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Correct."Funny how you don't demand the same thing from Solyndra execs."
This jewel was financed with money from republican investors and GW Bush allies when GW Bush was in office.
Obama apparently thought it was important to help republicans get through their disaster.
Bullshit dude. The Bush administration nixed Solyndra.
Barry boy came in and had to pay back one of his big doners and push his green, unaffordable bs. Hence we taxpayers got hosed for 500 million via a bankrupt Solyndra. His big assed doner is first up for payback as well.
Obamas Big Green Boondoggles; Solyndra circus! Dems Blame Bush/Big Oil mantras; OMB warned: Firm not ready for prime time; Update: Treasury IG investigates; Everyone knew
Solyndra Pestered Bush Administration Over Delays in Approving Federal Loan, Emails Show
Solyndra loan guarantee timeline :
Its often claimed that the Solyndra loan guarantee was rushed through by the Obama
administration for political reasons. In fact, the loan guarantee was a three-year process
that started under the Bush administration and included private investors who had diverse political interests.
Below is a brief timeline of the loan guarantee process. (A more comprehensive timeline
can be found here.)
May 2005: Solyndra is founded to provide a cost-competitive alternative to silicon-
based solar panels just as a global silicon shortage begins driving up prices of solar
photovoltaics.
July 2005: The Bush administration signs into law the Energy Policy Act of 2005, creating
the 1703 loan guarantee program.
February 2006October 2006: In February, Solyndra raises its first round of venture financing worth $10.6 million from CMEA Capital, Redpoint Ventures, and U.S. Venture Partners. In October, Argonaut Venture Capital, an investment arm of George Kaiser, invests $17 million into Solyndra. Madrone Capital Partners, an investment arm of the Walton family (of Wal-Mart fame), invests $7 million.
December 2006: Solyndra applies for a loan guarantee under the 1703 program.
2007: The loan guarantee program is funded. Solyndra was one of 16 clean-tech compa-
nies deemed ready to move forward in the due diligence process. The Bush administra-
tion DOE moves forward to develop a conditional commitment (an agreement by a
lender to provide a loan to a qualified borrower within a specified time period).
November 2008: Silicon prices remain very high on the spot market, making non-silicon-
based thin film technologies like Solyndras very attractive to investors. The company raises
$144 million from 10 different venture investors, including the Walton-family-run Madrone
Capital Partners. This brings total private investment to more than $450 million to date.
January 2009: In an effort to show it has done something to support renewable energy,
the Bush Administration tries to take Solyndra before a DOE credit review committee
before President Obama is inaugurated. The committee, consisting of career civil servants
with financial expertise, remands the loan back to DOE without prejudice because it
wasnt ready for conditional commitment.
March 2009: The same credit committee approves the strengthened loan application. The
deal then passes on to DOEs credit review board (CRB), consisting of senior political
appointees. The CRB then approves the deal the DOE issue a conditional commitment
setting out terms for a guarantee.
Partisan attacks leave out key facts: Prominent Solyndra investors include
Republicans, too
While much has been made of the left-leaning Kaiser connection to initial investors into
Solyndra, the Walton familya major funder of Republican campaignswas also a
prominent investor.
Exclusive Timeline: Bush Administration Advanced Solyndra Loan Guarantee for Two Years, Media Blow the Story | ThinkProgress