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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.
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.
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
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.'
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)
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.
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.
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.
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.