Five hundred million is all it cost you, Johnny taxpayer. A cool half billion, let’s call it; to prop up the poorest investment any POTUS has ever forced down the throats of American’s! But why – why not let the California solar energy firm Solyndra, the company that had been the flagship of President Obama‘s Green Energy initiative, die a natural death? Why DID Barack Obama and his democrat congress decide to restructure the government’s half-billion dollar loan to Solyndra even after their very own analysis concluded it would cost YOU – Sally taxpayer – far less to simply allow the company to go belly up? Why did the OMB decide to look the other way as the Obama administration intentionally positioned itself to take a total loss in case the deal went south? I promise – if you read this article and really comprehend it, you’ll understand why.
Solyndra was the very first company to receive government funds back during the “let’s jump-start the economy” days of Barack Obama’s initial bailout, you remember – when he and his then democrat majority congress were spending money like it was going out of style to “spark the economy” (add as much sarcastic emphasis as you’d like here, I am). According to quotes from internal administration emails which were used to base the opinions of this new report, Barack Obama considered this project “his” – and we all know – Barack Obama is never wrong! In his narrow little field of view, Solyndra represented a judgement call on his part and if it went down he feared it would reflect poorly on his ability to make decisions. Of course, this was back at the beginning of his term, before he had the media bought and paid for. Notice how this story, this new report, has barely been whispered by the main stream media outlets. DCX to the rescue; we’re gonna report the news, and this news is DAMAGING AS HELL to Barack Obama’s 2012 re-election campaign. Perhaps our sleepy, kool-aid induced media c0horts would like to explain why they refuse to touch this story even though, if true, would represent the biggest U.S. scandal in the history of U.S. scandal’s. – ?
[box type="download"] Download your very own copy of the congressional report “The Solyndra Failure” if you’d like, and read along with the following excerpts.[/box]
According to republican members of the House Energy and Commerce Committee’s remarks in that report:
“Solyndra should serve as a cautionary tale on how political pressures and an administration’s desire to create political events to highlight its policies can result in poor decision-making”
Democrat members released their own report stating:
“The Republican report contains obvious inaccuracies, frequent misstatements, cherry-picked evidence and glaring omissions of exculpatory information received by the Committee.”
Who wrote this dissent, Joe Biden? — HELLO? Cherry-picked evidence is still evidence! That’s kinda like saying the cops busted into the drug dealers house and cherry-picked drug evidence.
The democrat report went on to insist that the majority report asserted false claims of “political improprieties” in regards to political contributions made to Barack Obama’s political campaign from …GASP! SOLYNDRA investors!! Oklahoma billionaire Robert Kaiser, a Solyndra investor just also happens to be an Obama campaign contributor.
Enter White House spokesman Eric Schultz to set us all straight on just where the Obama Administration stands on this perplexing development – (kinda):
“This is month 18 of this Congressional investigation and everything disclosed in the 215,000 pages of documents, 14 committee staff briefings, five Congressional hearings, 72,000 pages from Solyndra investors, and Committee interview with George Kaiser, affirms what we said on day one: this was a merit-based decision made by the Department of Energy. As Republicans won’t answer how much investigation has cost taxpayers, we believe they should instead be focused on legislation to creating jobs and grow the economy.”
Awwww, aren’t the big ole mean republicans playing fair Shultzie? Are you insinuating that they held on to this report and dragged their feet so it would come out near the election? Kinda like Obama did with the timing surrounding “Obamacare” ? … you fucking moron. And I betcha one thing, this investigation didn’t cost taxpayers anywhere near half-a-billion dollars; and by the way, it’s your boss, the president, who needs to focus on creating jobs and growing he economy because he’s the one who’s been mostly focused on trillion dollar spending packages, supporting the Muslim Brotherhood, bombing Libya and sending his family on expensive vacations every six months, since he came into office. If anyone needs to tighten their ass up, it’s Barack Obama.
Back to Solyndra: According to the Office of Management and Budget(OMB) and those running the Obama freebie bailout program at the DOE, the struggling Solyndra had been missing payments on the government’s $535 million loan, so the DOE began working to restructure the terms of the loan.
OMG analysis concluded that the loan was in such a state of default that injecting more free Obama cash into it would be a mistake as it would compound the losses for the U.S. taxpayer in the event that the company filed for bankruptcy, which is exactly what happened. In internal emails members of the OMB were perplexed by the governments decision to give up it’s position as the first to be repaid in the event of said bankruptcy.
One analyst wrote that she was “vastly confused by DOE’s decision to negotiate away their senior position in this transaction.”
The answer to all this confusion, however, is quite simple: By assuming the second position as lien holder, the U.S. Government, representing the U.S. taxpayer, would not be repaid in the event of a default. But, why would the government intentionally want to step down to second priority on the list of those to be paid back in case of Solyndra’s failure?
Another OMB analyst wrote that “the federal government’s chance of recovering some portion of the funds it had loaned would be significantly higher under an immediate liquidation. The OMB analysis confirms our earlier concern that DOE’s restructuring could effectively result in higher costs than liquidation at this point. Prior to [the] restructuring, OMB staff expressed reservations about the prospects of the company and DOE’s proposal. This issue was discussed with the [National Economic Council] and the Chief of Staff.”
Enter Jack Lew – then the head of the OMB, who made a critical decision in January 20122 regarding the role the OMB would play in the Solyndra restructuring: Bypassing an active role, Jack Lew opted to simply review the financials of the Solyndra loan, and nothing more. That decision earned Lew a promotion – to White House Chief of Staff, a position formerly occupied by Rham Emanuel, who is now the mayor of Obama’s beloved windy city, Chicago – murder capital of the U.S.
Waking from a long and restful nap, Republican House Speaker John Boehner stated that the report:
Exposes [how] Jack Lew, now the White House chief of staff, ignored the warnings of his own Office of Management and Budget staff and failed to shut down Solyndra, which cost taxpayers hundreds of millions of dollars. I think Mr. Lew and the White House owe the American people an explanation as to why they squandered hundreds of millions of dollars.”
White House Spokesman Shultz, in reply:
“Because Republicans have found nothing to support their previous politically-driven allegations they are attempting to recycle a baseless issue around Jack Lew that was debunked nine months ago. House Republicans should instead be focused on creating jobs and growing the economy.”
That last sentence sounds familiar, almost scripted, Shultzie-baby.
Speaking from the abandoned Solyndra headquarters in late May, Mitt Romney, who staged the event in secrecy to avoid Obama’s hecklers as well as concern that the administration would work with local officials to block the photo-op and press conference, drilled Obama savagely on the situation:
“It’s a symbol not of success but of failure. It’s also a symbol of a serious conflict of interest. This building, this half-a-billion dollar taxpayer investment, represents a serious conflict of interest on the part of the president and his team. It’s also a symbol of how the president thinks about free enterprise. Free enterprise to the president means taking money from the taxpayers and giving it freely to his friends. I think there are people who don’t want to have questions asked about this particular investment, don’t want to have people delve into the idea that the president took a half a billion dollars of taxpayer money and devoted it to an enterprise that was owned in large measure by his campaign contributors. This is a serious conflict of interest. This ought to be a big story, and I think there are a number of people among the president’s team who don’t want that story to get out. We wanted to make sure it did.”
Let’s step back for a second here a just look at what these reports reveal:
- Over $500,000,000 was loaned to Solyndra.
- Solyndra began going bankrupt, almost immediately. It eventually did file full bankruptcy, costing 1,100 people their jobs.
- The government office responsible for overseeing the loan, the OMB, decided to take a convenient vacation.
- Someone within the white house removed the government as top lien holder on the loan, hence destroying any chance of recovering the funds once Solyndra went bankrupt.
I can tell you, from my own vantage point, what this appears to be to ME. I can tell you, in all reality, that if these events took place outside of government, someone would be in prison for embezzlement, or possible money laundering. So here’s my take on this, which is pure speculation; no need to send the men in black because this is NOT an accusation, merely myself entertaining a thought:
Solyndra was nothing more than a front for Barack Obama to dump hundreds of millions of dollars into, appearing to look legit, using the front door, while his cronies in white paper suits bagged up the cash and took it out the back door and buried it. Then, all of a sudden, bankrupt! – and since the government was NOT in the top position in the lien holders list, the taxpayers got nothing in return but a consolation prize: more Barack Obama.
While someone jetted off with, or one day WILL jet off with, half-a-billion dollars …