Stellar thought process. President Downgrade considered bailing out Solyndra

[Fury]

Documents Show Obama Admin Considered Solyndra Bailout Days Before Company Went Belly-Up

(The Hill) — As California solar panel maker Solyndra teetered on the brink of financial collapse, Obama administration officials weighed and rejected a last-ditch plan to keep the company afloat.

Under the August plan, which was outlined in nearly 1,200 pages of documents the Obama administration released Wednesday evening, private investors would have put about $100 million into Solyndra, the company that received a $535 million loan guarantee in 2009.

Meanwhile, the Energy Department would have agreed to convert some of Solyndra’s debt to the federal government into a partial stake in the company. The agreement would have also authorized the Energy Department to appoint two independent directors to Solyndra’s board.

But the Obama administration ultimately rejected the plan presented by the financial advisory company Lazard, which the Energy Department had hired to review Solyndra’s options.

Solyndra ceased operations in late August and filed for bankruptcy in early September after laying off 1,100 workers. The company’s collapse has set off a firestorm in Washington, with Republicans raising questions about the Obama administration’s investments in green technology.

http://thehill.com/blogs/e2-wire/e2-wire/191531-administration-mulled-solyndra-bailout-in-weeks-before-company-collapsed


Seems to be a recurring theme with this loser: if something doesn't work, just throw more cash at it and it will.  

[Soul Crusher]

The funniest shit is that the perpetual idiot jonothon alter wrote a long piece saying Obama admn has been scandal free

[Soul Crusher]

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Solyndra filing shows founder got $456,000 severance
http://www.bizjournals.com/sanjose/news/2011/11/02/solyndra-filing-shows-founder-got.html ^
Posted on November 3, 2011 9:09:14 PM EDT by kcvl

Solyndra filing shows founder got $456,000 severance

Bankruptcy court filings show that former Solyndra CEO Chris Gronet left the company about two months before it was announced and had worked out a $456,000 severance.

A bankruptcy court filing this week showed that Solyndra    LLC founder and former CEO Chris Gronet left nearly two months before it was announced in August and won a $456,000 severance when he was terminated.

The filings also show a $17,000 payment to the company's bankruptcy law firm in February, about two weeks before a controversial loan restructuring which put $385 million in taxpayer money behind $70 million borrowed from private investors.

Solyndra has been the focus of a number of investigations by federal agencies and Congressional panels since shutting down and filing for bankruptcy late in the summer. It received more than half a billion dollars in government loans and guarantees.

Its equipment is being auctioned off this week and another auction of its patents and other assets is scheduled for later this month.

(Excerpt) Read more at bizjournals.com ...

[Fury]

The funniest shit is that the perpetual idiot jonothon alter wrote a long piece saying Obama admn has been scandal free

Hahah, I read that when it showed up on Bloomberg. Did you see the comments? Was just like Getbig.

[Soul Crusher]

Hahah, I read that when it showed up on Bloomberg. Did you see the comments? Was just like Getbig.

A bunch of people came in and mocked those tools.