ...According to a report released today, a year and a half after being granted an enormous government loan, Solyndra violated the terms of that loan and technically defaulted on it. This should have frozen the loan that the energy company received, thus not allowing them to use up the rest of the money the government had given them. However, that did not happen. Instead, it has been revealed that the Energy Department went out of its way to restructure the loan to Solyndra, thus allowing them to violate the terms of the loan and yet continue to use it. The...
  • Solyndra Said to Have Violated Terms of Its U.S. Loan

    09/28/2011 4:37:45 AM PDT · by Oldeconomybuyer · 4 replies
    Wall Street Journal ^ | September 28, 2011 | By DEBORAH SOLOMON
    Solyndra LLC had such steep financial problems in late 2010 that the company violated terms of its loan-guarantee agreement with the Department of Energy and technically defaulted on its $535 million loan, according to people familiar with the matter. The failed solar-panel maker ran so short of cash in December 2010 that it was unable to satisfy certain terms of its U.S. loan agreement, these people said. The agreement required Solyndra to provide $5 million in equity to a subsidiary building its factory but cash-flow problems prevented those payments. The Energy Department ultimately restructured the loan agreement to help keep...
  • Waxman (RAT-California) to Issa: Get Solyndra facts straight (Darrell answers back)

    09/28/2011 4:38:56 AM PDT · by Libloather · 11 replies
    The Hill ^ | 9/27/11 | Ben Geman
    Waxman to Issa: Get Solyndra facts straightBy Ben Geman - 09/27/11 07:32 AM ET Rep. Henry Waxman (D-Calif.) is rebutting House Oversight and Government Reform Committee Chairman Darrell Issa’s (R-Calif.) claim that Waxman helped the now-bankrupt solar company Solyndra secure its $535 million federal loan guarantee. Waxman said in a letter to Issa on Monday that he had no role in the financing. “I am writing to let you know that I had no involvement in the selection of the Solyndra loan. In fact, the first time I met with representatives from Solyndra was in July 2011, when the company’s...
  • A New Hampshire Solyndra? Wind farm gets fed loan

    09/28/2011 4:54:57 AM PDT · by Oldeconomybuyer · 6 replies
    Union Leader ^ | September 27, 2011 | Editorial
    In the name of “green energy,” the Obama administration is using taxpayer money to subsidize a New Hampshire wind farm that is a subsidiary of a hugely profitable company. BAIF Granite Holdings was created earlier this year by Brookfield Renewable Power, which is a subsidiary of Brookfield Asset Management of New York. That company, which runs clean energy operations around the world, has deep pockets. It reported net income of $454 million in 2009 and $3.2 billion in 2010. With that kind of backing, it is curious that the U.S. Department of Energy announced it would guarantee up to 80...
  • Obama advisors raised warning flags before Solyndra bankruptcy

    09/27/2011 12:14:54 PM PDT · by ¢ommon ¢ents · 3 replies
    LA Times ^ | September 26, 2011, 6:35 p.m. | Tom Hamburger, Kim Geiger and Matea Gold,
    Treasury chief Timothy F. Geithner and others were worried that the selection process for federal loan guarantees fell short and raised the risk that funds could be going to the wrong firms. Jonathan Ernst / Reuters / September 27, 2011 Solyndra President and Chief Executive Officer Brian Harrison, left, and Chief Financial Officer W.G. Stover are sworn in before a hearing on Capitol Hill. Reporting from Washington— Long before the politically connected California solar firm Solyndra went bankrupt, President Obama was warned by his top economic advisors about the financial and political risks of the Energy Department loan guarantee program...
  • Solyndra gave bright forecasts as it ran out of cash (and Obama was in on the $500 million scam)

    09/23/2011 3:25:12 PM PDT · by tobyhill · 18 replies
    reuters ^ | 9/23/2011 | Mark Hosenball and Roberta Rampton
    Just before solar panel maker Solyndra scrambled in August to get more cash from private investors and better loan terms from federal bureaucrats, top company officials went on a political road show. Brian Harrison, Solyndra's CEO who on Friday refused to answer questions posed by a House panel, met in July with congressional Republicans who were skeptical about how much money the Obama administration had sunk into the company's factory. He also met Democrats eager to support clean energy. "Things were on the upswing, that's what they told me," said Diana DeGette, a Democratic member of the House of Representatives....
  • Solyndra: Dumb and crooked

    09/23/2011 3:25:04 PM PDT · by Nachum · 12 replies
    Daily Mail ^ | 9/23/11 | Don Surber
    If anyone wonders what is wrong with America today, check out Solyndra. Its principal players were well-connected politically — they knew the White House like the back of their grubby little paws — but they did not know jack about business. In the 19th century, Solyndra would have failed an no one would have noticed. [SNIP] Most people know the tawdry deals of a billionaire raising money for Barack Obama who upon election feverishly worked to get the billionaire’s company a guaranteed loan. But what is really eye-opening is how dumber than rocks the company’s business plan was.
  • Solyndra execs refuse to testify at House hearing

    09/23/2011 7:55:10 AM PDT · by Dubya-M-DeesWent2SyriaStupid! · 40 replies ^ | September 23, 2011 | Nick Smith
    WASHINGTON (KGO) -- Two top executives at bankrupt Solyndra have invoked their Fifth Amendment rights and refused to answer questions at a House hearing Friday. The Solyndra executives have sent letters to the House Energy and Commerce committee, saying they will invoke their Fifth Amendment right to remain silent.
  • Fraud Charges Floating for Obama Administration (Impeachment is a must)

    09/22/2011 7:21:15 AM PDT · by Kaslin · 37 replies ^ | September 22, 2011 | Bob Beauprez
    Since we first write about the collapse of Solyndra, the solar energy company favored by the White House with a $535 million taxpayer funded loan, the stench has only gotten worse. Rather than restate the facts, here are links to our four previously published posts: September 10, 2011 – September 13, 2011 – September 16, 2011 – Fox, September 19, 2011 For those of you following this evolving scandal, here are a few more important developments and relevant details:At least five high level investigations have been initiated including the FBI, the Inspector General of the Department of Energy, the Inspector General of...
  • Solyndra's Whorehouse Lender (Follow the Money)

    09/17/2011 12:01:02 PM PDT · by tomd2 · 98 replies
    zerohedge ^ | 9/17/2011 | Bruce Krasting
    If you want to find out what happened with Solyndra you have to follow the money. I did. The half billion dollars of taxpayer dough that is probably lost in Sol came from the Federal Financing Bank (“FFB”). It’s worth a look at this bank to see what else is going on. FFB is a bank that is owned and controlled by the US Treasury. The chairman of the Board is the TSec. (Tim Geithner). With the (big) exception of the Post Office all of the loans at FFB are guaranteed by government agencies. Technically speaking, FFB has no risks...
  • Solyndra execs will decline to testify at Congressional hearing Friday

    09/20/2011 12:38:12 PM PDT · by library user · 93 replies
    Reuters Breaking News ^ | Sept. 20, 2011 | Starf
    This is all for now: Solyndra execs will decline to testify at Congressional hearing Friday, according to letters from their attorneys obtained by Reuters.
  • Solyndra execs to plead Fifth in hearing

    09/20/2011 1:41:59 PM PDT · by Nachum · 61 replies
    The Daily Caller ^ | 9/20/11 | C.J. Ciaramella
    The chief executive and chief financial officer of Solyndra will invoke their Fifth Amendment rights and decline to answer any questions at a congressional hearing on Friday. According to letters obtained by Reuters, Solyndra attorneys have advised CEO Brian Harrison and CFO W. G. Stover to not testify at a hearing of the House Energy and Commerce Committee. (RELATED: Rahm Emanuel on Solyndra: I don’t remember) “I have advised Mr. Harrison that he should decline to answer questions put to him by this subcommittee based on his rights under the Fifth Amendment,” Harrison’s attorney, Walter F. Brown Jr., wrote to...
  • Issa to launch probe of Obama actions on Solyndra, LightSquared

    09/20/2011 7:57:03 AM PDT · by maggief · 33 replies
    The Hill ^ | September 20, 2011 | Justin Sink
    Rep. Darrell Issa (R-Calif.) said Tuesday that his committee plans to investigate government loan programs to private corporations in light of allegations of improper dealings between the White House and failed energy company Solyndra and wireless startup LightSquared. "I want to see when the president and his cronies are picking winners and losers… it wasn't because there were large contributions given to them," the chairman of the Oversight and Government Reform Committee said Tuesday morning on CSPAN. Issa said the committee was looking at whether it was improper for members of Congress or White House staff to select companies eligible...