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Update! Obama Bundler Made Visits to WH in Months Prior to $535 Million Loan Guarantee to Solyndra

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posted on Sep, 5 2011 @ 07:32 AM
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For a little background, Solyndra is the Solar Panel manufacturer that was highly touted by Obama last year as an example of how green technology creates jobs and success. At that time Solyndra received a guaranteed govt. loan/gift of $535 million. Recently, this company announced 1,000 layoffs and chapter 11 bankruptcy. ONE year after the hype. I posted a thread on the issue www.abovetopsecret.com...

Now, for the goodstuff. This money bundler for Obama is also a financial backer for Solyndra.

Is this cronie capitalism coming from the progressive left??


Top Obama bundler George Kaiser made multiple visits to the White House in the months before the company was granted a $535 million loan from the government.
iWatch News reported, via Free Republic:

The i Watch News investigation confirmed that at least 18 other bundlers have ties to businesses poised to profit from the president’s political agenda, through stimulus money, government contracts, or other spending to promote clean energy technology or green development.

Oklahoma billionaire investor George Kaiser is one. A longtime Democratic donor, he is a big financial backer of a company that in March of 2009 won a $535 million loan guarantee [19] from DOE for a solar plant in Silicon Valley. He had multiple visits to the White House in the months before he was awarded the contract. Kaiser has not responded to interview requests from iWatch News.

This doesn’t look very good considering it was widely known that Solyndra was in deep economic trouble in 2010 and had negative cash flows since its inception.

Kaiser says he did not use political influence or talk to administration officials about a massive government loan to Solyndra.


biggovernment.com... e-to-solyndra/#more-324896

Based on this company's past performance and status at the time it received this loan, this looks again to be a bailout and not an investment in a viable and healthy company. Just like GM and Chrysler and Fannie and Freddie. So, who took the money and ran?
edit on 5-9-2011 by jibeho because: (no reason given)

edit on 5-9-2011 by jibeho because: (no reason given)




posted on Sep, 5 2011 @ 07:38 AM
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reply to post by jibeho
 


So... A promising technology from a company that was having issues getting going. Said promising energy had a large loan to try and get it going, and it floundered.

Aside from the fact there are probably 40 threads on this so far, as well as a lot of normal MSM press coverage, there really is nothing news worthy about this.

It is unfortuneate they failed because that technology would be a very large benefit to the modern world. Unrotuneatly right wing zombies have demonized anything beneficial as "Socialist" or "Stupid tree hugger" or similar, and the laugh while things fall apart. Of course they then of course, blame the collapse on the groups and people who tried to help.

I am sure if anyone looked they would find many such situations from the left and right in regards to gambling on promising tech.

A perfect example of a similar terrible economic choice is Reagonomics. All it did was create a cancer that is eating the middle class. Soon there will be only the poor and mega wealthy.

I am sure you will blame them evil progressives then too.



posted on Sep, 5 2011 @ 08:24 AM
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reply to post by lordtyp0
 


Clearly you missed the point. But that's ok. I understand..


The i Watch News investigation confirmed that at least 18 other bundlers have ties to businesses poised to profit from the president’s political agenda, through stimulus money, government contracts, or other spending to promote clean energy technology or green development.



posted on Sep, 5 2011 @ 09:28 AM
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Originally posted by jibeho
Based on this company's past performance and status at the time it received this loan, this looks again to be a bailout and not an investment in a viable and healthy company. Just like GM and Chrysler and Fannie and Freddie. So, who took the money and ran?
edit on 5-9-2011 by jibeho because: (no reason given)


While I agree with you that the stimulus, or the American Recovery and Reinvestment Act (ARRA), was largely a failure and a waste of money, nobody took the money and ran.

The money was used to build a new plant and increase the number of employees. It was intended to stimulate the economy. However, as is the case with almost all of the hundreds of billions of dollars given in the stimulus, it only stimulated the economy while the money was there. ARRA is ending and so is the stimulus to the economy. They've laid off employees and shut their new facility because apparently the market was not able to sustain them.... basic economics at work. It's kind of like a bottle that has a hole in the top half. As long as you are adding water to the bottle it holds water above the hole... once you stop adding water, the water line goes to just below the hole.

The stimulus was an ABJECT FAILURE as we all knew it would be.

ETA: The only areas of "investment" in the stimulus were government programs and cronyism... This bundler dude was obviously in the cronyism category.
edit on 5/9/2011 by Iamonlyhuman because: (no reason given)
extra DIV



posted on Sep, 5 2011 @ 09:30 AM
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obama is a 90's republican

deal with it



posted on Sep, 5 2011 @ 09:31 AM
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Look to me like another bailout from the tax payer to satisfy political backers, that is what our tax payer money has done, bailing out bad investments and preserving the wealth of the few.

Way to go Obama,

Now were is the bailout to the American hard worker tax payer, we are still waiting.



posted on Sep, 5 2011 @ 09:42 AM
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Will the Eric Holder Justice Department; or the Labor, or Commerce Departments or possibly Congress (I know...I crack myself up sometimes too...) Investigate just where oh where $535mil disappeared to in ONE year?

Negative cash flow to start, ok...so WHO initially invested (a possible Obot donor!?!) Got bailed out by the largesse of the US taxpayer for their risk in 'green energy?'

This stinks. Just because the cookie jar is 'eco friendly' doesn't mean that the hands in there shouldn't get smacked hard. On Thursday nigh, will Obama praise MORE green start ups that need (wink, wink) 'federal funding.'



posted on Sep, 5 2011 @ 10:13 AM
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Originally posted by Glinda
Will the Eric Holder Justice Department; or the Labor, or Commerce Departments or possibly Congress (I know...I crack myself up sometimes too...) Investigate just where oh where $535mil disappeared to in ONE year?

Negative cash flow to start, ok...so WHO initially invested (a possible Obot donor!?!) Got bailed out by the largesse of the US taxpayer for their risk in 'green energy?'

This stinks. Just because the cookie jar is 'eco friendly' doesn't mean that the hands in there shouldn't get smacked hard. On Thursday nigh, will Obama praise MORE green start ups that need (wink, wink) 'federal funding.'



ONE year? We do agree that the stimulus was horrible to do but don't make this any more nefarious than it is... LIVE: Solyndra Breaks Ground on New Plant, Details $535M DOE Project

Do a little research before you unleash your indignation... there are many, many examples just like this one to be indignant about. Nothing illegal here, just your Congress at work.

edit on 5/9/2011 by Iamonlyhuman because: (no reason given)



posted on Sep, 5 2011 @ 07:41 PM
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I'm surprised that anyone would choose to refute an allegation that "Obama" would reward those who support him.
I'd be more troubled by anyone who claimed this was "new" to American politics.



posted on Sep, 6 2011 @ 09:33 AM
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Originally posted by Iamonlyhuman

Originally posted by Glinda
Will the Eric Holder Justice Department; or the Labor, or Commerce Departments or possibly Congress (I know...I crack myself up sometimes too...) Investigate just where oh where $535mil disappeared to in ONE year?

Negative cash flow to start, ok...so WHO initially invested (a possible Obot donor!?!) Got bailed out by the largesse of the US taxpayer for their risk in 'green energy?'

This stinks. Just because the cookie jar is 'eco friendly' doesn't mean that the hands in there shouldn't get smacked hard. On Thursday nigh, will Obama praise MORE green start ups that need (wink, wink) 'federal funding.'



ONE year? We do agree that the stimulus was horrible to do but don't make this any more nefarious than it is... LIVE: Solyndra Breaks Ground on New Plant, Details $535M DOE Project

Do a little research before you unleash your indignation... there are many, many examples just like this one to be indignant about. Nothing illegal here, just your Congress at work.

edit on 5/9/2011 by Iamonlyhuman because: (no reason given)


A little quick research into Solyndra's history and you will find that they were not a healthy company prior to receiving this $530 million loan. Their technology is very expensive and very risky to investors. To the point of a failed IPO attempt. Not enough interest.

This is from 2008 for a little history which leads me to believe that this loan was nefarious in nature as were the investments made backers into this not so sound company just prior to receiving the loan. They knew something was afoot or they would have invested back when the IPO was made. Guess what? Goldman Sachs was the even the lead bank in on the deals


Solyndra, the secretive developer of copper indium gallium selenide (CIGS) solar cells, is trying to raise $350 million in an effort to get into mass production, but the deal is causing some in Silicon Valley to shiver.

The Fremont-based company, which raised $79 million in venture funds in 2007, wants the money to build a 420-megawatt solar plant, according to sources and documents reviewed by Greentech Media. Under the deal, Goldman Sachs, the lead bank on the deal, is trying to sell $120 million of convertible securities to existing investors and $230 million to newcomers. The convertible securities could be converted to Solyndra shares in the event of an IPO.

Assuming an IPO can be pulled off, the owners of the securities would get Solyndra stock at a discount of the IPO price. If Solyndra eventually sells shares at $10, for instance, investors holding the convertible securities would be able to get shares for $8 dollars. The exact discount isn’t specified in the document, but sources say Goldman is telling investors that they will get a discount of 20 percent.

www.greentechmedia.com...
www.greentechmedia.com...

Fast forward to November 2010

Solyndra's problems have been well documented by my colleague Eric Wesoff and others on this site. (See these 2008 stories for more background.)The company makes an unusual solar cell that costs far more than traditional crystalline solar cells. Solyndra's average sale price is around $3.24 a watt and the company has been selling panels at a loss. Crystalline silicon solar panels sell for $1.95 or less a watt and companies can sell them for a profit. Although Solyndra can argue that its modules are cheaper to install, the modules only makes sense economically in a few corner-case scenarios. A private letter ruling from the IRS says that building owners can deduct the cost of a new roof in some circumstances when putting in a Solyndra system, but it only applies in some cases. Performance reviews weren't promising.

Why has Solyndra done so well in fundraising? Some of it has to do with circumstances. Solyndra actually applied for DOE loans back in 2006, when Bush was still President. When Obama announced that he wanted to rev the energy economy, Solyndra happened to be first in line. Investors were also intrigued by the novel tubular module. A tube, potentially, can harvest sun for more hours each day. The design, at a minimum, gave them some assurance that they weren't investing in a me-too panel. But, at each juncture, instead of pulling out and pulling the plug, investors doubled down.


This is Key. Again from November 2010

What happens next? We know what the solar industry thinks. Solyndra will collapse is the general opinion. But it still has a single factory. In some long-shot scenario, something good could, maybe, one day, come out of this.

www.greentechmedia.com...



posted on Sep, 6 2011 @ 02:59 PM
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In a separate thread about the US govt. suing many banks over misrepresenting the quality of the mortgages they sold during the housing bubble, I mentioned that maybe we, the taxpayers, should sue Nancy Pelosi, Pres. Obama, Henry Paulson, Bush, and others who misrepresented the quality of so many of the companies and institutions they forcefully sold us into, Solyndra clearly being one of them.

And I said in a thread related to this very issue that maybe what the government should do, if anything at all, is invest in transmission infrastructure and not the private companies themselves, especially when so much of the money goes overseas to China, as in the wind industry, where 8 in 10 US tax stimulus dollars went to China to manufacture parts for turbines and what not. Now, what I mean by transmission infrastructure is the internal infrastructure/architecture needed to take the power generated by wind farms in Texas and transmit it to other states and regions, with the same principle at work when it comes to Solar.

This would really be no different than what the government did with telephone lines and the internet, and I believe that turned out to be a better system of investment for the most part (I think states and local governments have actually seen a return).



posted on Sep, 6 2011 @ 08:51 PM
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twitter posted that solyndra just filed bankruptcy.
watching for more...



posted on Sep, 6 2011 @ 09:35 PM
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The signs were there and this company still received stimulus funds? Some vetting process. Solar panels are not a "great" idea they are part of the green jobs myth. The technology is not there yet to make them cost effective. I am still waiting for people to figure out how bad the electric cars are now. The consumer market does not exist and the current grid cannot support them in any quanity. Not to mention it would create a whole new way to tax us for their use if fossil fuels are taken out. Cause and effect tends to be forgotten by the environmental crowd.



posted on Sep, 6 2011 @ 10:58 PM
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Originally posted by hangedman13
The signs were there and this company still received stimulus funds? Some vetting process. Solar panels are not a "great" idea they are part of the green jobs myth. The technology is not there yet to make them cost effective. I am still waiting for people to figure out how bad the electric cars are now. The consumer market does not exist and the current grid cannot support them in any quanity. Not to mention it would create a whole new way to tax us for their use if fossil fuels are taken out. Cause and effect tends to be forgotten by the environmental crowd.


Great post! You touched on something that so many of these pro-big-government greenie types fail to see -- if you take fossil fuels out of the equation, that's loads of tax revenue government budgets depend on taken totally out of the picture. To illustrate, there's a joke about the gas tax which says the politicians make more profit than the actual oil companies. Whether this is precisely true or not I do not know, but I'm sure there's a little bit of truth to it. The main point being made is that the gas tax equals a huge chunk of revenue that state and local governments will miss out on if the gas is no longer there to tax.

Is this necessarily a bad thing? If you're for smaller government like I am, then not so much, but to those who love for big government to come in and save the day all the time then it's kind of an issue that needs to be addressed.



posted on Sep, 8 2011 @ 03:58 PM
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More developments covered in a new thread. www.abovetopsecret.com...

This case is just getting better. Hope the FBI keeps the appropriate records in the right box??



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