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Bombshell... Solyndra Loans Initiated By Gorge W. Bush, not Obama

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posted on Oct, 5 2011 @ 02:49 PM
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Press release for the
Department Of Energy
Thursday, October 4, 2007



DOE Announces Final Rule for Loan Guarantee Program
Invites 16 Pre-Applicants to Submit Applications for Federal Support of
Innovative Clean Energy Projects WASHINGTON, DC –

Secretary of Energy Samuel W. Bodman today announced that the Department of Energy
(DOE) has issued the final regulations for the loan guarantee program authorized by Title
XVII of the Energy Policy Act of 2005 (EPAct). DOE’s action today will pave the way for
federal support of clean energy projects using innovative technologies and will spur further
investment in these advanced energy technologies.

DOE also today invited 16 project sponsors, who submitted pre-applications last Fall,
to submit full applications for loan guarantees. These projects include advanced technologies
involving the uses of biomass, fossil energy, solar, industrial energy efficiency, electricity
delivery and energy reliability, hydrogen, and alternative fuel vehicles. Projects supported
by loan guarantees will help fulfill President Bush’s goal of reducing our reliance on imported
sources of energy by diversifying our nation’s energy mix and increasing energy efficiency.


SOLAR ENERGY PROJECTS
Luz II Nevada is the proposed location for this project, which plans to develop a highly efficient
large-scale power project using concentrated solar-thermal technology.


Solyndra, Inc. California is the proposed location for this project, which plans to manufacture
highly efficient thin-film photovoltaic modules.



www.ndia.org... ress%20release%2010%204%2007%20%282%29.pdf

Having past experience in the lending industry I would like to explain to you the reader,
that Due Diligence, the process of scrutinizing the prospect and structuring a loan is the
first part of the loan process. It is the first phase because the lender, in this case, the U.S
Government has to examine the finances, the business model, the specific business plan,
company best practices, the history of the company itself and even the background of the executives
taking possession of the loan. Upon completion of this process a tentative guarantee is issued,
this is so the company can begin to restructure and prepare for an influx of cash, whether
that means buying new equipment or expanding R&D in preparation for the inking of the final
deal, which could me an expansion of existing operations or a completely new market strategy.

What does this mean you ask?

This means, as a matter of standardized, highly regulated practices that Due Diligence
was initiated very early on in the process and probably before this Press Release was issued.
Releasing this sort of letter on intent, including Solyndra or any company, could have a huge
impact on the company business and output if the loan and expansion is nixed. It would create
a situation, much like pre- selling condos or homes; some people will sell a perfectly good
home anticipating the new home they are expecting.

What is the point of this?

There are huge legal ramifications, if a press release, such as thins one is reversed willy nilly, it could
destroy a business, it's client base and strategy for the future.

And???

The government is not going to release such a statement, opening themselves
up to such a clear cut legal vulnerability unless there has been a substantial course
of Due Diligence.

When you go and buy a new car the first thing that the seller does is a credit
check right?

You don't buy the car, sign the papers and the get a credit check,
correct?

Well that is what we are expected to believe, when forces in the Media state that
Solyndra is an act of abject corruption on behalf of the Obama administration.

If you the reader care about the truth, then the process of securing a loan is the most
important piece of technical understanding you can gain.

In the end, after Due Diligence is done, it is up to the lendee, as a matter of law,
to disclose any and all changes that have occurred to the business, i.e the health
of the business, a huge change in the business plan or corruption inside the business itself.
Since the lender has done their Due Diligence, their legal obligation has been met, this
process is not exotic, it is standardized.

So readers, look at the date on this press release, are you going to believe that the largest
government in the world is going to put themselves in an extremely weak legal position, by
releasing this information to the public, potentially damaging all the business's listed in this
press release,in turn opening up the government to massive liability and legal recourse???

Not hardly folks...

The governments investigation of this firm, their business and their actuals was done
years ago, during the Bush administration, likely before this press release was issued.
Now if further Due Diligence was requested, which is the right of the lender, that does
warrant investigation. But the presentation of this story and the complete disregard to
the process which is ultimately in question, is not some nefarious plot hatched by Obama,
Obama was not the president at the time and this document establishes when the Government
did the bulk of their investigation into Solyndra, again Obama was not even a
presidential candidate during this time.

Please employ your own deductive reasoning

en.wikipedia.org...



"Due diligence" is a term used for a number of concepts involving either an investigation
of a business or person prior to signing a contract, or an act with a certain standard of care. It can
be a legal obligation, but the term will more commonly apply to voluntary investigations. A common
example of due diligence in various industries is the process through which a potential acquirer
evaluates a target company or its assets for acquisition."


It is my conclusion that this is yet another political witch hunt contrived and stoked by
Fox News to better the prospects or their candidates in 2012. No different than the birth
certificate controversy, "Solyndra" is modern age propaganda based upon low hanging fruit,
where basic process is omitted, to give a false impression, built of false implications. It is a
discussing practice built of manipulation and contempt for the truth...

George W. Bush was president at the time this company was scrutinized, not Obama

(if this is in the wrong section feel free to move)


edit on 10/5/2011 by tothetenthpower because: Mod Edit: All Caps – Please Review This Link.
edit on 5-10-2011 by mastahunta because: (no reason given)

edit on 5-10-2011 by mastahunta because: (no reason given)
extra DIV




posted on Oct, 5 2011 @ 02:51 PM
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It does not matter. Both Presidents are bloody criminals, and both signed off on these loans to a company that was clearly on its way into the tank.

We know that Obama signed off because his pockets were being lined to do so.

Its time to start holding this piece of garbage accountable. Since he didn't want to take the last administration to task for their crimes, he will have to face the wrath of the people.

You reap what you sow.



posted on Oct, 5 2011 @ 02:51 PM
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But... but... but....

It's all Obama's fault!!!!



posted on Oct, 5 2011 @ 02:55 PM
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This certainly is political kabuki played out upon very low hanging fruit but the facts on the ground confirm that while the loan request was field under the Bush DOE, they rejected the loan application and wanted more justification for it. The Obama administration dismissed the objections of the DOE functionaries who evaluate loan guarantees and ordered them to approve it.

Its really as simple as that.



posted on Oct, 5 2011 @ 03:11 PM
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Please straighten me out. I had thought that the loan had been marked "Do Not Approve," or its equivalent, before Bush left office.


"By the time the Obama administration took office in late January 2009, the loan programs' staff had already established a goal of, and timeline for, issuing the company a conditional loan guarantee commitment in March 2009," said Jonathan Silver, who heads the Energy loan program.

Republicans pushed back hard against this version of events, unearthing internal Energy Department emails that indicate the panel evaluating the loans had made the unanimous decision to shelve Solyndra's application two weeks before Obama took office.

Blaming the failed loan on the Bush administration marked an abrupt turn for the Energy Department, which had championed the Solyndra loan as a model for its efforts to build a so-called "green energy" industry that creates jobs and safeguards the environment. The Solyndra loan was so central to this strategy that the administration initially planned to have Obama personally announce it, and later sent the president to the company's solar panel manufacturing facility in Fremont, California to celebrate its work.


Solyndra loan

If true, this one isn't Bush's fault. And it seems strange that this approach (it was Bush's fault) is just popping up now.



posted on Oct, 5 2011 @ 03:14 PM
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reply to post by mastahunta
 


The officials in Bush's administration pulled the plug on Solyndra for all of the reasons that we are now discovering. You are a day late and a dollar short with your earth shattering post. Obama's administration picked up the Solyndra Turd, polished it, gave it money and then wanted to give it another $469 million in loans despite the writing on the wall indicating major trouble ahead for Solyndra. That second loan was never approved. Fortunately.

Read up
www.abovetopsecret.com...

It's complicated... Solyndra spent millions on lobbyists throughout the process and afterwards. They were the only green business in the loan program to spend such money. Not to mention the political ties connecting them to this Administration. Plenty of threads around ATS that go into greater detail. Just search under Solyndra.



posted on Oct, 5 2011 @ 03:15 PM
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reply to post by charles1952
 


You are correct!!



posted on Oct, 5 2011 @ 03:17 PM
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Originally posted by SirMike
This certainly is political kabuki played out upon very low hanging fruit but the facts on the ground confirm that while the loan request was field under the Bush DOE, they rejected the loan application and wanted more justification for it. The Obama administration dismissed the objections of the DOE functionaries who evaluate loan guarantees and ordered them to approve it.

Its really as simple as that.


This.

Sometimes you just have to pay attention.



posted on Oct, 5 2011 @ 03:18 PM
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WASHINGTON -- President Barack Obama said Monday he has no regrets about granting a $528 million federal loan to Solyndra Inc., arguing it wasn't possible for the Department of Energy's loan-guarantee program to back winners every time


www.huffingtonpost.com...

obama owns solyndra clear as a bell didnt see bush using solyndra as a prop saying lookie here is the future

future without a cause or clue.



posted on Oct, 5 2011 @ 03:21 PM
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Originally posted by charles1952
Please straighten me out. I had thought that the loan had been marked "Do Not Approve," or its equivalent, before Bush left office.


"By the time the Obama administration took office in late January 2009, the loan programs' staff had already established a goal of, and timeline for, issuing the company a conditional loan guarantee commitment in March 2009," said Jonathan Silver, who heads the Energy loan program.

Republicans pushed back hard against this version of events, unearthing internal Energy Department emails that indicate the panel evaluating the loans had made the unanimous decision to shelve Solyndra's application two weeks before Obama took office.

Blaming the failed loan on the Bush administration marked an abrupt turn for the Energy Department, which had championed the Solyndra loan as a model for its efforts to build a so-called "green energy" industry that creates jobs and safeguards the environment. The Solyndra loan was so central to this strategy that the administration initially planned to have Obama personally announce it, and later sent the president to the company's solar panel manufacturing facility in Fremont, California to celebrate its work.


Solyndra loan

If true, this one isn't Bush's fault. And it seems strange that this approach (it was Bush's fault) is just popping up now.



Dude you can't just come onto a Bush bashing thread and supply the true context and facts. Can't, can't, can not! It is hard work cutting and pasting around the truth in an article and you should show more respect.

edit on 10/5/2011 by howmuch4another because: Sarcasm!!



posted on Oct, 5 2011 @ 03:23 PM
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I also get the "Devilcrats" talking point emails... on today's list... "Solyndra is Dubya's fault" (even though he turned it down)... "Fast and Furious is Dubya's fault" (it all started with "Operation Wide Receiver")... and last but not least... the Republicans are "holding up the jobs bill" so all good little IslamoCommuFascist (like Van Jones' "OWS" crowd) should harass and harangue Republicans until it's brought up for a vote (even though it's Democratic Senate Leader Harry Reid blocking it)...

Since they're all EPIC FAILS... prepare for the race card to be tossed in 3... 2... 1...



posted on Oct, 5 2011 @ 03:25 PM
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The loan application requirements were much more stringent in the Bush Administration, that's why Solyndra didn't secure a loan..


www.renewableenergyfocus.com...


Energy Secretary Steven Chu announced in early August the latest renewable loan guarantee solicitation, where US$8.5 billion in credit subsidies would support about US$30 billion in loan guarantees. In an effort to make it easier for DOE to approve applications, Chu made some changes to Bush era guidelines, such as deleting the requirement that the DOE hold a first priority lien on all project assets and allowing the secretary of DOE the determination of an appropriate collateral package, as well as intercreditor arrangements.



If I am correct, the first priority lien elimination is why the US taxpayer will never recoup any of the half billion..

Secretary Chu also decided to make the application easier, and Speed up the process...


www.washingtonpost.com...

Chu has vowed to streamline the approval process and reduce the amount of application materials required. Some applications have run more than 1,000 pages, but Chu has said they should not need to run more than 50. "I'm trying to scale the timeline down from several years to four months," Chu said at an energy conference hosted by The Washington Post. "We really think we can accelerate the process."



The current administration seemed proud of itself for doing what the previous administration could not?



www.rechargenews.com...
The conditional offer of the loan guarantee to Solyndra was announced in March. A handful of other renewable energy companies have also received conditional offers from the loan guarantee program (LGP) as Energy Secretary Steven Chu sought to resurrect a federal support that languished under the Bush Administration.
This marks the first completed financing under the LGP, which was expanded through Barrack Obama’s American Recovery and Reinvestment Act, and it’s a big one. Solyndra will use the funding, plus an additional $198m in private money, to build a new manufacturing facility that will employ 1,000 people in Fremont, California, plus 3,000 more during construction.
Vice President Joe Biden, announcing the milestone Friday, states: “This announcement today is part of the unprecedented investment this Administration is making in renewable energy and exactly what the Recovery Act is all about. By investing in the infrastructure and technology of the future, we are not only creating jobs today, but laying the foundation for long-term growth in the 21st-century economy.”
Chu calls it “part of a broad, aggressive effort to spark a new industrial revolution that will put Americans to work, end our dependence on foreign oil and cut carbon pollution”.



It does appear that the policy changes implemented by the Obama administration are to blame..



posted on Oct, 5 2011 @ 03:26 PM
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Obama was warned by investors and donors NOT to visit Solyndra. The warnings were ignored and Obama traveled just days later to give his famous Solyndra loan endorsement.


“A number of us are concerned that the president is visiting Solyndra… Many of us believe the company’s cost structure will make it difficult for them to survive long term. . . . I just want to help protect the president from anything that could result in negative or unfair press.”


He should have taken their advice. That message was sent directly to Obama's closest adviser, Valerie Jarrett.


“If it’s too late to change/postpone the meeting, the president should be careful about unrealistic/optimistic forecasts that could haunt him in the next 18 months if Solyndra hits the wall, files for bankruptcy, etc.”


Solyndra certainly hit the wall as predicted by all of the experts involved. Yet, they were ignored.

So far investigations have revealed the following

Solyndra violated the terms of the original loan, but still received more money from DOE
DOE re-structured the Solyndra loan to allow investors to get paid back before tax-payers (allegedly violating federal law)
A Solyndra investor said the goal of the DOE loans was to lend credibility to the firm so it could “cash out” by going public
Obama’s top economic advisers warned him that Solyndra and “green technology” in general was a risky investment and the White House should not tie federal stimulus money to individual companies, but to a broad market instead.


And most recently the attempt to Loan Solyndra another $469 million in guaranteed funds.

biggovernment.com...



posted on Oct, 5 2011 @ 03:26 PM
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I guess Bush had an extra $400m+ ready to go to?

Here!

Maybe you should re-title this piece, "Dud"?



posted on Oct, 5 2011 @ 03:28 PM
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reply to post by JacKatMtn
 


The biggest crime was subordinating the interest of the American Taxpayer behind an Obama corporate donor in the event of default.



posted on Oct, 5 2011 @ 03:28 PM
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Originally posted by SwissMarked
I also get the "Devilcrats" talking point emails... on today's list... "Solyndra is Dubya's fault" (even though he turned it down)... "Fast and Furious is Dubya's fault" (it all started with "Operation Wide Receiver")... and last but not least... the Republicans are "holding up the jobs bill" so all good little IslamoCommuFascist (like Van Jones' "OWS" crowd) should harass and harangue Republicans until it's brought up for a vote (even though it's Democratic Senate Leader Harry Reid blocking it)...

Since they're all EPIC FAILS... prepare for the race card to be tossed in 3... 2... 1...


Gotta love those Daily TPM's You should start a serial thread updating the memos everyday. I would love to read it!!! as it would provide an instant source check for all of the daily muck that turns up on schedule around here everyday.



posted on Oct, 5 2011 @ 03:30 PM
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don't get me wrong, bush was bad news, but obama and the "blame everything on bush" train needs to stop. its getting ridiculous.

or maybe i just think that because i hate black people
*sarcasm*

edit on 5-10-2011 by Bob Sholtz because: (no reason given)



posted on Oct, 5 2011 @ 03:34 PM
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reply to post by mastahunta
[m ore]

This is suppose to be a bomb shell? Why do you think people are so upset about Obama is simply more Bush as time has proven. Why do you think people are in an uproar? Why do you think people are sick and tired of being sick and tired of the politicians. Obama scammed everyone with his big talk and big promises. Obama was the last hope the US citizens had to stop all of this Bankster and NWO crowd. Obama has been just more of the same. Why do you thinkl people are in the streets? This isn't Democrate. This isn't republican. This them and us.It was Bush Jr that made the statement that if your not for us then you are against us. He drew the line in the sand. He is right everyone no matter the politics, no matter the reliogion, no matter the color. You are either for the Globalists or your for the 99% there is no in between. They drew the line its time to get off the fence.



posted on Oct, 5 2011 @ 03:38 PM
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reply to post by howmuch4another
 


That may or may not be true.. but there's no doubting the facts of how this whole thing went down in regards to fast tracking taxpayer money out the door with unsound policy changes implemented by Chu..

Here's another loan recipient having troubles..


‘Green jobs’ farm in Colorado sheds jobs after receiving $200M in stimulus funds

President Barack Obama’s “green jobs” initiatives suffered another major blow late Monday, as the nonprofit National Renewable Energy Lab in Golden, Colorado, announced a plan to lay off roughly 10 percent of its staff through a voluntary buy-out plan.

According to the Denver Post, the lab plans to eliminate between 100 and 150 of its 1,350 jobs. The Obama administration supported the NREL in 2009 with roughly $200 million in stimulus grants. Energy Secretary Stephen Chu visited Golden in May 2009 to promote the NREL as a beneficiary of those funds...

...Oliver told TheDC that ordinary jobs with peripheral connections to “renewable energy” are frequently misclassified as “green jobs” in Colorado. With Democratic Gov. Bill Ritter in charge, a strong environmental lobby using local, state and federal government to protect its interests, and news media unwilling to push for answers, Oliver said progressive causes have abused taxpayer dollars at institutions like NREL for years.

Because NREL is technically a private non-profit organization, and not a governmental agency, its financial and operational records aren’t public records. The lab is also exempt from compliance with the Freedom of Information Act and state and local open-records laws...


:shk:



posted on Oct, 5 2011 @ 03:43 PM
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Originally posted by JacKatMtn
reply to post by howmuch4another
 


That may or may not be true..


Oh it's true my friend...


Under terms of the February loan restructuring, two private investors — Argonaut Ventures I LLC and Madrone Partners LP — stand to be repaid before the U.S. government if the solar company is liquidated. The two firms gave the company a total of $69 million in emergency loans. Argonaut is an investment vehicle of the George Kaiser Family Foundation — headed by billionaire George Kaiser, a major Obama campaign contributor and a frequent visitor to the White House. Kaiser raised between $50,000 and $100,000 for Obama’s 2008 campaign, federal election records show.


www.suntimes.com...

Stinky...and this is from his hometown rag.




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