Ft. Lauderdale, Fl USA
So, to condense it, here is what we have...
KEY PLAYER....Steve Spinner. Former energy department advisor actively involved in the 528 million dollar loan for Solyndra, His wife's law firm represented Solyndra. He pledged to recluse himself sue to that association but e-mails verify he didn't. Spinner raised more than $500,000.00 for Obama's re-election campaign.
KEY PLAYER....George Kaiser, Oklahoma oil billionaire. Argonaut Ventures holds almost 39% of Solyndra's parent company, 360 Degree Holding, Inc. The George Kaiser Family Foundation made the investment to buy the Solyndra shares through Argonaut. This means that George Kaiser's foundation was the source of the money that got Solyndra going. George Kaiser claims that he is not an investor in Solyndra. The inference would be that the foundation he runs invested 300 million intoSolyndra and he knew nothing about it.
In February, Solyndra and it's lenders re-organized the company debts, putting the U.S. loan behind 69.3 million owed to other lenders, which included an affiliate of Solyndra's biggest shareholder, Argonaut Ventures. What this means is that the Kaiser family got preference over the right of repayment from Solyndra, ahead of the IOU of the federal government and the American taxpayer. Also, the Obama administration restructured the half-billion dollar loan in such a way that private investors (including a fund-raiser for Obama!!!!) moved ahead of taxpayers for repayment in case of default. Kaiser raised between $50,000 and $100,000 for Obama's 2008 campaign, federal election records show. Kaiser has made at least 16 visits to the president's aides since 2009, according to White House visitor logs.
(1)....Energy Department officials were warned that their plan to help a failing solar company by restructuring its $535 million federal loan could violate the law and should be cleared with the Justice Department, according to newly obtained e-mails from within the Obama administration.
The e-mails show that Energy Department officials moved ahead anyway with a new deal that would repay company investors before taxpayers if the company defaulted. The e-mails, which were reviewed by The Washington Post, show for the first time concerns within the administration about the legality of the Energy Department’s extraordinary efforts to help Solyndra, the California solar company that went bankrupt Aug. 31.
The records provided Friday by a government source also show that an Energy Department stimulus adviser, Steve Spinner, pushed for Solyndra’s loan despite having recused himself because his wife’s law firm did work for the company. Spinner, who left the agency in September 2010, did not respond to requests for comment Friday.
The e-mails show that Mary Miller, an assistant Treasury secretary, wrote to Jeffrey D. Zients, deputy OMB director, expressing concern. She said that the deal could violate federal law because it put investors’ interests ahead of taxpayers’ and that she had advised that it should be reviewed by the Justice Department. “To our knowledge that never happened,” Miller wrote in a Aug. 17, 2011, memo to the OMB. In February, the restructuring was approved by Energy Secretary Steven Chu.
(2)....."Documents gathered during the committee's investigation reveal those closest to the president in the West Wing ... had direct involvement in the Solyndra mess, and that the administration was fully aware of numerous red flags about Solyndra's viability, but pressed ahead anyway in an effort to secure a policy or political victory," he said. "The Democrats deny that any political influence was involved, yet in their own memo they highlight the role of Obama fundraiser Steve Westly in the discussions
(3)....Industry analysts and government auditors fault the Obama administration for failing to properly evaluate the business proposals or take note of troubling signs already evident in the solar energy marketplace.
"It was alarming," said Frank Rusco, a program director at the Government Accountability Office, which found that Energy Department preliminary loan approvals -- including the one for Solyndra -- were granted at times before officials had completed mandatory evaluations of the financial and engineering viability of the projects. "They can't really evaluate the risks without following the rules."
The Energy Department's senior staff has acknowledged in interviews the intense pressure from top Obama administration officials to rush stimulus spending out the door...
"There was just too much misplaced zeal at the Department of Energy for this company," Mr. Mehta said.
(4)...Jim McTague of Barron’s noted over the weekend that, two months before Obama’s glowing speech, PricewaterhouseCoopers released a fear-filled note in its audit of the company, which has accumulated losses of $558 million in its five-year lifetime. The firm noted that Solyndra “has suffered recurring losses from operations, negative cash flows since inception and has a net stockholders’ deficit that, among other factors, raise substantial doubt about its ability to continue as a going concern.”
Freddoso drily observed: “Obama seemed almost unaware of this when he spoke.” How could the smartest president of all time have missed that?
(5)....Two days before Mr. Obama’s tour of Solyndra, Steve Westly, a California venture capitalist, emailed Obama adviser Valerie Jarrett, saying the company was risky for Mr. Obama and visiting it could “haunt him in the next 18 months if Solyndra hits the wall, files for bankruptcy, etc.” He also made a mention
PASS THE BUCK TO BUSH.....
As the bubble was bursting, top administration officials testified before congress that the loan was actually Bush's idea. The Energy Department's top lending officer told congress that the loan application was filed during Bush's term and surged toward completion before Obama took office. Republicans produced Energy department e-mails indicating that the panel evaluating the loan made the unanimous decision to shelve SOlyndra's application for a loan two weeks before Obama took office. In other words, the Bush administration listened to the evaluater's recommendation that it was a bad deal and tossed it, while Obama ignored the reports of his panels saying the same thing and went ahead with it.
WHAT DOES OBAMA SAY....?
President Obama said Monday he does not regret the loan, saying officials always knew a clean energy loan program would not back winners 100 percent of the time.
"There are going to be some failures, and Solyndra's an example," Obama said in an ABC News interview. Asked whether his administration had ignored warnings about Solyndra, he said: "Well, hindsight is always 20-20." He also made amention on a tv interview that sometimes you "just have to take a gamble". (It's always easy to gamble with someone else's money.)
Obama has tried to pull a fast one. He channeled a huge amount of money as a favor to big political donators and fund-raisers. At best he was just paying off debts to supporters. At worst he is "laundering" money which will find it's way back to him. He ignored all warnings that the loan was a bad idea and pushed for it, anyway, citing the "urgency" of spending the stimulus money. Obama using the "urgency" routine is nothing new. When the company fell apart he made sure that the principals (his big investors) woud get t heir money back before the treasury (or taxpayers) will.
This whole affair shows clearly that Obama has no concern for the welfare of the country at all. I sincerely hope the truth comes out on this and Obama is shown for what he really is and the tactics he uses.