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Solyndra
Posted: Sep 19, 2011
Solyndra is the latest in the long list of "green energy" companies that have failed after being artificially propped up by the Obama administration. The solar panel manufacturer that received more than $500 million in federal "stimulus" loans declared bankruptcy a couple weeks ago. The highly publicized scandal further confirms that the Obama's "stimulus" and "green energy" agenda are boondoggles that reward his cronies at the expense of taxpayers.
The Solyndra scandal is a prime example of political favoritism. Obama singled out the solar panel manufacturer for merely self-interested reasons. The $535 million loan to Solyndra in the "stimulus" law appears to be nothing more than a political kickback. As the Examiner's Timothy Carney writes, "this company's short life was dependent on government connections."
I am tired of paying taxes and knowing my grandchildren are going to be overtaxed to pay for all of Obama's 14 trillion dollars of spending. Can't you see the Republicans are going to undo as much of the damage as they can (if its not too late) after we kick that guy out of the whitehouse? These stimulous packages have only done more damage than good.
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solyndra - bc
[ In Reply To ..]I SAW THIS ON THE BLAZE
Finance
The Solyndra Scandal… Is It Even Worse Than We Are Being Told?
Posted on September 18, 2011 at 9:26pm by Mike Opelka Print »Email »
Comments (113)The stink from the $535 million dollar Solyndra scandal appears to be wafting from California, across the country to the White House. Things we have learned, just this week, about this massive, taxpayer-funded green energy jobs scam:
The White House seems to have ignored warnings about Solyndra’s viability…
Congress is asking questions…
The FBI has raided Solyndra’s offices…
And today we discovered that Solyndra, on the heels of a $535 million dollar taxpayer loan, also applied to the Department of Energy for an additional loan of $469 million. The Daily Caller reports that Solyndra asked for the second loan on September 11, 2009 – just seven months after they received the approval for the first loan of more than half a billion dollars.
The second load request was not a state secret, it was printed in Solyndra’s SEC filings:
“On September 11, 2009, we applied for a second loan guarantee from the DOE, in the amount of approximately $469 million, to partially fund Phase II.”
The story also mentions that the DOE has not yet answered the questions about the second loan, so there is a distinct possibility that additional taxpayer monies were poured into a business that was not on solid ground as it broke ground on a now-empty plant. Perhaps the DEO turned down the second loan request. If so, it would not be surprising to hear someone in the White House take credit for SAVING taxpayers $469 million dollars.
To date, the President has not said a word about the controversial loan to a company he supported and visited in May of 2010.
President Obama’s weekly radio address delivered this morning did not mention Solyndra and all of the jobs and money lost by this failed stimulus project, but he did find time to push to have Congress “Pass This Bill”
Were you paying close attention? President Obama said, “This jobs bill. . . “ five different times, followed by one of the sales points he’s been repeating all across the country as he campaigns for immediate passage of his “American Jobs Act.” But there was not a word about the obviously failure of his first Stimulus plan, a massive $787 billion dollar program filled with bad deals like Solyndra.
Bush No-Bid Contracts - Oh, for the good ol' days
[ In Reply To ..]Good Old Days = When billions could be funneled into Halliburton, KBR, and oil companies, with no questions asked. What is a tiny little old solar company doing with government money anyway?
Bush "misplaced" 9 BILLION in Iraq (2005 alone) - sm
[ In Reply To ..]Now that was money down the drain.
WASHINGTON (CNN) -- Nearly $9 billion of money spent on Iraqi reconstruction is unaccounted for because of inefficiencies and bad management, according to a watchdog report published Sunday.
A little perspective, please - see chart
[ In Reply To ..]Please see the chart at this link.
http://www.greentechmedia.com/articles/read/solyndras-loan-guarantee-vs.-military-boondoggles/
So, because Bush wasted money, it's okay for Obama to do it? - Zville MT
[ In Reply To ..]What kind of an argument is that? I'd be willing to bet the majority of Americans are and were pretty ticked off about that wasted money, as well as all the other money Bush seemed to love to throw around. But he also took a lot of heat for it, even from his own party. Why is it not okay to be upset at Obama for doing the exact same thing?
It's a question of degree. - Mountain out of molehill "scandal"
[ In Reply To ..]Inspect the chart in the little perspective post, then get back with us on "upsetting."
I see. - Zville MT
[ In Reply To ..]So, because Obama only wasted a little bit of money while Bush wasted a lot, it's okay. I get it now.
It is all about perspective. Many companies were funded...sm - tssk
[ In Reply To ..]and I am sure that they were not the only ones to fail, just the most visible because of President Obama's photo op. Not every business that looks promising enough ends up being successful, a very small percentage as a matter of fact.
That being said, the relatively small amount of money went to American workers rather than many billions that disappeared into thin air in the mid east.
RED HERRING ALERT - hmm
[ In Reply To ..]What does Halliburton have to do with Solyndra?
I keep waiting for someone to blame the plane crash at the air show in Reno on Bush...
Ditto, just substitute Obama for Bush - nm
[ In Reply To ..]xx
Bush tried to approve loan before Obama took office - Did RW media cover that?
[ In Reply To ..]The Bush team tried to conditionally approve the Solyndra loan just before President Obama took office.
The loan comprises just 1.3% of DOE’s overall loan portfolio.
Who cares if Bush tried to approve the loan. - Bush also did a stimulus.
[ In Reply To ..]Just because Bush did something or tried to do something does not make it okay. Didn't your mother ever teach you that two wrongs don't make a right?
The Right Wing Media sure doesn't care - sm
[ In Reply To ..]Beside the point. Does every business venture turn out? Hardly. Get over it. At least it is a noble venture, and hopefully the next one succeeds.
No, every business venture does not turn out, and that - would be fine if he were
[ In Reply To ..]playing with his money, but he was not. He was playing with mine. I don't really think that the venture was all that noble. What is noble about dumping a bunch of money into a business that your entire administration knows is doomed to fail? Don't you think that money could have been spent better elsewhere, or are you okay with throwing away hundreds of millions of dollars? If you are, please throw it my direction next time. I think I'll make better use of it.
Bush - me
[ In Reply To ..]Exactly right. We are in a depression now because of the current president and his cronies. He doesn't care about you and me. I remember him calling us the "enemy" during one of his union rallies. If you didnt see the video, it's on the Blaze (somewhere in the many archives of shocking videos).
"We are in a depression now because of the current president - and his cronies" SM
[ In Reply To ..]???? Please do some research about why we are now in this recession (preferably nonpartisan research). I am astounded by this statement.
Yes, actually they did report that. - Zville MT
[ In Reply To ..]And had the loan gone through when Bush was president, it would have been on his head. But it didn't. We deserve some answers. The government shouldn't be in the business of choosing winners and losers - sometimes what may look like a winner turns out to be a loser. Money invested should have been entirely from the private sector, not the government.
Republicans undoing damage? - That is funny nm
[ In Reply To ..];)
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