US Treasury Inspector General: We had one day to review $528 million Solyndra Loan

[TheGreatGatsby]

Treasury officials complained to the White House that regulations governing federal loan guarantees say that the department should have been involved earlier in the process, but the inspector general said it was unclear whether the review's late start violated the law.

Treasury officials also told investigators that the shortened time frame was sufficient to review the loan. But investigators found no evidence that concerns raised by those officials, such as the debt-to-equity ratio in the project, were ever addressed by the Energy Department.

Appalling. Notice there's no fall guy even? Obama can blow $528 M and not even have to have a freaking fall guy.

Watchdog Finds Solyndra Loan Was 'rushed' | Fox News

 

[Lakhota]

Exclusive Timeline: Bush Administration Advanced Solyndra Loan Guarantee for Two Years, Media Blow the Story | ThinkProgress

What The Press Is Getting Wrong About Solyndra | Media Matters for America

Did the program that funded the Solyndra loan start under George W. Bush? | Politifact

 

[Steelplate]

Wow... chalk up another "W" for "W".

Just like the Wall Street Bailout that Obama gets credit for and the debt added on to his term in office.

 

[TheGreatGatsby]

Exclusive Timeline: Bush Administration Advanced Solyndra Loan Guarantee for Two Years, Media Blow the Story | ThinkProgress

What The Press Is Getting Wrong About Solyndra | Media Matters for America

Did the program that funded the Solyndra loan start under George W. Bush? | Politifact

Yea thanks for those leftist revisionist history sites. Now for the reality; it was Obama, not Bush that pulled the trigger on Solyndra.

 

[editec]

Sad case this, eh?

Looks a lot like PORK for dinner to me, too.

 

[Claudette]

Yep. The Bush folks had the good sense to kicked that loan to the curb.

Barry came in with his green bs and decided anything green was good.

Of course we taxpayers are now out 500 million but what the hey.

 

[daveman]

Yep. The Bush folks had the good sense to kicked that loan to the curb.

Barry came in with his green bs and decided anything green was good.

Of course we taxpayers are now out 500 million but what the hey.

He decided anything green was good, but that anything that donated to the Dem Party was even better.

 

[waltky]

Promises, promises...

Email Claims: Obama Promised Solyndra CEO He Would Look Into Buying Solyndra's Solar Panels for Gov’t Buildings
April 12, 2012 – Less than three months after President Barack Obama’s May 26, 2010 visit to the Solyndra plant in Fremont, Calif., a Solyndra investor claimed in an e-mail to the company's new CEO, Brian Harrison, that during Obama's visit he had personally witnessed the president “actually promise” the company’s previous CEO, Chris Gronet, that he would “look into” having the federal government buy Solyndra's solar panels to place on federal buildings.

About a month and a half after Obama's visit to Solyndra, internal government emails show, an Energy Department official sought to arrange a meeting between the government’s procurement agency and the Solyndra CEO to whom Obama had talked. “Getting business from Uncle Sam is a principal element of Solyndra's channel strategy," the investor, whose name was redacted, said in an Aug. 10, 2010 email to Solyndra CEO Harrison and Steve Mitchell, managing director of Argonaut Private Equity, which was Solyndra’s largest private investor.

"When Obama visited Solyndra in June, 2010, Chris Gronet spoke very openly to Obama about the need for installation of Solynra’s rooftop solar on U.S. government buildings," the investor wrote. “I heard Obama actually promise Chris [Gronet] that he would look into it when he returned to Washington. The point is that the government has to pay for energy no matter what. The capital funding to deploy a lot of rooftop solar on government buildings (say $300 million) just falls off the table in Washington anyway.”

Email: Solyndra PDF 1.pdf

Forty-nine days after Obama’s May 26, 2010 visit to Solyndra, Jonathan Silver, executive director of the program at the Department of Energy that had provided a $535 million loan guarantee to Solyndra, wrote an e-mail to officials with the General Services Administration (GSA), the agency in charge of purchasing for the government. “Solyndra makes an advanced solar roof top array for large commercial facilities and is now installed in locations all over the United States and Europe," said Silver. "Would you be willing to meet briefly with them?” Silver then forwarded this July 15, 2010 email to then-Solyndra CEO Chris Gronet--whom Obama had met with at the Solyndra plant.

MORE

 

[waltky]

Sounds like dey's in cahoots together...

Subsidized, Bankrupt Solyndra Managers Got $368,500 in Court-Ordered Bonuses
April 16, 2012 – A bankruptcy court ordered $368,500 in bonuses for 20 top managers and employees of Solyndra, the solar panel firm that received $535 million from taxpayers two years before filing for bankruptcy and laying off 11,000 employees. The bonuses kicked in on March 31.

The 20 high-level workers earned a total base pay of $2.49 million before the bonuses. One of the executives earned a base annual salary of $206,499 and received a $30,000 incentive under the court order handed down on Feb. 22 by U.S. Bankruptcy Judge Mary F. Walrath in Delaware. Another executive earning $189,000 in base pay was awarded a $20,000 bonus and a third, who earned $190,800, received $15,000 more.

Most of the bonuses awarded were between $15,000 and $25,000, with the three top beneficiaries receiving $30,000, while the three lowest received $10,000 each. The Energy Department finalized a loan guarantee of $535 million to Solyndra on Sept. 3, 2009, funded through the American Recovery and Reinvestment Act – better known as the $787 billion stimulus.

On Aug. 31, 2011, Solyndra filed for Chapter 11 bankruptcy. Chapter 11 allows a debtor company to restructure and work out agreements with creditors without being liquidated. Court documents referred to the bonuses as a “Key Employee Incentive Plan.” The ruling determined the payouts to be “in the best interests of the Debtors, their creditors and all other parties in interest.”

The court documents did not identify the individuals getting the various increases, but did provide their titles, base salaries and bonus awarded:

MORE