Solyndra- Obama's new nightmare.
- Thread starter chesswarsnow
- Start date
boedicca
Uppity Water Nymph from the Land of Funk
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Timeline from the WaPp:
● December 2006: Company applies for a government-guaranteed loan under the Bush administration.
● March 2009: Energy Secretary Steven Chu announces $535 million conditional loan guarantee to Solyndra, the first for Obama administration.
● Late August 2009: White House asks Office of Management and Budget whether it can “speed along” final approval of the Solyndra loan for a scheduled press event with Vice President Biden.
● Sept. 1, 2009: OMB gives final approval.
● Sept. 4, 2009: Biden and Chu announce final approval at Solyndra groundbreaking.
● March 2010: Auditors raise concerns about whether Solyndra can continue as “going concern.”
● May 2010: President Obama visits Solyndra, touts it as a model.
● January 2011: Solyndra executives confide to administration that they are on the brink of liquidation.
● February 2011: Energy Department helps Solyndra with refinancing; investors put in an additional $75 million.
● Aug. 31, 2011: Solyndra files for bankruptcy, closes its plant, lays off 1,100 people.
A history of Solyndra - The Washington Post
The DOE did the refinancing, not Congress, bub - and Solyndra started lining up the refi with the Obama Administration even after PWC published a "going concern" opinion.
boedicca
Uppity Water Nymph from the Land of Funk
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Because our Stupid Government is making taxpayer dollars available to subsidize the purchases. It's one more way to transfer capital from the U.S. to China.
Jarhead
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- Jan 11, 2010
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Do you own a home?
I ask as if you dont then you are not aware of the following...
When you apply for a mortgage, you get a preliminary pre-approval based on assumptions that will need to be verified.
As the loan process continues, much is done. Background check, credit check, appraisal of the property, lien searches, etc. It then goes to underwriting and a final decision is made.
And you are approved.
However....
The approval is contingent upon the following:
No changes in credit rating by the time the funds are distributed
No changes in collateral.
No changes in judgements.
As a matter of fact, you have a title closer AT THE CLOSING making phone calls to see if there are any last minute changes in your ability to pay the loan back or changes ion the banks position on title.
So for them to blame Bush is for the naive.
Credit worthiness is checked all the way to the MINUTE the funds are distributed.
This administration assumes Americans are naive...and it is getting really old with them.
Jarhead
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becuase they are smart enough to capitalize on a scam.
Jarhead
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yes.
And the photos were quite colorful.
Now we are seeing the boring black and white negatives.
saveliberty
Diamond Member
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From the source above:
Republicans, however, pointed to internal Energy Department emails they uncovered that indicated a unanimous decision had been made by the panel considering the loan application for Solyndra to shelve it two weeks before Bush left office in January 2009.
Shelve sounds like declined application to me.
The loan to Solyndra was so key to Energy's strategy that the department initially wanted Obama to personally announce it, then later sent him to the company's plant in Fremont, Calif., to praise its efforts and work, said the report.
The Department "sends" the President places?
"This deal is NOT ready for prime time," one White House budget analyst wrote in a March 10, 2009 email, nine days before the administration formally announced the loan, according to ABC. The company was central to the Obama White House's "green" strategy, however.
Secretary of Energy Steven Chu issued his own press release in March 2009, when the loan to Solyndra was announced, saying Solyndra was "part of President Obama's aggressive strategy to put Americans back to work and reduce our dependence on foreign oil."
In the end, the final release of funds and approval was on OBama's watch. Due diligence was rushed under Obama. Solargate continues.
Republicans, however, pointed to internal Energy Department emails they uncovered that indicated a unanimous decision had been made by the panel considering the loan application for Solyndra to shelve it two weeks before Bush left office in January 2009.
Shelve sounds like declined application to me.
The loan to Solyndra was so key to Energy's strategy that the department initially wanted Obama to personally announce it, then later sent him to the company's plant in Fremont, Calif., to praise its efforts and work, said the report.
The Department "sends" the President places?
"This deal is NOT ready for prime time," one White House budget analyst wrote in a March 10, 2009 email, nine days before the administration formally announced the loan, according to ABC. The company was central to the Obama White House's "green" strategy, however.
Secretary of Energy Steven Chu issued his own press release in March 2009, when the loan to Solyndra was announced, saying Solyndra was "part of President Obama's aggressive strategy to put Americans back to work and reduce our dependence on foreign oil."
In the end, the final release of funds and approval was on OBama's watch. Due diligence was rushed under Obama. Solargate continues.
Even Solyndra was concerned they were in financial trouble, but O. was in a real hurry to "gift" them taxpayer's dollars. After all, the CEO did make many personal visits to the WH and just can't yet imagine...why....
This is one investigation that is expected to go on through 2013! So much for "stimulating green energy jobs."
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.
The loan to Solyndra has set off a firestorm on Capitol Hill, with a Republican-led House committee releasing emails suggesting the White House had pressured budget officials into expediting their fiscal review of the loan ahead of a plant groundbreaking. The company was touted prominently by the Obama administration for its work growing so-called green jobs.
But the company went bankrupt this month and is now the target of investigations by the FBI and the Energy Department, as well the House Energy and Commerce Committee.
Related Stories Obama Officials Defend Solar Loan to Bankrupt Firm as Emails Show Past Concerns.
Read more: Treasury Joins FBI, Congress In Investigating Stimulus Loan To Failed Solar Panel Company | Fox News
saveliberty
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The CEO in question stepped down in 2010.
boedicca
Uppity Water Nymph from the Land of Funk
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Even Solyndra was concerned they were in financial trouble, but O. was in a real hurry to "gift" them taxpayer's dollars. After all, the CEO did make many personal visits to the WH and just can't yet imagine...why....
This is one investigation that is expected to go on through 2013! So much for "stimulating green energy jobs."
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.
The loan to Solyndra has set off a firestorm on Capitol Hill, with a Republican-led House committee releasing emails suggesting the White House had pressured budget officials into expediting their fiscal review of the loan ahead of a plant groundbreaking. The company was touted prominently by the Obama administration for its work growing so-called green jobs.
But the company went bankrupt this month and is now the target of investigations by the FBI and the Energy Department, as well the House Energy and Commerce Committee.
Related Stories Obama Officials Defend Solar Loan to Bankrupt Firm as Emails Show Past Concerns.
Read more: Treasury Joins FBI, Congress In Investigating Stimulus Loan To Failed Solar Panel Company | Fox News
This is an excellent example of why the Government should not be involved in picking specific winners and losers. That capital could have been put to much better use by leaving it in the private sector to create viable businesses.
Are you trying to say that it was the GOP that did this? Sorry, Ed but you've lost me with that one. The Bush Administration looked at Solyndra...didn't like the numbers and wouldn't give them a loan guarantee. That was happening two weeks before Obama took office. It was Obama that made Solyndra his "poster child" for green energy jobs. Kaiser was wearing out a path into the White House to see Obama's people not Bush's. Bush's people had already said no...which is what Obama's people SHOULD have done. Unfortunately for us...anything with "Green" in front of it is irresistible to Barry.
Even Solyndra was concerned they were in financial trouble, but O. was in a real hurry to "gift" them taxpayer's dollars. After all, the CEO did make many personal visits to the WH and just can't yet imagine...why....
This is one investigation that is expected to go on through 2013! So much for "stimulating green energy jobs."
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.
The loan to Solyndra has set off a firestorm on Capitol Hill, with a Republican-led House committee releasing emails suggesting the White House had pressured budget officials into expediting their fiscal review of the loan ahead of a plant groundbreaking. The company was touted prominently by the Obama administration for its work growing so-called green jobs.
But the company went bankrupt this month and is now the target of investigations by the FBI and the Energy Department, as well the House Energy and Commerce Committee.
Related Stories Obama Officials Defend Solar Loan to Bankrupt Firm as Emails Show Past Concerns.
Read more: Treasury Joins FBI, Congress In Investigating Stimulus Loan To Failed Solar Panel Company | Fox News
This is an excellent example of why the Government should not be involved in picking specific winners and losers. That capital could have been put to much better use by leaving it in the private sector to create viable businesses.
Not only does the now-bankrupt solar energy firm Solyndra have a cozy financial relationship with the Obama administration, company representatives also made numerous visits to the White House to meet with administration officials, The Daily Caller has learned.
George Kaiser, who has in the past been labeled a major Solyndra investor as well as a Obama donor, made three visits to the White House on March 12, 2009, and one on March 13. Kaiser has denied any direct involvement in the Solyndra deal and through a statement from his foundation said he “did not participate in any discussions with the U.S. government regarding the loan.”
But the countless meetings at the White House seem hardly coincidental. Kaiser, in fact, is responsible for 16 of the 20 meetings that showed up on the White House logs.
Read more: Solyndra | White House Visits | Bankruptcy | The Daily Caller
Soggy in NOLA
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They are also going full steam on offshore drilling and other fossil fuel extraction. I have no problem with market-driven initiatives, the Green initiatives being pushed are politically driven, not market-driven. Hence the need for 1/2 Billion $$ + in taxpayer monies being poured into this stuff.
Sorry, but the Bush admin. decided NOT to finance Solyndra:
But emails released by the House committee show that the relevant credit committee decided "not to engage in further discussions with Solyndra" in the final days of the Bush administration.
After the change in administration, officials restarted the loan review process for Solyndra.
Read more: Treasury Joins FBI, Congress In Investigating Stimulus Loan To Failed Solar Panel Company | Fox News
I]The loan was rushed through for a photo-op with Biden.....:[/I]eusa_whistle: ( how impressive....
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