THink Solyndra is bad...there is worse.

[CaféAuLait]

Solyndra director tied to $737m loan guarantee

Steve Mitchell and Argonaut Private Equity might have a chance to recoup some of their losses in the Solyndra debacle now that the Department of Energy has given a $737 million dollar loan guarantee to a company backed by Argonaut that also lists Mitchell as a "board participant.""

Mitchell served on the Solyndra LLC Board of Directors and reportedly still serves on the board. Mitchell serves as a "board participant" for Solar Reserve, the parent company to Tonopah Solar (the Tonopah Solar email address even routes to a Solar Reserve account) and his Solar Reserve biography says that he "currently sits on the Boards of Directors of . . . Solyndra" and several other companies. Despite the Solyndra failure, the Department of Energy continues to provide loan guarantees to solar companies, giving Tonopah Solar a $737 million loan guarantee for a project in Nevada.

Solyndra director tied to $737m loan guarantee | Campaign 2012

 

[bitterlyclingin]

Jot the particulars of the loan guarantees down somewhere to make a note of it, so it can be included on the Bill Of Impeachment when introduced.

Loan guarantees are funny things. A while back the State of Illinois began selling bonds to cover the unfunded pension liabilities of the State's employees. Wall Street, knowing how dire Illinois finances were, refused to buy these bonds before the State indicated which revenue streams they were going to tap to pay the bonds off. Unable to come up with a definitive answer, the State's agents told Wall Street, out of the corners of their mouths with one hand discretely cupped over their mouth so not too many around would hear, the Federal Government was going to guarantee the bonds. The bonds went out at either a nine or an eleven per cent premium, in this day of 1/2 per cent savings account yields.