Thread: Solyndra scandal
September 14th, 2011, 10:02 AM #1
This is becoming Obama's watergate,
The company’s solar panel factory was heralded as a centerpiece of the president’s green energy plan — billed as a way to jump start a promising new industry. And internal emails uncovered by investigators for the House Energy and Commerce Committee that were shared exclusively with ABC News show the Obama administration was keenly monitoring the progress of the loan, even as analysts were voicing serious concerns about the risk involved. “This deal is NOT ready for prime time,” one White House budget analyst wrote in a March 10, 2009 email, nine days before the administration formally announced the loan.
“If you guys think this is a bad idea, I need to unwind the W[est] W[ing] QUICKLY,” wrote Ronald A. Klain, who was chief of staff to Vice President Joe Biden, in another email sent March 7, 2009. The “West Wing” is the portion of the White House complex that holds the offices of the president and his top staffers. Klain declined comment to ABC News.
But that’s not all. The Post reports that the White House applied pressure to get the deal done: “The Obama White House tried to rush federal reviewers for a decision on a nearly half-billion-dollar loan to the solar-panel manufacturer Solyndra so Vice President Biden could announce the approval at a September 2009 groundbreaking for the company’s factory, newly obtained e-mails show.”
And there is plenty of email evidence:
The August 2009 e-mails, released to The Washington Post, show White House officials repeatedly asking OMB reviewers when they would be able to decide on the federal loan and noting a looming press event at which they planned to announce the deal. In response, OMB officials expressed concern that they were being rushed to approve the company’s project without adequate time to assess the risk to taxpayers, according to information provided by Republican congressional investigators.
The White House previously said there was no involvement whatsoever.
Research is what I'm doing when I don't know what I'm doing
September 14th, 2011, 10:07 AM #2
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September 14th, 2011, 10:16 AM #3
Tony, you should know trollers gotta troll!The timing of death, like the ending of a story, gives a changed meaning to what preceded it. -Mary Catherine Bateson-
September 14th, 2011, 11:59 AM #4
Bush Admin. Voted AGAINST Solyndra Loan - Solyndra - Fox Nation
Sorry, trolls... the DNC line won't work.
The democrats rely on people like you to promote untruths, when all you have to do is Goolge "Bush and Solyndra".
Last edited by Chuckiechan; September 14th, 2011 at 12:03 PM."The world burns while Obama Tweets."
September 14th, 2011, 01:04 PM #5As reported earlier this week on these pages, numerous industry analysts had raised questions about the viability of Solyndra's business model. Peter Lynch, a solar industry analyst, explained in simple terms to ABC News the folly of Solyndra's plan; "It's very difficult to perceive a company with a model that says, well, I can build something for six dollars and sell it for three dollars. Those numbers don't generally work."
Rep. Fred Upton, R-Mich., said the program was "shrouded in secrecy and uncertainty," questioning whether the loan represented "one bad bet" or the "tip of the iceberg."
"A half a billion dollars that was not supported in January under the Bush administration was ... conditionally recommended in March," Rep. Joe Barton, R-Texas, pointed out.
One Republican aide said the emails released as part of that probe show the White House was more concerned with press events surrounding the loan than the soundness of Solyndra. The aide said "corners were cut."
Last edited by mad1; September 14th, 2011 at 01:08 PM.Research is what I'm doing when I don't know what I'm doing
September 14th, 2011, 01:32 PM #6
September 14th, 2011, 02:58 PM #7
September 14th, 2011, 03:03 PM #8
Read Thomas Friedman's take here.There is only one effective, sustainable way to produce “green jobs,” and that is with a fixed, durable, long-term price signal that raises the price of dirty fuels and thereby creates sustained consumer demand for, and sustained private sector investment in, renewables. Without a carbon tax or gasoline tax or cap-and-trade system that makes renewable energies competitive with dirty fuels, while they achieve scale and move down the cost curve, green jobs will remain a hobby.Never send to know for whom the bell tolls . . .
September 14th, 2011, 03:41 PM #9
Where's the "scandal", exactly?
A failed investment is not, by default, a scandal.
September 14th, 2011, 06:49 PM #10
September 14th, 2011, 07:35 PM #11
There is no scandal in taking a half billion in tax payer money and burning it, albeit making sure the investors that bundle your contributions don't get burned, too - just the taxpayers... After all, it's "funny money"...
Potential investors early on show the company's "burn rate" making them insolvent by Sept 2011. So the only place to get money to fund a company scheduled for flame out is the taxpayers, because no one give a rat's ass about "funny money"!
That's the scandal. Today. Let wait and see what the investigators find out."The world burns while Obama Tweets."
September 15th, 2011, 07:51 AM #12
Treasury joins the group investigating Solyndra.
The Treasury watchdog “is looking into the circumstances of” the Federal Financing Bank’s “role in the Solyndra loan,” Rich Delmar, counsel to the Treasury’s inspector general, said in a statement.Research is what I'm doing when I don't know what I'm doing
September 15th, 2011, 08:45 AM #13
I admit I'm surprised these agencies give a damn. Obama has kept most of the regulatory agencies under his thumb.
I think this is a symptom of Obama's loss of control and relevancy."The world burns while Obama Tweets."
September 15th, 2011, 09:06 AM #14
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September 22nd, 2011, 08:11 AM #15“Who exactly are Solyndra’s executives trying to protect and what are they trying to hide?
Despite repeated assurances that they would testify voluntarily and answer questions this Friday, today we received the news that these executives – who had plenty to say to federal officials when securing half a billion dollars in taxpayer funding for their venture – plan to invoke their Fifth Amendment right against self-incrimination and will not answer questions from Congress.
“Our investigation has gotten this far without much cooperation from Solyndra, and it will continue with or without their voluntary testimony. It’s disappointing that the officials who canvassed the halls of Congress in mid-July and misled our members about the financial state of their company are now unwilling to answer direct questions, but any effort to cover up the truth will ultimately not succeed. We will not allow stonewalling by DOE, OMB, Committee Democrats, Solyndra, or anyone else to stop this investigation into what happened to half a billion dollars of the taxpayers’ money.
Letter to invoke the fifth amendment,
http://republicans.energycommerce.ho...egalLetter.pdfResearch is what I'm doing when I don't know what I'm doing
September 22nd, 2011, 03:50 PM #16
Taking the 5th is the worse thing they could have done to Obama... People think of the gangsters in the '60's..."The world burns while Obama Tweets."
September 23rd, 2011, 07:01 AM #17
Axelrod and Emanuel have amnesia about Solyndra,
“I don’t know anybody associated with Solyndra and I know nothing about the project,” Axelrod told the radio station Thursday.
“I don’t actually remember that or know about it,” Emanuel told WLS.Research is what I'm doing when I don't know what I'm doing
September 23rd, 2011, 11:44 AM #18Top executives from a bankrupt California solar energy company pleaded the Fifth Amendment more than a dozen times Friday in a congressional hearing that went nowhere but gave members the opportunity to pose dozens of questions about the loss of a half billion dollars in government loans.
Solyndra Execs Plead Fifth At Congressional Hearing More Than A Dozen Times | Fox News
Last edited by mad1; September 23rd, 2011 at 11:47 AM.Research is what I'm doing when I don't know what I'm doing
September 23rd, 2011, 12:06 PM #19
Actually, I'm glad they did plead the 5th. Now the committee can ask for a "Special Prosecutor" and watch Holder stonewall that during the election cycle. They should investigate all the solar subsidies.
I think the issue was defining "goods sold". It seems there were warehouses stacking up solar panels, but not shipping them. Gotta be a strangle hold on "cash flow", especially if they invested to heavily on equipment rather than used it to finance their growth.
A "Letter of Intent" cannot be used as "Sales". It can be a footnote, or an expected sale, but it is not a sale. I have a hunch that this is what the problem is."The world burns while Obama Tweets."
September 25th, 2011, 12:25 PM #20
Paul Krugman writes, " But it is indeed a terrible scandal, because the private sector never ever puts money into ventures that end up failing:"
Conservatives: "If the facts disagree with our opinion, ignore the facts -- or at least misrepresent them."
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