Solyndra Was In Trouble Months Before We Gave Them $535 Million!

James Cessna · Sep 14, 2011

Obama can really pick ‘um!

First he touts Solyndra, gives them $500 B in taxpayer money (our money!) and then the company promptly goes bankrupt!

And he does this even though he knew Solyndra "had financial troubles deep enough to “raise substantial doubt about its ability to continue as a going concern.”

And the some people in this group try and tell us Obama has a great understanding of the applications of investment capital and how to get our economy moving in the right direction again! Is Barack Obama actually "tone deaf" or did he appoint incompetent advisors to work with him to find practical ways to rebuild our economy?

Two months before Obama’s visit, accounting firm PricewaterhouseCoopers LLP warned that Solyndra, the recipient of $535 million in federal loan guarantees, had financial troubles deep enough to “raise substantial doubt about its ability to continue as a going concern.”

The Obama administration stood by Solyndra through the auditor’s warning, the abandonment of a planned initial public offering and a last-ditch refinancing where taxpayers took a back seat to new investors. That unwavering commitment has come under increasing scrutiny since the company’s travails culminated in its filing for bankruptcy protection on Sept. 6 and a raid on its headquarters by the Federal Bureau of Investigation two days later.

http://therealrevo.com/blog/?p=55462
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James Cessna · Sep 14, 2011

James Cessna said: ↑

Obama can really pick um!

First he touts Solyndra, gives them $500 B in taxpayer money (our money!) and then the company promptly goes bankrupt!

And he does this even though he knew Solyndra "had financial troubles deep enough to raise substantial doubt about its ability to continue as a going concern.

And the some people in this group try and tell us Obama has a great understanding of the applications of investment capital and how to get our economy moving in the right direction again!
Click to expand...

And my friends, there is much more!

The fact that the government chose Solyndra as their white horse is mind-boggling.

Solyndra LLCs workers making solar-power panels in a California factory subsidized by U.S. taxpayers showed the promise of clean energy isnt just an article of faith, President Barack Obama said on a visit to the company in May 2010.

Two months before Obamas visit, accounting firm PricewaterhouseCoopers LLP warned that Solyndra, the recipient of $535 million in federal loan guarantees, had financial troubles deep enough to raise substantial doubt about its ability to continue as a going concern.

The Obama administration stood by Solyndra through the auditors warning, the abandonment of a planned initial public offering and a last-ditch refinancing where taxpayers took a back seat to new investors. That unwavering commitment has come under increasing scrutiny since the companys travails culminated in its filing for bankruptcy protection on Sept. 6 and a raid on its headquarters by the Federal Bureau of Investigation two days later.

People including our government put blinders on and did not want to believe in the obvious, Jonathan Dorsheimer, an analyst in Boston for Canaccord Genuity Inc. of Vancouver, said in an interview with Bloomberg Government. The fact that the government chose Solyndra as their white horse is mind-boggling.

Source: Obama Team Stood by Solyndras U.S. Loan as Troubles Mounted
Important: Can you afford to Retire? Shocking Poll Results
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jwhitesj · Sep 14, 2011

That is why the FBI was sent in. They are now looking to charge the owners with fraud because they lied on their financial statements.

keymanjim · Sep 14, 2011

Apparently, obama is president of the "You f-ed up, you trusted me" loan agency.

James Cessna · Sep 16, 2011

keymanjim said: ↑

Apparently, obama is president of the "You f-ed up, you trusted me" loan agency.
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Ha-Ha!

Very good, keymanjim.

waltky · Sep 16, 2011

Wonder if Steven Chu is any relation to Elaine Chu?...

White House Ignored Warnings About Solyndra's Financial Health
September 16, 2011 WASHINGTON (AP) — The Obama administration was worried about the financial health of a troubled solar energy company even as officials publicly declared the company in good shape, newly released emails show.

An email from a White House budget official to a co-worker discussed the likely effect of a default by Solyndra Inc. on President Barack Obama's re-election campaign. "The optics of a Solyndra default will be bad," an official from the Office of Management and Budget wrote in a Jan. 31 email to a senior OMB official. "The timing will likely coincide with the 2012 campaign season heating up."

The email, released by the House Energy and Commerce Committee as part of its investigation into a half-billion dollar federal loan to Solyndra, said the budget official wanted White House budget director Jacob Lew to warn Energy Secretary Steven Chu about the risk posed by Solyndra, which was once the poster child for the Obama administration's clean energy program but by early this year was teetering on collapse. At the time of the email, the Energy Department was pushing to release an additional $67 million to Solyndra. The Fremont, Calif.-based solar panel maker received a total of $528 million in federal loans before declaring bankruptcy Aug. 31 and laying off 1,100 workers.

The Silicon Valley company was the first renewable-energy company to receive a loan guarantee under the stimulus law, and the Obama administration frequently touted Solyndra as a model for its clean energy program. President Barack Obama visited the company's headquarters last year. Even as Obama declared that "the future is here" during a May 2010 visit to Solyndra, warning signs were being sent from within the government and from outside analysts who questioned the company's viability as a "going concern."

At least three reports by federal watchdogs over the past two years warned that the Energy Department had not fully developed the controls needed to manage the multibillion-dollar loan program. Emails obtained by The Associated Press show that a White House official dismissed reports about Solyndra's gloomy future. An email from Greg Nelson, a White House official who had been involved in the planning of Obama's May 2010 trip to Solyndra's headquarters, to a Solyndra executive downplayed a July 2010 news story in a trade publication that criticized the company's financial health. "Seems B.S.," Nelson wrote.

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See also:

WH Denies Involvement in Solyndra Loan, Despite E-Mails Indicating Otherwise
September 16, 2011 Washington (CNSNews.com) – The White House says it played no role in steering more than half-a-billion in taxpayer dollars to a solar panel firm that went bankrupt and is now under investigation by the FBI. But e-mails subpoenaed by the House Energy and Commerce Committee indicate the White House was eager to move quickly on the loan.

One day after the committee released the subpoenaed e-mails, White House spokesman Jay Carney was asked why the Obama administration pushed the $535 million loan to Solyndra Inc. of Fremont, Calif., despite numerous concerns expressed by career employees of the Energy Department and even the White House Office of Management and Budget. “The e-mails, as have been amply demonstrated because we provided them as part of our cooperation, had to do with trying to schedule whether or not the vice president was going to make an announcement,” Carney told reporters Thursday. “It was a scheduling issue. That was the focus of the White House’s interest.”

In various speeches since the $535-million stimulus loan to Solyndra, President Barack Obama and Vice President Joe Biden have praised the energy firm as the key to the country’s economic future. One of the e-mails disclosed at the hearing was sent to the Energy Department by an assistant to then-White House Chief of Staff Rahm Emanuel. The email was dated Aug. 31, 2009, a few days before Biden’s scheduled speech on Sept. 4. Emanuel’s aide asked the Energy Department if “there is anything we can help speed along on OMB [Office of Management and Budget] side.”

Carney, pressed further on the matter, said, “I have to correct you, because there is no evidence that the White House was involved in the loan because they weren’t. The White House was involved in trying to find out when a decision would be made so staff here could make a decision about the vice president having an event. “As you know, and anyone who travels with us and understands the complexity of scheduling of White House events involving the two principals, the president and the vice president -- that process engages a lot of people,” Carney continued. “A whole series of decisions have to be made regarding scheduling whatever the nature of the event.”

Solyndra filed for bankruptcy early last week and laid off 1,100 employees. The FBI raided its Fremont, Calif. offices and secured warrants to search the homes of Solyndra executives. The Energy Department’s Office of Inspector General also is probing the loan. It has been widely reported that George Kaiser, who owns about one-third of Solyndra, was a major bundler for the Obama presidential campaign in 2008. Asked about Kaiser’s visits to the White House, Carney said he did not lobby for the loan. “George Kaiser himself has said he did not lobby administration officials on this,” Carney said on Thursday. “He was involved with a lot of charitable efforts.”

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James Cessna · Sep 17, 2011

waltky said: ↑

Wonder if Steven Chu is any relation to Elaine Chu?...

White House Ignored Warnings About Solyndra's Financial Health
September 16, 2011 WASHINGTON (AP) The Obama administration was worried about the financial health of a troubled solar energy company even as officials publicly declared the company in good shape, newly released emails show.

WH Denies Involvement in Solyndra Loan, Despite E-Mails Indicating Otherwise
September 16, 2011 Washington (CNSNews.com) The White House says it played no role in steering more than half-a-billion in taxpayer dollars to a solar panel firm that went bankrupt and is now under investigation by the FBI. But e-mails subpoenaed by the House Energy and Commerce Committee indicate the White House was eager to move quickly on the loan.
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Wonderful information, waltky!

Thans for sharing.

JC

waltky · Sep 18, 2011

Hey, it's a good idea - trust us...

Obama Administration Defends Jobs Record of Loan Program That Backed Solyndra
September 15, 2011 | The Energy Department is pushing back hard against reports that its $38.6 billion loan guarantee program, designed to ignite the nation's clean energy sector, has created only 3,500 permanent jobs -- despite spending half the allocated amount already and boasting it would create or save 64,000 jobs.

A spokesman for the Energy Department told FoxNews.com on Thursday that the program has created or saved 44,000 jobs since it was established under President Obama's 2009 stimulus package and is on track to meet its goal once the remaining 14 projects competing for government-backed loan guarantees are completed. The Energy Department also defended the program on a White House blog. "Over the past two years, the Department of Energys Loan Program has supported a robust, diverse portfolio of more than 40 projects that are investing in pioneering companies as we work to regain American leadership in the global race for clean energy jobs," Energy Department spokesman Dan Leistikow wrote.

The program has come under intense scrutiny since the first recipient, Solyndra, filed for bankruptcy last month, potentially leaving taxpayers with a half-billion-dollar tab. Federal authorities are now investigating the company. As to the jobs that are on the table -- through the 40 different projects already approved for government loan guarantees -- The Washington Post reported Thursday that only 3,545 new permanent jobs have been directly created. The Energy Department responded in its blog that the newspaper ignored 33,000 American auto jobs saved at Ford Motor Co., and more than 7,300 construction jobs for building wind and solar power plants.

"In fact, when you look at the Washington Post's graphic, you can see that the program has already created or saved roughly 44,000 jobs," Leistikow wrote. Many of the projects it has funded are just getting going, and many of the loans won't even go out the door until the next few weeks. Others have not ramped fully up to scale. But we are on pace to achieve more than 60,000 direct jobs -- and many more in the supply chain." The Post article did mention the 33,000 figure but cited several economists casting doubt. "I always take these job estimates with a big grain of salt, Harvard Business School professor Josh Lerner told the newspaper. There tends to be a lot of fuzzy math when it comes to calculating these benefits (regardless of the party taking credit for the program)."

White House spokesman Jay Carney said Thursday that President Obama stands by the program to ensure that companies don't default against bank loans. "The president remains absolutely committed to the program and the idea that we cannot cede these industries to our competitors globally," he said. "Thats not an option as the president sees it." Republicans, meanwhile are slamming the program as one designed by the administration to let government pick which firms survive. "Them deciding that their buddies in some solar company deserve half a billion dollars, that's a mistaken philosophy," Sen. Rand Paul, R-Ky., told Fox News Thursday. "That's the government choosing the winners and losers. We need to let the consumer choose the winners and losers."

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Clint Torres · Sep 18, 2011

James Cessna said: ↑

Obama can really pick um!

First he touts Solyndra, gives them $500 B in taxpayer money (our money!) and then the company promptly goes bankrupt!

And he does this even though he knew Solyndra "had financial troubles deep enough to raise substantial doubt about its ability to continue as a going concern.

And the some people in this group try and tell us Obama has a great understanding of the applications of investment capital and how to get our economy moving in the right direction again! Is Barack Obama actually "tone deaf" or did he appoint incompetent advisors to work with him to find practical ways to rebuild our economy?
Click to expand...

Obama has been listining to advisors who are stabbing him in the back.

With my conservative hat on:
The corporation was doing what they do in the Iraq war. Same thing, get the contract, raid the taxpayer money, and ask for more. No accountability, and twist the rules in favor of the corporation. This is daily buisness in government. It is what one lady called "private sector living off the Public sector". Some call it privatized government.

Fact is: most startups fail. Small buisness is for losers who will fail 100% on the first try, and only 25% of all buisness will survive longer than 5 years. Most small buisness ventures and managers fail continually, they never make it, and end up getting a wage/salery job. Only 1% will ever become successfull. So if you have a buisness that is profitable after 20 years, you are a 1%er.

Like buisness managers, most are failures, same can be said for politicians who bring their failing buisness experience to their government job. All have failed. Even Benjamin Franklin was a failure, and did nothing good for the USA, but he was a great inventor/buisness man, that died broke.

fiddlerdave · Sep 18, 2011

Well, if Obama did ANOTHER 1400 Solyndra's that FAILED and Obama will have reached the total that Bush wasted with backing the banks and giving them 700 billion in TARP money!

Bluespade · Sep 18, 2011

fiddlerdave said: ↑

Well, if Obama did ANOTHER 1400 Solyndra's that FAILED and Obama will have reached the total that Bush wasted with backing the banks and giving them 700 billion in TARP money!
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Obama singed of on the bailouts as well. A little to early for revisionism yet, don't you think?

Funny how your ilk rail against crony capitalism, and yet when your guy takes part in it, you have to harken back to the last guy who did it as well, just to deflect from the wrong committed now.

Pretty hypocritical, and chicken(*)(*)(*)(*) as well.

Professor Peabody · Sep 18, 2011

fiddlerdave said: ↑

Well, if Obama did ANOTHER 1400 Solyndra's that FAILED and Obama will have reached the total that Bush wasted with backing the banks and giving them 700 billion in TARP money!
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110th Congress / House / 2nd session / Vote 681

* Question: On Motion to Concur in Senate Amendments
* Bill: H R 1424
* Vote description: Emergency Economic Stabilization Act of 2008
* Vote type: Yea-and-Nay (Help)
* Result: Passed, 263-171.
* Date/time: October 3, 2008, 1:22 p.m.
* Republican majority opinion: No
* Democrat majority opinion: Yes

http://projects.washingtonpost.com/congress/110/house/2/votes/681/

H.R.1424

Title: A bill to provide authority for the Federal Government to purchase and insure certain types of troubled assets for the purposes of providing stability to and preventing disruption in the economy and financial system and protecting taxpayers, to amend the Internal Revenue Code of 1986 to provide incentives for energy production and conservation, to extend certain expiring provisions, to provide individual income tax relief, and for other purposes.

Sponsor: Rep Kennedy, Patrick J. [RI-1] (introduced 3/9/2007) Cosponsors (274)

Related Bills: H.RES.1014, H.RES.1525, H.R.493, H.R.1367, H.R.6983, H.R.7202, H.R.7207, S.358, S.558
Latest Major Action: Became Public Law No: 110-343 [GPO: Text, PDF]
House Reports: 110-374 Part 1, 110-374 Part 2, 110-374 Part 3
Note: Emergency Economic Stabilization Act of 2008. H.R.1424 is the vehicle for the economic rescue legislation. Division A is the Emergency Economic Stabilization Act of 2008; Division B is the Energy Improvement and Extension Act of 2008; and Division C is the Tax Extenders and Alternative Minimum Tax
Relief Act of 2008.

http://thomas.loc.gov/cgi-bin/bdquery/z?d110:h.r.1424:
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Of the 274 Sponsor and co-sponsors 37 were Republican and 238 Democrats. By what stretch of the imagination can you call it Bush Legislation? Democrats wrote the bill with little or no oversight and it's little wonder when you look at Obama's Donor list. Pay special not to the date on the bill, little more than a month before the election. Had Bush vetoed it, the cat calling on how he and the Republicans didn't want to help the country would have been deafening.

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Solyndra Was In Trouble Months Before We Gave Them $535 Million!

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