Solyndra e-mails: Dept. of Energy was poised to approve $469 million for firm

OK. Something new with the passing of each day. So another $469 million was up for grabs in addition to the $535million already given to Solyndra. The independent investigators need to dig deep and dig fast.

The Obama administration’s Department of Energy was poised last summer to give Solyndra a second major taxpayer loan of $469 million, even as the company’s financial situation was growing more dire.

The Energy Department was actively pushing to provide the second loan guarantee to the troubled solar-panel manufacturer in April and May 2010, when Solyndra’s auditors warned the company was in danger of closing due to its rapidly mounting debts and expenses, according to complete e-mails just released by a House committee investigating the original loan.

DOE analysts even joked about the prospect of another loan to a company that literally burned through nearly $1billion in private capital and half a billion in govt. funds. WOW! Glad they decided to table the second loan

“Possible to close and default on one before closing on a second??? Could be a new record.”

How many people were asleep at the wheel and for how long?

www.washingtonpost.com... d=z2

for crying outloud the sure do love to reward failures

hell it aint their money never did meet a loser they didnt like this current administration

especially when they are "green" and thats what they meant by green jobs

throwing good money after bad.

i swear the stupidity never ends.

Ahh good old scandal #2!! This mess is the egg on the face of Obama's green energy gambit. I look at this as a example of how Obama and his team know squat about economics. I mean were robots who whistled really needed at a factory??? This money was thrown to a political donor, not being used to stimulate the overall economy. From the start Solyndra was a losing proposition and what did we as tax payers get out of it? A nice new facility for Obama to go make a speech at, that is now closing A bad business needs to fail, not be propped up by the government. At least the auto bail outs made some sense. We would have lost a huge part of our manufacturing capability that can be used for more then just building cars. Solyndra was a new and single purpose facility. No other real use other then the solar panels. Lets hear it for team O's economic policies!!!!

reply to post by jibeho


Almost a billion dollars spent investing in clean, renewable energy sources? Insanity! We spend that much in what, two days in Iraq?

If he invested in a corporate jet corporation or a limousine production company, I wouldn't be too happy. But seriously, I am completely baffled that people are so outraged at Obama for investing in solar panels.

What could he have possibly spent that money on that could be more beneficial for society? Is there anything better to spend taxpayer money on than clean, renewable energy? Aside from putting that money directly in the pockets of every American, I really don't see how he could have used it in a wiser fashion.

It didn't work out....that sucks. I would rather have a president that at least pursues clean energy than some mindless s*** for brains who wants to keep sucking oil from the ground and screwing up our planet with oil spills, pollution, fracking, and whatever other negative impacts that has on the environment.

I would be more than happy to spend a billion dollars each week pursuing clean energy. It's better than spending it on our endless, trillion dollar wars.

It's not about Obama investing in solar panels, its about what he and his cronies knew before he sunk cash into that failing company.

He should be led out of the WH in handcuffs.

Originally posted by TupacShakur
reply to post by jibeho

 

...But seriously, I am completely baffled that people are so outraged at Obama for investing in solar panels....

First of all, it's none of their damn business. Secondly, he has never pretended to have a clue how business works so what makes him an authority? Third, all the people around him that DO know anything about business knew this was a BAD deal but the illustrious one did it anyways...I wonder why?

What could he have possibly spent that money on that could be more beneficial for society? Is there anything better to spend taxpayer money on than clean, renewable energy? Aside from putting that money directly in the pockets of every American, I really don't see how he could have used it in a wiser fashion.

Again, this is none of their damn business! What's the matter with you? Do I like roads? Yes. But they all suck. Do I like education? Yes. Teaching is a noble profession but filling the heads of multiple generations with # ought to be a crime. Do I like the military? Yes. It's the only thing the government does right and it's because they stay out of the way. The function of government versus the actual reality of government has been so perverted that half the population is brain dead.

It didn't work out....that sucks. I would rather have a president that at least pursues clean energy than some mindless s*** for brains who wants to keep sucking oil from the ground and screwing up our planet with oil spills, pollution, fracking, and whatever other negative impacts that has on the environment.

Too bad you couldn't actually DO something, eh? Whatever negative impacts that have been consistently overblown by an ill-educated, agenda-driven media and populace.

I would be more than happy to spend a billion dollars each week pursuing clean energy. It's better than spending it on our endless, trillion dollar wars.

Thanking my lucky stars you can't.

thats hilarious

hey dude heres some business 101

if your spending 50 bucks to make something than you can only sell for 1 dollar

you lose your butt thats solyndra.

reply to post by jibeho


Confused on the "poised" thing? This was 16 months ago? and they denied the further funding?
So....what is the story? That the DOE refused Solyandra more money?

Originally posted by neo96

thats hilarious

hey dude heres some business 101

if your spending 50 bucks to make something than you can only sell for 1 dollar

you lose your butt thats solyndra.

Not if you can acquire Govt backed funding for $100, to cover the $50 (-$1) and then know that the business will default in a year or so, thus meaning that you don't have to pay it back.
You walk away with what, $50 scott free.

Notice that when Solyndra and Fast and the Furious start blowing up with damning and embarrassing evidence is perfectly timed to the media's new attention to the "occupy Wall Street" movement?

reply to post by Vikus


The spin machine is pulling out of all the stops as of late and they are just playing DUMB with Solyndra.

I love how Obama is covering for Holder in Fast and Furious. The man has the gall to say that he found about the case via CNN or something. No one can seem to get the story straight.

President Barack Obama said he heard about the botched federal gunrunning operation Fast and Furious “on the news” and related that point in a March 22 interview on CNN Espanol. At the White House today, Press Secretary Jay Carney, when asked about when Obama learned of the operation, first said it was during a press conference in El Salvador but later clarified to CNSNews.com that it was on the CNN program, which had aired that same day.....

At today’s White House briefing, Fox News’ Ed Henry asked about the topic.

Carney replied, “As he [Obama] said in public at a press conference, he heard when he read about it sometime earlier this year. The press conference was in El Salvador when he was on that trip. I don’t have a specific day.”

Carney told CNSNews.com after the briefing that Obama did not speak about it at the press conference, which was held on March 22 in El Salvador. The White House press office clarified that Obama spoke about the matter on CNN Espanol. Carney said he did not have an exact date or month when the president first read about it in the news.

Mass Confusion anyone
cnsnews.com...

The Obama administration’s Department of Energy was poised last summer to give Solyndra a second major taxpayer loan of $469 million, even as the company’s financial situation was growing more dire..

"poised" is not the correct word. They asked for a loan, and were told they wouldn't get it. "Poised" implies they were on the verge of receiving said loan. Nothing stated in the article corroborates that implication in the slightest.

dictionary.reference.com...

Originally posted by rabidrabbit

The Obama administration’s Department of Energy was poised last summer to give Solyndra a second major taxpayer loan of $469 million, even as the company’s financial situation was growing more dire..

"poised" is not the correct word. They asked for a loan, and were told they wouldn't get it. "Poised" implies they were on the verge of receiving said loan. Nothing stated in the article corroborates that implication in the slightest.

dictionary.reference.com...

I guess you didn't read the article. Nice semantics ploy though..

The department was still considering providing the second loan guarantee to the solar-panel manufacturer in April and May 2010, at a time when Solyndra’s auditors were already warning that the company was in danger of collapsin

That was April/May fast forward to October

The agency didn’t drop plans for a second loan until October 2010, an Energy Department spokesman has confirmed. That was the month Solyndra executives and investors first warned the government that the company faced the threat of liquidation without emergency cash.

Due Diligence had already begun when the lid was lifted on Solyndra's financial problems. Hence the plug was pulled

“In fact, the career staff at the department had only barely begun to do the due diligence that would have been required for a second loan,” LaVera said. “This application would have had to undergo many more months of analysis before being approved,” but that was rendered moot when the company reported severe financial problems.

Solyndra applied for a second loan days after receiving the first one in September 2009. The agency had put Solyndra’s request for a second loan guarantee on a fast-tracked priority list, two sources familiar with the company’s application told The Washington Post. The sources spoke on the condition of anonymity because the probes of the loan are ongoing.

You say Tomato I say Tomahdo and I also say poised. Thanks for the lesson

www.washingtonpost.com...
ETA:
I just wasted my time replying to a banned member/troll. Please add banned text next to banned members usernames.

edit on 7-10-2011 by jibeho because: (no reason given)