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Getbig Main Boards => Politics and Political Issues Board => Topic started by: Soul Crusher on September 14, 2011, 09:42:08 AM
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Elections Have Consequences: Bush Administration Rejected Solyndra Loan
Pajamas Media ^ | 9-14-11 | PJ Tatler
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Worser and worser:
The White House also noted to ABC News that the Bush administration was the first to consider Solyndra’s application and that some executives at the company have a history of donating to Republicans. The results of the Congressional probe shared Tuesday with ABC News show that less than two weeks before President Bush left office, on January 9, 2009, the Energy Department’s credit committee made a unanimous decision not to offer a loan commitment to Solyndra.
The geniuses in the Obama administration don’t seem to realize just how damaging this is to their case.
Put the Bush DOE rejection of Solyndra together with the emails that broke last night:
The August 2009 e-mails, released to The Washington Post, show White House officials repeatedly asking OMB reviewers when they would be able to decide on the federal loan and noting a looming press event at which they planned to announce the deal. In response, OMB officials expressed concern that they were being rushed to approve the company’s project without adequate time to assess the risk to taxpayers, according to the e-mails, which were provided by Republican congressional investigators…
And you have a true scandal that reaches directly into the Obama White House, and which clearly fits into the overall Obama “green” agenda. The main question demanding an answer now is, What did the president know and when did he know it?
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http://nation.foxnews.com/solyndra/2011/09/14/bush-admin-voted-against-solyndra-loan
Fail!
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I find that hard to believe that the Bush Administration rejected or otherwise there would not have been any consideration but one thing is for sure.......a shitload of people from left to right fucked this up to the tune of a half billion dollars. The blame goes to both the Bush and Obama Administration for this.
But it will be investigated and shit is going to fly
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I find that hard to believe that the Bush Administration rejected or otherwise there would not have been any consideration but one thing is for sure.......a shitload of people from left to right fucked this up to the tune of a half billion dollars. The blame goes to both the Bush and Obama Administration for this.
But it will be investigated and shit is going to fly
How is Bush to blame when they rejected the loan app?
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As much as i love to blame BUSH for everything, even blaming him fro 333333's obcession of Obama,
How is BUSH to blame?
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As much as i love to blame BUSH for everything, even blaming him fro 333333's obcession of Obama,
How is BUSH to blame?
Racism and WMD's were clearly involved.
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Racism and WMD's were clearly involved.
Well, how often is a black man in a position to give out a loan?
Clearly it's the work of the white devil.
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As much as i love to blame BUSH for everything, even blaming him fro 333333's obcession of Obama,
How is BUSH to blame?
I blame BOTH. I think that they were both pushing for the loan but we'll have to see what turns up in the investigation. I find it hard to believe anyone has a set of clean hands
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I blame BOTH. I think that they were both pushing for the loan but we'll have to see what turns up in the investigation. I find it hard to believe anyone has a set of clean hands
BUSH didn't turn it down?
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BUSH didn't turn it down?
I don't know what the fuck happened. Claims are flying all over the place with fingers pointing everywhere.
I do know one thing....its bullshit
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I don't know what the fuck happened. Claims are flying all over the place with fingers pointing everywhere.
I do know one thing....its bullshit
Ok, but what is your reasoning for blaming BUSH?
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Ok, but what is your reasoning for blaming BUSH?
I'm blaming everyone who even touched this company for now until the facts come out. The whole thing is fishy as fuck if you ask me.
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I'm blaming everyone who even touched this company for now until the facts come out. The whole thing is fishy as fuck if you ask me.
ooooooook
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Ahhhhh What. Lets review.
SOL - Hey Bush can I have a loan
Bush - No your shits weak
SOL - Ok
SOL - Hey Barry can I have a loan
Barry - Sure buddy
Where exactly did Bush become on the hook for this.
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Oh look, the libtards still wanna blame Bush. No surprise here.
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Yeah but when you ask for their reasoning your get some blanket statement like:
I'm blaming everyone who even touched this company for now until the facts come out. The whole thing is fishy as fuck if you ask me.
Makes no logical sense.
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Yeah but when you ask for their reasoning your get some blanket statement like:
Makes no logical sense.
Must agree... If Bank A doesn't give a loan, but Bank B does, how is Bank A responsible for the default?
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Yeah but when you ask for their reasoning your get some blanket statement like:
Makes no logical sense.
Well, I mean...it is Vince...
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I'm starting my own green energy company. I ran a piece of copper wire from a UV bulb to a hamster wheel. Where's my $500 million? Chances are I'd be more successful than Solyndra.
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I'm blaming everyone who even touched this company for now until the facts come out. The whole thing is fishy as fuck if you ask me.
You should be forcibly sterilized so that your inherent stupidity doesn't spread to anyone else.
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BUMP
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Its one thing to fight using forum tactics, its another to run altogether.
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Solyndra Investor admits: we wanted the loan so we could 'go public and cash out'
American Thinker ^ | 9/16/11 | Ed Lasky
A clearer picture of the underlying insider scheme at Solyndra is beginning to emerge.(snip) There was another motivator -- Solyndra's management and investors had an eye on an initial public offering. "There was a perceived halo around the loan," said an investor with knowledge of the company. "If we get the loan, then we can definitely go public and cash out."
(Excerpt) Read more at americanthinker.com ...
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Ex-Solyndra Employees Now Applying For Trade Adjustment Assistance
IBD's Capital Hill ^ | 9/16/2011 | Sean Higgins
Ex-employees of the failed solar panel company Solyndra have applied for aid under the federal government’s Trade Adjustment Assistance program, the Labor Department has confirmed.
If approved, the employees of what was once touted as a leading exemplar of the White House’s green jobs program will be eligible for more federal funds to enable them to be retrained for other jobs.
It would be an ironic coda to the saga of Solyndra, which manufactured solar panels and received $527 million in loan guarantees from the Energy Department and praise from President Obama during visits to the firm’s California headquarters.
(Excerpt) Read more at blogs.investors.com ...
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Pending bankruptcy didn’t keep Solyndra from sending cash to lobbyists
hotair.com ^ | 09-16-2011 | Ed Morrissey
Posted on September 16, 2011 7:28:07 PM EDT by bronxville
The collapse of Solyndra looks inevitable in retrospect — and for auditors who reviewed their loan application that the Obama White House expedited and to the employees who worked there, it looked inevitable before it happened, too. This has many wondering just what business model Solyndra used to keep the company going as long as it did.
The New York Times figures out that Solyndra’s execs used a tested-and-true business method called Lobby For Dollars — and that they kept using this model even as the company disintegrated:
According to records filed with the Clerk of the House and a search of disclosure forms compiled by the Center for Responsive Politics, Solyndra spent nearly $1.9 million on lobbying activities over a period of 43 months from 2008 to 2011.
About $1 million of that was earned by the company’s two in-house lobbyists, Joseph Pasetti and Victoria Sanville, over an 18-month period from 2010 until this year. But Solyndra has also had several big-name lobbying shops on its payroll, including established powerhouses Dutko Worldwide and Holland and Knight, which began representing the then-fledgling company in 2008.
By 2009, Solyndra was finished with Dutko and Holland and Knight and was working with well-known energy lobbyist, McBee Strategic Consulting, whose clients have included the Applied Materials Inc., a semiconductor and solar panel equipment manufacturer; Babcock & Wilcox; BrightSource Energy Inc., a solar developer; Google Inc.; Better Place Inc., an electric-vehicle charge station developer; Honeywell International; and Tesla Motors Inc., a developer of electric cars.
They scored big in 2009, getting the $535 million Porkulus loan-guarantee package at the center of this scandal. At that point, one might imagine that Solyndra might have looked for a business model that would actually have produced green technology at a profit rather than continue to seek public support for a failing private venture.
Instead, it looks like the infusion of capital fueled even more lobbying:
By 2010 Solyndra had hit its lobbying peak. Not only had the company begun paying its own in-house lobbyists but it was also working with nine other lobbyists at three different agencies including McBee and two others, the Washington Tax Group, which had been brought on board to handle the company’s interest as it related to the Solar Manufacturing Jobs Creation Act that was up for consideration, and McAllister and Quinn, which was handling the company’s interests on the National Defense Authorization Act.
One lobbying shop that was added to Solyndra’s stable this year was the Democratic-leaning Glover Park Group. Glover Park had had a communications relationship with Solyndra for about a year before filing with the Clerk of the House on July 18 to conduct lobbying.
They climbed aboard the Solyndra trainwreck just weeks before the collapse, but they had plenty of time to work. The firm staged a media event for Solyndra’s CEO to publicly proclaim the firm’s fiscal stability. Glover apparently also arranged a series of meetings with Congressmen, including Henry Waxman, to make the same pitch.
One has to imagine that these lobbyists did not come free of charge or on the cheap. At the time that Solyndra was shoveling money out the door to lobbyists while their balance sheet went downhill fast, the Department of Energy had observer status at Solyndra’s board meetings. So far, there is no indication that the DoE flagged these expenses at all, nor did they report to Congress on the lobbying push Solyndra conducted in its last months.
The DoE knew for months that the firm was near collapse, and ended up subordinating taxpayers to George Kaiser’s late cash infusion of $75 million, all but guaranteeing that taxpayers won’t recover most or all of our half-billion dollars destroyed in the collapse. They made that deal while Solyndra pumped up the lobbying volume to keep Congress in the dark.
Who kept this information quiet from Congress? More importantly, how many more Solyndras is the Obama administration and its DoE hiding from Congress, watching taxpayer money being risked while politically-connected firms spend millions to pretend that they’re in perfectly good shape?
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Solyndra Pestered Bush Administration Over Delays in Approving Federal Loan, Emails Show
Fox News ^ | September 16, 2011 | Ed Henry
Posted on September 16, 2011 10:36:05 PM EDT by Kaslin
WASHINGTON -- Solyndra officials were intensely pressuring Bush administration officials in early January 2009 to approve a government loan for the solar company before the Obama administration took power, according to new emails obtained by Fox News on Friday.
On Jan. 12, 2009, Solyndra CEO Chris Gronet sent an Energy Department official an email marked "urgent" expressing outrage that Bush officials had decided a few days earlier that while the loan application had "merit" it needed further study before officials could move forward with a taxpayer-financed loan.
"I was appalled to learn on Friday that our application is being delayed yet again," Gronet wrote to Energy official Steve Isakowitz, writing there had been "countless communications" back and forth suggesting the application would be reviewed Jan. 15.
(Excerpt) Read more at foxnews.com ...
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Solyndra: $469 million more than we already know about? Plus, an added surprise?
Flopping Aces ^ | 09-16-11 | Aye
Posted on September 16, 2011 7:14:23 PM EDT by Starman417
The folks at LA Observed have slogged through the Solyndra SEC filing and have found what may be a stunning discovery, adding insult to injury.
For more background on Solyndra, read Curt's post here and Dr. John's post here.
Turns out that Solyndra, the now-bankrupt solar panel manufacturer so highly touted by the Obama administration applied for a second loan which would be guaranteed by the US Department of Energy.
This second loan was to be in the amount of $469 million dollars (for Phase II Part 1):
On September 11, 2009, we submitted Part 1 of an application for an approximately $469 million guaranteed loan to be utilized to finance the construction of Phase II. As with the financing facility for Phase I, the loan would be made by the Federal Financing Bank and guaranteed by the DOE. On November 4, 2009, we were notified by the DOE that our Part 1 application was complete and that Phase II was determined to be a Section 1703 eligible project and to have the credit subsidy cost for the project paid out of funds allocated under Section 1705. We submitted Part 2 of our loan guarantee application on November 17, 2009.
While writing this post, and reading through the filing, I discovered something else. Notice the line in bold above.
A loan application was also made for Phase II, Part 2. We don't, as of yet have a monetary value for Part 2.
The earlier $535 million loan (for Phase I) was separate and distinct from the second one:
Phase I Financing
We were the first company to secure a guaranteed loan facility under Title XVII. On September 3, 2009, we and one of our subsidiaries, Solyndra Fab 2 LLC, entered into financing agreements with the Federal Financing Bank, a government corporation under the general supervision of the Secretary of the Treasury, and the DOE that provide for a $535 million loan to Solyndra Fab 2 LLC, which we refer to as the Fab 2 Borrower, that is guaranteed by the DOE. The estimated aggregate project costs of Phase I are approximately $733 million...
It's unclear from the filing if the second loan was ever actually received by Solyndra and, so far, the administration has not made any effort to address that issue one way or the other:
(Excerpt) Read more at floppingaces.net...
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Is this the "change" people voted for?
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Yes. This is exactly what they voted for.
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Bump for Straw and andreisatwat
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bUMP FOR STRAW
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I'm not bothering with multiple threads
if you can't be bothered to present facts or support your claims or refute mine then what's the point of wasting any more of my time with you
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I'm not bothering with multiple threads
if you can't be bothered to present facts or support your claims or refute mine then what's the point of wasting any more of my time with you
LMFAO!!!!!
Priceless!
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LMFAO!!!!!
Priceless!
Hahaha, you hit him with the truth and he replies with, "I can't be bothered so I'm just going to believe whatever fairy tales Media Matters tells me to believe."
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Hahaha, you hit him with the truth and he replies with, "I can't be bothered so I'm just going to believe whatever fairy tales Media Matters tells me to believe."
333 hasn't provided any truth
if you think anything in the MM link is not true or accurate then feel free to address it and provide your source
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What's there to talk about? It was shelved, President Downgrade took it back up and approved it despite the mountain of evidence showing it was a bad bet. No one gives a fuck about what Media Matters claims. Especially when you take into account their reputation for fabricating shit out of thin air (something you are also fond of). Ask anyone in the public who approved the loan and I'll bet 99% will say the Downgrade regime.