Did you see the post I did on Solyndra? Did you sign the petition? Do you even care that tax-payer’s money has been lost in this scam? If you could care less about this story, my question is “Why not??.
- Could it be you don’t care because it’s no skin off your back, you don’t pay taxes anyway?
- Could it be you know much about the story because you haven’t paid much attention to the news?
- Could it be you believe it will all work out anyway so no reason to be concerned?
You are probably getting tired of hearing about this scandal on most cable news channels because it dominates the news. Nevertheless, this is important news and a big deal to Americans because
- it means there is major corruption in how all this took place. There were signs of insolvency from the beginning and yet Obama’s Administrator went ahead with the negotiations;
- the more investigators learn about Solyndra’s insolvency the more obvious it is that this loan should never have gone through;
- even though employees of Solyndra knew the company had overwhelming debt and were surprised when the new building was built, the loan still went through (see the video below).
Lawmakers Question White House Role in Solyndra Scandal
Sep 15, 2011
Did administration know about troubles of green energy firm before $535M loan was given?
Three’s quite a bit of back and forth across the political aisle about Solyndra. Does throwing $500 million at a company that failed show that all government tech pump priming is a waste of money? From the other side, well, sure, some will fail but the program as a whole is going to deliver just great results.
I admit to being biased, of course I am: I have zero faith that people spending taxpayers money are going to make better decision than people investing their own money. And Lord knows, there are enough privately funded companies that go belly up to show that even that’s not a high bar to try and clear.
However, here’s Kevin Drum, here’s Stephen Lacey, they’re both making the case for the defence of the loan. A goodly part of which seems to be that Solyndra failed because silicon prices came down, something that no one at all could have foreseen. Thus Solyndra’s non-silicon technology got bushwhacked by something no one could have anticipated.
Did he say “…bushwhacked by something no one could have anticipated”? Funny how Solyndra employees saw the handwriting on the wall but the President didn’t! Come on now, are we really supposed to believe that garbage? This is the American government, who has access to anything they want to know, and they want us to believe that they didn’t see it coming? Right? Sorry, but I just don’t believe it.
What this comment says to me is that either the government doesn’t see or care about concerns Americans have about the government loaning millions to an insolvent company or this whole thing (losing money on a bad investment) is part of the Master Plan.
Solyndra isn’t the only business to file for bankruptcy after benefiting from the $800 billion economic stimulus package passed in 2009. Four other companies received stimulus funding also, two of those were working on alternative energy. For more information, read Despite Stimulus funding, Solundra and 4 other companies have hit rock bottom. Note the connection to LightSquared Founder Denies Pressuring Air Force General.
The Chicago Tribune reports: The Solyndra scandal cost at least a half-billion public dollars. It is plaguing President Barack Obama. And it’s being billed as a Washington story.
But back in Obama’s political hometown, those of us familiar with the Chicago Way can see something else in Solyndra — something that the Washington crowd calls “optics.” In fact, it’s not just a Washington saga — it has all the elements of a Chicago City Hall story, except with more zeros.
The FBI is investigating what happened with Solyndra, a solar panel company that got a $535 million government-backed loan with the help of the Obama White House over the objections of federal budget analysts.
Obama and Vice President Joe Biden got a nice photo op. They got to make speeches about being “green.” But then Solyndra went bankrupt. Americans lost jobs. Taxpayers got stuck with the bill. And members of Congress are now in high dudgeon and making speeches.
Federal investigators want to know what role political fundraising played in the guarantee of the questionable loan.
And now the Tribune Washington Bureau has reported that the U.S. Department of Energy employee who helped monitor the Solyndra loan guarantee was one of Obama’s top fundraisers.
Fundraising? Contracts? Imagine that.
Steve Spinner was the Obama administration official in charge of handing out billions and billions of tax dollars to “green” energy deals. According to the Tribune story, Spinner the other day invited Obama’s national political finance committee to a meeting in Chicago.
The name of the Obama fundraising initiative?
Detroit Times reports “The optics of a Solyndra default will be bad,” an official from the Office of Management and Budget wrote in a Jan. 31 e-mail to a senior OMB official. “The timing will likely coincide with the 2012 campaign season heating up.”
The e-mail was released by the House Energy and Commerce Committee as part of its investigation into a half-billion-dollar federal loan to the company. The e-mail says the budget official wanted White House budget director Jacob Lew to warn Energy Secretary Steven Chu about the risk posed by Solyndra, which was once the poster child for the Obama administration’s clean energy program. It has since laid off 1,100 people and filed for bankruptcy.
At the time of the e-mail, the Energy Department was pushing to release an additional $67 million to Solyndra to help the company through a cash-flow crisis.
Did you notice that the Energy Department was pushing to release additional $67 million? We are lucky that money didn’t make it to the failing company. The administration making a bad investment once is hard enough to take but could possibly be explained as part of the times, with China leading in innovative technologies, but making another investment with the company would easily be seen as “BAD JUDGMENT” on the government’s part! For sure, it will be seen as a problem for Obama’s re-election in 2012.
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.
- Spent $1.3 million on lobbying activities, including paying 5 different firms over $800,000 to lobby on its behalf.
- Relied heavily on The Revolving Door – 17 lobbyists who have worked on its behalf are connected to over 30 different offices or Members of Congress.
- Lobbied on 18 bills, ranging from the Department of Defense Appropriations Act of 2012 to the Energy and Tax Extenders Act of 2008.
- Lobbied on issues focused on Budget/Appropriations, Defense, Energy/Nuclear, Taxation/Internal Revenue Code, and in particular:
- “Issues related to Department of Energy loan program.”
- “Lobbied on obtaining language expressing interest in how DoD funds were being spent on solar PV related to country of origin of solar cells and modules.”
Solyndra’s Total Lobbying Activity
Lobbying Activity Total In-House Outside Firm
2011 $480,000 $327,500.00 $152,500.00 2010 $550,000 $165,000.00 $385,000.00 2009 $160,000 $160,000.00 2008 $160,000 $160,000.00 Total
$1,350,000 $492,500.00 $857,500.00
Lobbying Firms Hired by Solyndra
|McAllister & Quinn LLC||2011 2Q||$ 37,500|
|The Washington Tax Group LLC||2011 2Q||$ 20,000|
|McAllister & Quinn LLC||2011 1Q||$ 45,000|
|The Washington Tax Group LLC||2011 1Q||$ 30,000|
|McBee Strategic Consulting, LLC.||2011 1Q||$ 20,000|
|McBee Strategic Consulting, LLC.||2010 4Q||$ 50,000|
|McAllister & Quinn LLC||2010 4Q||$ 45,000|
|The Washington Tax Group LLC||2010 4Q||$ 30,000|
|McAllister & Quinn LLC||2010 3Q||$ 45,000|
|McBee Strategic Consulting, LLC.||2010 3Q||$ 50,000|
|The Washington Tax Group LLC||2010 3Q||$ 30,000|
|McBee Strategic Consulting, LLC.||2010 2Q||$ 50,000|
|The Washington Tax Group LLC||2010 2Q||$ 20,000|
|McAllister & Quinn LLC||2010 2Q||$ 15,000|
|McBee Strategic Consulting, LLC.||2010 1Q||$ 50,000|
|McBee Strategic Consulting, LLC.||2009 4Q||$ 50,000|
|McBee Strategic Consulting, LLC.||2009 3Q||$ 50,000|
|McBee Strategic Consulting, LLC.||2009 2Q||$ 40,000|
|McBee Strategic Consulting, LLC.||2009 1Q||$ 20,000|
|Holland & Knight LLP||2008 4Q||$ 50,000|
|Holland & Knight LLP||2008 3Q||$ 50,000|
|Dutko Worldwide, LLC||2008 2Q||$ 20,000|
|Holland & Knight LLP||2008 2Q||$ 10,000|
|Dutko Worldwide, LLC||2008 1Q||$ 30,000|
People, you can’t really be that stupid (although Obama thinks you are) because the economy did not get bad because the rich aren’t paying a “THEIR FAIR SHARE IN TAXES”, especially since the very rich pay 40% of the taxes. It isn’t Bush’s fault that Obama today has spent twice as much in two years as he did Bush in four. Spending is the problem, spending more money than they have when they know they don’t have is the problem. This Solyndra scandal is a perfect example if a spending problem without using due diligence before spending.
You may be very tired of hearing negative things about the Obama Administration, and I don’t blame you, but there is a point where you have to start listening to news you don’t want to hear.
Unfortunately, this type of rhetoric just keeps coming from this White House and never seems to get better. There is a reason for this, it’s because it’s all part of the plan.
I am disgusted with having to report this negativity all the time, and I am also disgusted with this administration because the President and his people don’t care about what the people want. He wants what he wants and couldn’t give a darn about what “We The People” want. Oh, but he tries to tell people on welfare that he is with them and trying to help them, and that it’s the fault of the rich that they are having a problem right now.
When North American Solyndra’s customer service is called, a recording comes on says Solyndra has ceased all operation and filing for bankruptcy. Below are numbers for Solyndra around the globe. Call if you want to hear it from them yourself.
+1.877.511.8436 (toll free inside the US)
0800 50735 (English Only)
900 800566 (English Only)
+353 61 70 1124
00800 39734547 (English Only)
8000 444 36 84 (English Only)
800 700 570 (English Only)