House to Hold Hearing Wed. on Obama Admin’s Connection to Failed Solar Company
- Posted on September 14, 2011 at 9:15am by
Jonathon M. Seidl
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WASHINGTON (The Blaze/AP) — Leaders of a House subcommittee want to make the Obama administration answer for putting taxpayers on the hook for a half-billion-dollar loan to a now-bankrupt solar panel manufacturer.
(Earlier: Massive Taxpayer-Backed Solar Company Goes Bankrupt)
(Related: FBI Raids Vacant Offices of Defunct Taxpayer-Funded Solar Company)
A hearing Wednesday will examine what went wrong with Solyndra Inc., which received a federal loan of nearly $528 million and recently filed for bankruptcy. GOP leaders of the subcommittee describe the loan as a “half-billion bust” that raises red flags about the administration’s efforts to generate more jobs in the renewable energy sector.
“It is not the role of government to pick winners and losers in the market,” said Republican Reps. Fred Upton of Michigan and Cliff Stearns of Florida, in a joint statement. Upton is chairman of the House Energy and Commerce Committee, while Stearns oversees the committee’s investigations and oversight panel.
The investigation is even more timely considering ABC News has uncovered White House e-mails that show the loan wasn’t a slam dunk:
Newly uncovered emails show the White House closely monitored the Energy Department’s deliberations over a $535 million government loan to Solyndra, the politically-connected solar energy firm that recently went bankrupt and is now the subject of a criminal investigation.
The company‘s solar panel factory was heralded as a centerpiece of the president’s green energy plan — billed as a way to jump start a promising new industry. And internal emails uncovered by investigators for the House Energy and Commerce Committee that were shared exclusively with ABC News show the Obama administration was keenly monitoring the progress of the loan, even as analysts were voicing serious concerns about the risk involved. “This deal is NOT ready for prime time,” one White House budget analyst wrote in a March 10, 2009 email, nine days before the administration formally announced the loan.
“If you guys think this is a bad idea, I need to unwind the W[est] W[ing] QUICKLY,” wrote Ronald A. Klain, who was chief of staff to Vice President Joe Biden, in another email sent March 7, 2009. The “West Wing” is the portion of the White House complex that holds the offices of the president and his top staffers. Klain declined comment to ABC News.
The subcommittee has been investigating Solyndra for nearly six months. They‘ve questioned whether the Energy Department and the White House conducted a proper review of Solyndra’s application for a loan guarantee. They‘ve also asserted that politics may have played a role in approving the loan guarantee by pointing out that investors in Solyndra had helped raise money for President Barack Obama’s 2008 campaign.
The panel plans to hear on Wednesday from officials with the Energy Department and the White House Office of Management and Budget, which played the central roles in approving the loan guarantee. The guarantee essentially works as an insurance policy that covers a company’s debt obligation in the event of default. In many cases, the loans come from private banks, but in Solyndra’s case, the financing came from the federal government itself.
Administration officials have noted that a loan guarantee for Solyndra was also sought by the Bush administration and that private investors put more than $1 billion into the company.
Two executives with Solyndra Inc. were also asked to testify Wednesday but are now expected to appear voluntarily next week instead. They are Brian Harrison, the company’s president and chief executive officer, and W.G. Stover Jr., a senior vice president and chief financial officer.
A Solyndra spokesman, David Miller, said numerous factors played a role in the delay, including “legal complexities arising from last week’s activities and the urgency of bankruptcy proceedings.”
“It is in the best interest of all interested parties for them to remain in California to engage with potential purchasers,” Miller said.
A news release from the Energy and Commerce Committee said lawmakers have been assured of the pair’s appearance next week. Miller said the company was in contact with committee staff and was working with them on a future date.
The $862 stimulus bill that Congress passed in early 2009 included money for the loan guarantee program. GOP lawmakers are also using the company’s collapse to attack economic stimulus legislation in general.
Lawmakers say Solyndra misrepresented the company’s viability when company officials visited Capitol Hill in July. While company officials painted a picture of improving finances, the company was preparing to restate financial statements projecting reduced revenues, according to staff with the Energy Department’s loans program.
Solyndra was heralded as one of the nation’s bright spots of green technology innovation, creating a solar tube of sorts that could soak up sunlight from many angles, producing energy more efficiently and using less space. The company’s panels were also light and easy to install, which was meant to save upfront costs.
But over the past few years, other companies caught up and provided similar products at a lower cost.
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Comments (166)
WASTEDROCKRANGER
Posted on September 14, 2011 at 9:41amNaw, the untested, untried, inexperienced, and naive junior senator from Illinois could have never become ingrained in the corrupt Chicago political machine… and would never bring that same corruption to our beloved White House… would he?
[for those of you who skim and don't read- that's sarcasm]
Report Post »turkey13
Posted on September 14, 2011 at 9:55amFor anything to come from these hearings someone has to give up the presidents secret bank account. It will never happen – kinda like charley rangels hearing and nothing out of the 102 million $$$ that maxiene waters husbands bank got.
Report Post »junkmaninohio
Posted on September 14, 2011 at 10:05amYeah, it’s the money laundering scheme of the century with huge kickbacks to Obama. Problem is there is no real ruling authority in place that can obtain the evidence to convict this Chicago thug. Obama knows he‘s a one term guy so he’s stealing as much as he can while he can.
Report Post »IntheKnowOG
Posted on September 14, 2011 at 10:07amYou are a big fat racist for saying that……. (sarc)
Report Post »Sleazy Hippo
Posted on September 14, 2011 at 10:16amIf the Government is going to play like venture capitalists, they need to accept that not everything is profitable. Just like real businessmen and women know, you win some, you lose some. And amateurs take on the most risk – which means they have the greatest wins/losses.
Report Post »BOUGHT YOUR SILO YET?
Posted on September 14, 2011 at 10:41amDon’t worry, finances are great. Really, they are! We don’t have anyone buying our products, but otherwise, finances are great.
In the words of my generation, “Isn’t this special.”
So, I am a bank now. Who’d a thunk it! Never mind the fact that I took a $50K loss on the only capital I had- my house. Never mind the fact that my husband has been laid off twice in two years. Never mind the fact that we lost our entire savings because of layoffs.
It astounds me that no one will pay for this (and I mean by going to jail).
Report Post »kreese
Posted on September 14, 2011 at 11:02amHell yes, he brought the “Chicago Way” to the White House, but on a level that any mobster could dream about.
Report Post »hud
Posted on September 14, 2011 at 11:23amLittle o’s pay check and retirement should be docked for the entire amount til the day of his death.
Report Post »oneshiner
Posted on September 14, 2011 at 11:36amObama has been scamming the United States from day one, this is corruption at it‘s finest and our law makers need the balz to confront him and impeach him for the nasty work he’s done to us in only 3 years and then we wonder why we’re out of money and have NO JOBS. He’s planning it that way. This is what he wants with his corrupt buddies who keep visiting him in WH.
Someone please tell that Wasserman-Schultz biotch she as bad as Obama with stupidity or intended, to bring this country to it’s knees. Get rid of this unbelievably blatant corrupt marxis living in the WH.
I’ve had enough of this person to last my lifetime. Keep blasting Bush who, by the way, is more idolized by the public than he used to be, because Bush was at least HONEST in his & CONGRESS’s decisions, with all the intelligence information to make a decision that was good & bad. I‘d rather be safe from WMD’s than sorry because you couldn’t believe or act on the intelligence we get. The press at that time showed all the trucks moving something out of the Country, we saw it for days.
Report Post »Ben__Franklin
Posted on September 14, 2011 at 11:43amCome now Sleazy or should I say Encinom. When the Government invests in the private sector companies which constitutionally is a no no, it plays with our Tax Dollars. Its no different than me robbing you of thousands and playing with it in the Stock Market just before 2008. When it went bust, I can look you in the face and say “My Bad, so sorry for you”. You see Sleazy you have no way to recoup what I stole and lost or even take me to court as my robbery is sanctioned by Uncle Sam. Its a Big Difference but I do not expect a Progressive to understand.
Report Post »randy
Posted on September 14, 2011 at 9:39amThat would be better than a wet dream
Report Post »donflow
Posted on September 14, 2011 at 9:38amHow many more examples do we have to see before America wakes up to the fact that this administration knows nothing about business and economics. And now Obama wants another $500 Billion to piss away…give me strength..
Report Post »legendarytwo
Posted on September 14, 2011 at 10:03amYes, Everything Obama touches fails.
Report Post »junkmaninohio
Posted on September 14, 2011 at 10:06amHe dosen’t want to piss it away. He wants to steal it. He knows he’s a one term president.
Report Post »staggerlee32
Posted on September 14, 2011 at 10:33amThey are crooks…. stealing your money. They know exactly what they are doing. Don’t get caught up in the hype that these guys are stupid and never ran a business. They specialize in running businesses….. into the ground so they redistribute our money to his friends and to the rest of the world. They hate the USA.
Report Post »hud
Posted on September 14, 2011 at 11:25amHe just stole 500 billion, what else does he need to know
Report Post »RA0725
Posted on September 14, 2011 at 11:51amOn August 26 of this year the Dept. of Energy gave another loan, $852 million, to NextEra. That’s not all, check this site and just point at the map and see how much of our money is being poured into this alternative energy debacle:
http://www.lgprogram.energy.gov/
Report Post »BOUGHT YOUR SILO YET?
Posted on September 14, 2011 at 12:36pmCan anyone say- Spain, here we come!
Report Post »still clinging
Posted on September 14, 2011 at 2:16pmlooking at the DOE Loan program the numbers are A JOKE
$28.6 Billion in loans to create 63,947 jobs (UNVERIFIED JOB NUMBER BTW)
That is $603,624.87 loaned per job
Of money we do not have
You can not make the S#%& up
Report Post »randy
Posted on September 14, 2011 at 9:38amOMG = “O”bama “M”ust “G”o
Report Post »texascav
Posted on September 14, 2011 at 9:38amScam, Scam, Scam……… and Obuma will come out the innocent one. Just like “Fast and Furious” and anything else that he screws up.
Report Post »JQCitizen
Posted on September 14, 2011 at 9:38amI know of a company that got involved in the big “weatherization” tumult, and they have put out way more money than they made on it. All of the contracts of any size were government contracts, with the rate set BY THE GOVERNMENT, and every government entity that could was requiring THEIR TRAINING and LISCENSING be passed requiring extra outlays in training and liscensing fees. And that doesn’t even count in specialized equipment, and “required” training by specified companies. (I would love to know the connections those companies had with Dem Politicians!)
A total government hazing! Everyone had their fingers in the pie, Federal and State governments, and all their agencies. It was nothing but shuffling money around.
Report Post »W@nd@
Posted on September 14, 2011 at 9:36ami smell impeachment on the wind…your chicago politics will do you in yet!
Report Post »loriann12
Posted on September 14, 2011 at 9:50amThey’ll never imeach the king. This administration is far more corrupt than the Nixon administration. At least they only taped things to get an edge on their competition (not that it’s right), but this administration is fleecing the American people. It’s Cloward and Piven.
Report Post »junkmaninohio
Posted on September 14, 2011 at 10:21amThe Chicago Democrat political machine is too powerful and too corrupt to let that happen. They and the union thugs that support them are a malignant cancer on America.
Report Post »Arizona Don
Posted on September 14, 2011 at 2:03pmImpeaching obama, when you first hear that it sounds so good and it should. Upon further consideration however, it may not be the best thing to do right now. When comparing Nixon and obama, obama makes Nixon look like a choir boy. We did learn a lesson with Nixon. Impeaching obama would allow Biden to pardon him. And you can rest assured he would. That, in my mind is too easy for him.
Consequently, that’s not the way we must do this. We must wait until he is out of office (2012) and no one can pardon him or his henchmen, and then convict him, and them, of all the fraud and criminal acts he, and they, has perpetrated upon the country. That way perhaps they will truly pay for his crimes and it will send a message to any other person planning the same thing, from either party. I suspect the only real punishment would be punishment as a traitor but that may be extreme. Even through I am an advocate of the death penalty I would hate to see obama not suffer for the rest of his life. So in this case I would want to wave the death penalty. Maybe we could water board him every week for the rest of his life. I bet we could think of something horrendous if we really tried. No punishment is too great for him.
Report Post »USMCRETIRED2001
Posted on September 14, 2011 at 9:35amwhere there is smoke, there is Obama and this administration misleading the public, spending more of tax payers money than any other administration had in 8 years. This SOLYNDRA deal is going to expose just how corrupt they are .. let the truth tell the story, no more “mis-speaking”, hiding the truth from the public.
Report Post »Commando
Posted on September 14, 2011 at 9:34amHe was corrupt before entering the office of the President and millions voted for him! Go figure!
Report Post »tobywil2
Posted on September 14, 2011 at 9:34ama billion $ could provide the seed money for thousands of fledgling start-ups of companies like Apple Computer, Ford Motor Company, ALCOA, instead it enriched political cronies!
Report Post »Pattondog
Posted on September 14, 2011 at 9:33amwhy dont they start with the $53,500.00 that was donated to obummers campaign. wondering if their are any corelations to the $53, 500,000.00 that they recieved as stimulas. Coincidence…? I think not.
Report Post »jessieH
Posted on September 14, 2011 at 9:33amHis connection? Well, let’s see. He went to the company for a photo-op. He praised their company as a mother would praise her child. He went in front of cameras to build up their company. He gave them half a billion dollars. Now that they are bankrupt, we have no idea where our money is. I don’t see a connection, do you? Nothing to see, here.
Report Post »BOUGHT YOUR SILO YET?
Posted on September 14, 2011 at 10:59amAnd you forgot one minor detail- the company donated quite a sum of money to his campaign in 08′. Your right, that’s not a connection. I’ll move along now.
Report Post »Giveitrevolution
Posted on September 14, 2011 at 9:33amDo you think anything will be done about this? I dont.
Report Post »db321
Posted on September 14, 2011 at 10:59amTitle should have read “Administration to began Cover Up and to shift blame to Bush.” Isn’t funny how nobody mentions anymore that Obama may be close to raising a Billion Dollars in Campaign Contribution.
Report Post »paulusmaximus
Posted on September 14, 2011 at 9:33amThis is the smoking gun you will never see again! There are too many Progressives on both sides of the isle, none of them want to stop the agenda. I really wish I didn’t believe this but I do.
Report Post »PIGSWILLNEVERFLY
Posted on September 14, 2011 at 9:32amAvoid the Green Dragon!!!
Report Post »Atrocities
Posted on September 14, 2011 at 9:31amThis whole thing can be summed up in about two words, KICKBACKS, and COVER-UP
Report Post »Tankertony
Posted on September 14, 2011 at 9:30amI’d bet my right arm that millions of those dollars will be funnelled into the reelection of the little marxist man-child.
Report Post »SORRY, no amount of your laundered money will get him reelected. America is waking up. November 2010 was only the beginning. See NY for the latest good news.
Sarah Palin will win the Presidency of the United States of America in 2012. In a landslide.
BettyO
Posted on September 14, 2011 at 9:29amChicago politics at its finest! Put a crook in office and he choose crooks for his “team”. What have you got… a screwed country!
Report Post »SREGN
Posted on September 14, 2011 at 9:29amWasn’t his money.
Report Post »tobywil2
Posted on September 14, 2011 at 9:28amMore proof of the objective Global Warming Scam! click on http://commonsense21c.com/images/GLOBAL_WARMING_SCAM.jpg
Report Post »mrfunn
Posted on September 14, 2011 at 9:28am.
Report Post »Impeachment day may be coming
Julie2010
Posted on September 14, 2011 at 1:20pm@ MRFUNN Do you really think he will ever be held accountable?
Report Post »I’d like to see that, however, I’m really not optimistic about it.
boca_chica
Posted on September 14, 2011 at 9:28amJust because there is corruption with oil companies, does not mean there can’t be corruption with solar companies-same song-different verse. Maybe some day the morons in DC will get it right and give the U.S. citizen the tax breaks and let them make the “capital” decision.
Report Post »RightUnite
Posted on September 14, 2011 at 9:27amSomeone needs to be held accountable…. Sounds like we really got screwed!
Report Post »db321
Posted on September 14, 2011 at 12:26pmHello – there are 4 more Solar Companies that received Obama money. All Gore just got 1/2 a Billion to produce a Luxury Electric Car that will sell for $89K – Will not be built in America.
Report Post »Gonzo
Posted on September 14, 2011 at 9:26amMight as well take a look at his new “jobs” bill then. It’s nothing but a loan to public sector unions that will never be paid back.
Report Post »Plan B
Posted on September 14, 2011 at 9:42amGonzo, I am afraid you are correct.
Report Post »Gonzo
Posted on September 14, 2011 at 9:52amPlan B, I know I am. Who did he have standing behind him in support of the bill during his dog and pony show? A policemen, a fireman and a teacher…all good public sector union members.
Report Post »AvengerK
Posted on September 14, 2011 at 1:04pmIt’s not going to get through the GOP house anyway. With all the juvenlie cajoling Obama’s trying..”pass it now..what are you waiting for?” it’s only hurting Obama. Poll after poll is showing that most Americans have given up on Obama‘s words and policies they don’t believe this bandaid is going to do anything credible other than increase the debt. We’re looking at a failed president right now.
Report Post »Captain Crunch
Posted on September 14, 2011 at 9:21amMy gut tells me there is a criminal in the White House. My gut is usually right.
Report Post »mrfunn
Posted on September 14, 2011 at 9:24amAgree
Report Post »Snowleopard {gallery of cat folks}
Posted on September 14, 2011 at 9:25amIndeed, this administration is by far the most corrupt in the history of the nation; and they need to be dealt with in criminal court from the President on down, to the czars, the department heads, especially that of Napoletano and Holder (for fast and furious).
Report Post »RightUnite
Posted on September 14, 2011 at 9:28amYou would be correct.
Report Post »bandi9
Posted on September 14, 2011 at 9:28amand he bears the initials of BHO
Report Post »Mainer forever
Posted on September 14, 2011 at 9:29amMy gut tells me there is a criminal in the White House. My gut is usually right.
Report Post »——————————————————————————————————————-
What? Just ONE criminal?
godhead
Posted on September 14, 2011 at 10:40amMy gut tells me Marcus Bachmann is a fairy. My gut’s usually right.
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