Politically-connected solar firm secured low interest government loan before collapse

Discussion in 'Media' started by hvactec, Sep 10, 2011.

  1. hvactec
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    hvactec VIP Member

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    A politically connected solar company that pocketed a half billion dollar government loan, only to shutter its doors, fire workers and file for bankruptcy, secured an interest rate lower than other green energy projects, iWatch News and ABC News found -- one in a string of benefits the Obama administration doled out in bankrolling the project.

    Now, the government's agreement with the company compels taxpayers to take a back seat to a venture fund associated with a key Obama fundraiser in trying to collect on the debt. Investors who put in $75 million would be repaid first; some $150 million of the government's $535 million would be next in line, according to the Energy Department's agreement with the company.

    The $535 million loan to Solyndra Inc., issued by the Treasury Department's Federal Financing Bank as part of the Obama administration's stimulus to create jobs and spur development of green energy, included a quarterly interest rate of 1.025 percent, the government bank reported in July. Of 18 Energy Department stimulus loans cited in the bank's report, Solyndra's rate was lowest. Eight other Energy Department projects, each also backed by the Federal Financing Bank, came with rates three or four times higher, the report shows.

    read more The Center for Public Integrity: Politically-connected solar firm secured low interest government loan before collapsing
     
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  2. BluesMistress
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    BluesMistress Diamond Member

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    For some strange reason this does not surprise me in the least ~
    Two words come to mind ~ Treason & Impeachment
     
  3. The Infidel
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    The Infidel EVIL CONSERVATIVE

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    Id just like to know where all the money went




    Green technology.... right on course with all the rest of the fraud :clap2:
     
  4. flacaltenn
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    flacaltenn USMB Mod Staff Member Gold Supporting Member

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    Well for one thing -- these primadonnas couldn't consider existing buildings for their corporate HQ.. They had to build a Huge new plant in the center of Silicon Valley which has some of the most expensive lot space on the planet.. That tells you something about the mgt priorities...

    Anyway -- I can't really get excited about the OP. Of course I'm livid about the political connections and HorseShit that got them the loan in the 1st place without adequate review.

    But when a start-up goes extinct -- It's a crap shoot as to who gets what. Employees are USUALLY first, then preferred stockholders, then the banks, then the general stockholders.

    Not enough information to judge if the Fed govt PURPOSELY placed it's debt recovery behind the stockholders..
     
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  5. whitehall
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    whitehall Gold Member

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    Something like Clinton propping up Enron and pardoning Marc Rich. Democrats are all alike. If the liberal media stopped covering for them they would all be in jail.
     
  6. The Infidel
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    The Infidel EVIL CONSERVATIVE

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    I was directing the fraud accusations more at the company than the govt. I just think the govt was duped.
    The left, and some dummies on the right seem to always get fooled into believing the global warming nonsense.

    Too much fraud and silliness for me.

    Now we are ALL in the tank for several hundred billion dollars :eek:

    Where did it all go?
     
  7. waltky
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    waltky Wise ol' monkey Supporting Member

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    Treasury joins investigation into Solyndra...
    :cool:
    Treasury Joins FBI, Congress in Investigating Stimulus Loan to Failed Solar Panel Company
    September 15, 2011 | The Treasury Department has launched an investigation into a now-defunct solar panel company's $528 million stimulus loan, focusing specifically on the federal bank that processed it.
     

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