Government

Solyndra Scandal: FBI Raids Vacant Offices of Taxpayer-Funded Solar Company

Federal agents have executed a search warrant in the vacant offices of Solyndra, a now bankrupt solar panel manufacturer that received a $500 million guarantee of taxpayer cash from the government.Solyndra Scandal: FBI Raids Vacant Offices of Taxpayer Funded Solar Company

FBI and Department of Energy agents executed a search warrant of Solyndra’s headquarters in Fremont California this morning, according to the Los Angeles Times. An FBI spokesperson confirmed the search but did not elaborate on what the agents were trying to find (Pajamas Media had a guess: “anybody seen $535 million around here?”).

Solyndra fired 1000 employees and filed for bankruptcy last week. The federal raid came only two days after the bankruptcy announcement. Some analysts claim a combination of shady ties to the Obama administration and crony capitalism are reasons behind the raid.

The massive taxpayer-backed Solyndra debacle is already fraught with allegations of inside dealing. Based on a report in the Tulsa World, there appears to be deep ties between George Kaiser, Solyndra, and the White House. Kaiser is an Oklahoma oil billionaire and major Obama fundraiser — a “bundler” in Beltway parlance.

Solyndra Scandal: FBI Raids Vacant Offices of Taxpayer Funded Solar Company

George Kaiser

Kaiser also has the George Kaiser Family Foundation, a nonprofit that, based on its mission statement, involves itself in a host of social entrepreneurship, including  alternative energy. The investment arm of Kaiser’s foundation — Argonaut Ventures — owned a huge piece of Solyndra as it received direct political support from the White House and money from the federal government.

Kaiser‘s organization is already trying to distance him from any involvement in the investment and the government’s $500 million guarantee. A statement released by the foundation read:

“George Kaiser is not an investor in Solyndra and did not participate in any discussions with the U.S. government regarding the loan. GKFF invests in a globally diversified portfolio across many different asset classes.”
But that could seem odd to some, as the investment arm of Kaiser’s foundation owns a huge chunk of the company that owns Solyndra. Does this strike anyone as a coincidence? As the Tulsa World wrote this morning:
“The [bankruptcy] filing indicates that Argonaut Ventures, an investment arm of the Tulsa-based foundation, holds almost 39 percent of Solyndra’s parent, 360 Solar Degree Holdings Inc.”
Another connection described in the Tulsa World that has raised some eyebrows is that:
“George Kaiser is chairman of BOK Financial Corp. and owner of Kaiser-Francis Oil Co. Argonaut is headed by Steve Mitchell, who also served on Solyndra’s board of directors.”
So Argonaut ventures, which is part of the Kaiser empire, is run by a man who also happens to be on the board of directors of Solyndra. Yet the public is being lead to believe that George Kaiser never knew about Argonaut’s investment in Solyndra, nor that he ever discussed the company’s $500 million government guarantee — without which the company had no shot of survival — with the White House.
More information is likely to emerge about the Solyndra’s White House connections. Already, the Daily Caller reported:
“Between March 12, 2009, and April 14, 2011, Solyndra officials and investors made no fewer than 20 trips to the West Wing… including 4 trips logged the week before the $500 million loan was announced.”
And for a trip down (boondoggle) memory lane, here is a public relations video touting Solyndra as a Recovery Act success story:

A quick look at the balance sheet numbers right now indicates that the Solyndra bankruptcy will cost taxpayers most if not all of the $500 million loan guarantees. Meanwhile, certain favored parties, including Kaiser-controlled Argonaut, may get special treatment with regard to its debt (is anybody else having a GM bondholder tingle?) while the taxpayers get hosed.

Solyndra is only one of about 40 companies that have received money from an Energy Department loan program over the last two years. The program was ostensibly designed to push along wind, solar, nuclear and ethanol projects. The Energy Department initially estimated the combined projects would create about 60,000 jobs, according to the Los Angeles Times.

The FBI/DOE raids are not the only thing that should concern Solyndra executives, investors, and government officials. Congressman Cliff Stearns‘s office has posted a press release that there will be House Energy and Commerce Subcommittee Oversight hearing held next week to learn the truth about Solyndra and its government ties.

In any case, it has become apparent that the Obama White House is not in the business of “picking winners and losers” in the private sector.

It just picks losers.

(h/t Business Insider, Zero Hedge)

Comments (124)

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  • flfshrmn
    Posted on September 8, 2011 at 8:56pm

    This kaiser crook is just another HARVARD cronie of Obamas. There seems to always be a HARVARD connection when things get real clouded and dont make sense. There is much more to this than meets the eye. This Kaiser guy was also one of Obamas largest campaign contributors.
    HARVARD……..makes sense now!

    Report Post » flfshrmn  
    • teamarcheson
      Posted on September 8, 2011 at 9:09pm

      This is a Democrat Trick

      The FBI raids the target and the target is silenced. While investigations are going on, on one can comment on any questions. Janet Reno use to do this all the time to shut down GOP Senate/House hearings.

      Report Post »  
    • Tusker
      Posted on September 8, 2011 at 10:10pm

      And ALWAYS, always, follow that money!!

      Report Post » Tusker  
    • banjarmon
      Posted on September 8, 2011 at 10:37pm

      Does the term “MONEY LAUNDERING” come to mind??

      Report Post » banjarmon  
    • MomaGrisley2
      Posted on September 9, 2011 at 1:05am

      teamarcheson you are right on – I smell a BIG rat here. Doesn’t the FBI answer to Holder? And the DOE answers to Obummer? Makes you think they are going in to get evidence before anyone else finds it and then ‘protect’ it from being disclosed because it is part of an ongoing investigation.

      Glenn we really need a chalk board moment here!

      Report Post »  
    • smithclar3nc3
      Posted on September 9, 2011 at 8:10am

      This is just a tip of a much larger iceberg of corruption …..I predict in the near future we will have the first U.S. president in history to either flee the country or be in prison for theft that will make madoff look like peanuts.

      Report Post »  
    • UPSETVET
      Posted on September 9, 2011 at 1:17pm

      If President Barack Obama is questioned about his personal and financial relationship with George Kaiser, he’ll be as vague and illusive as he is with his relationship with George Soros. ” George who?”
      Or maybe since he‘s so buddy buddy with Bill and Hillary Clinton he’ll use one of Bill’s infamous reponses while under sworn oath, ” It depends on what is, is “.

      Now President Obama is asking for another $447 billion dollars to stimulate US employment. Shame on him and shame on our Congress and Senate if they give it to him. We don’t have $447 billion to pour down the drain like the other $900 billion stimulus program that was “given” to projects like Solyndra. This has a smell like a rotting skunk in summertime.

      Report Post »  
    • UPSETVET
      Posted on September 9, 2011 at 1:33pm

      Apparently the $900 billion stimulus money was handed out to anybody with a stretched out palm and without ANY follow up or accountability asked for or given. How can a company like Solyndra waste or squander $435 million dollars in a couple of years without any US government knowledge?

      The Washington politicians and bureucrats throw the $100 or $500 billion number out like it’s almost nothing. However $547 billion is $1823.33 for each citizen of the USA, men, women and children. So that means a family of four will have to shell out $7293.33 of taxes for Obama’s latest proposal.

      Report Post »  
  • 4X4in
    Posted on September 8, 2011 at 8:54pm

    Smells of ENRON!

    Report Post »  
    • Servant Of YHVH
      Posted on September 9, 2011 at 4:13am

      It can’t smell of Enron! Enron executives of Enron were charged and all that. With this company, the guilty parties will be hiding under obama and holder’s desks until the furor dies down. They will protect them until their dying breath. I DO mean the dying breaths of the solyndra executives of course.

      Report Post » Servant Of YHVH  
    • Miguelito
      Posted on September 9, 2011 at 8:49am

      If this was a Republican donor can you imagine! This is the most corrupt administration in history! The Justice Dept. is the most corrupt in history. America is in real trouble! It’s bad when law does not matter anymore, especially for the honest people.

      Report Post »  
    • UPSETVET
      Posted on September 9, 2011 at 1:39pm

      Sorry, I said $547 billion when the actual number is $447 billion that still adds up to $1490.00 of taxes for a family of four. Guess I got carried away with the moment like our politicians and bureaucrats in Washington, ” What’s a $100 billion here or there?”

      Report Post »  
    • UPSETVET
      Posted on September 9, 2011 at 1:42pm

      George Kaiser has the same small, beady and watery eyes as George Soros. I can just look at the faces of those two and tell they are too shifty to have any confidence in with MY money.

      Report Post »  
    • YEAHYOURIGHT
      Posted on September 10, 2011 at 11:08pm

      ENRON? Let us not forget that was a Paul Krugman scheme. And he did not answer for that, nor did most people involved with causing the black outs.

      However, to me, this is much simpler and smacks of flat money laundering, like the Mafia and the Unions.

      Report Post »  
  • Arruba
    Posted on September 8, 2011 at 8:51pm

    The most telling sign of Obama guilt in this case, is the absents of the useful idiot/drones. Normally they jump on these things with ridiculous defense of their master. Have they had an accidental thought or attack of conscience?

    Report Post »  
    • Dangerous Dave
      Posted on September 8, 2011 at 9:54pm

      “Have they had an accidental thought or attack of conscience?”

      In my opinion, neither. I think in this case, they’re trying to ignore the scandal and hope the whole sordid mess disappears down the Orwellian memory hole.

      Report Post » Dangerous Dave  
  • lylejk
    Posted on September 8, 2011 at 8:49pm

    Yup; they already left with the remaining part of their company putting up shop in China and finally BO’s boys invaded the facility? What a joke. :)

    Report Post » lylejk  
    • RepubliCorp
      Posted on September 8, 2011 at 9:28pm

      They were busy check Gibson’s wood

      Report Post » RepubliCorp  
    • RepubliCorp
      Posted on September 8, 2011 at 9:35pm

      oops *checking

      Report Post » RepubliCorp  
    • Mil-Dot
      Posted on September 9, 2011 at 6:57am

      No, this was not a legitimate company trying to make solar panels, or a company that moved to China. It was a front company, a shell. A company made to look like a company with all the bells and whistles, but was only there to funnel cash. Even the 1000 employess were phoney. They were there just long enough to make everything look real. No, this was a money funnelling/stealing operation set up by Obama and his goons. Make no mistake about it. And as usual, the FBI is there to lick the boots and make sure noone gets caught.

      Report Post »  
  • Chutz
    Posted on September 8, 2011 at 8:48pm

    Between this and Fast and Furious we may have something that makes Watergate look like a jay walk. I am hard pressed to believe that no one in the White House had any insight on either of these two instances. It is time for S#$T to roll uphill. 500 million isn’t just given away without some form of oversight and you do not send hundreds of weapons illegally over a border without someone giving the thumbs up ( that someone isn’t going to be middle management either)

    Report Post »  
    • bulldawg
      Posted on September 8, 2011 at 8:57pm

      This story goes much deeper than many of us know, The White House is so deep in this scandal, particularly the President, his finger prints all over the 400 Million dollars of tax payer money they put into their donors pockets through this scandal. The press won’t touch this story, hell FOX, the Hill want no part of this story, heads will roll if the truth is ever brought to life. Checkout the story the Tulsa World put out yesterday after reading Bruce Krasting’s Blog on the story.

      http://brucekrasting.blogspot.com/2011/09/solyndra-obama-connection.html

      Report Post » bulldawg  
  • rob_a
    Posted on September 8, 2011 at 8:48pm

    What a mess:(

    No Justice! No Peace! Solyndra, Goes Free! LOL!

    Report Post » rob_a  
  • georgiavietvet
    Posted on September 8, 2011 at 8:46pm

    most likely they were there to get any incriminating evidence,of corruption and scandal of obamas gov’t, out before someone else finds it who might expose the corruption

    Report Post »  
  • AB5r
    Posted on September 8, 2011 at 8:45pm

    Just for perspective, tonight Obummer proposed another 447 billion in stimulus. There have been other 500 billion stimulus efforts. 500 million is .1% of that. While in the real world 500 million is a lot, it is minuscule compared to what our government is spending/wasting. If you had one thousand dollars, this would be one dollar. The politicians don’t even blink an eye at this.

    Report Post » AB5r  
  • kentuckypatriot
    Posted on September 8, 2011 at 8:44pm

    I missed the speech. Did he resign yet????????????????????????????????????????????

    Report Post » kentuckypatriot  
    • Arruba
      Posted on September 8, 2011 at 8:54pm

      I agree! The best jobs program posible is Obama quitting. lol

      Report Post »  
    • 4truth2all
      Posted on September 8, 2011 at 9:00pm

      No… He wants more money !!! Bad enough, he might get it !!!

      Report Post »  
    • flamegonesilver
      Posted on September 14, 2011 at 2:59pm

      Not yet Kentuckypatriot….not yet.
      If he was ‘wise’, (which he isn’t), he would.
      But then we would have to deal with the V.P.Joe
      (GOD help us!)

      Report Post »  
  • Bowmaster
    Posted on September 8, 2011 at 8:44pm

    Smoke and mirrors….

    Report Post » Bowmaster  
  • OlefromMN
    Posted on September 8, 2011 at 8:36pm

    I would like the FBI to investigate where the money from every Obama plan has gone. Especially the American Reinvestment & Recovery Act. How hard would it be for the administration to strip out a billion or 3 from that?

    Report Post » OlefromMN  
    • Stuck_in_CA
      Posted on September 8, 2011 at 8:42pm

      They start an investigation. Then when Congress tries to get to the bottom of it, they’re met with “We can‘t answer the question because it’s a n open case”

      Report Post » Stuck_in_CA  
    • DaytonConserve
      Posted on September 9, 2011 at 1:36am

      Check with Sheriff Joe, he had his eye on that.

      Report Post »  
    • spirited
      Posted on September 9, 2011 at 1:44am

      How about
      “Cash for Clunkers” ?

      >Did that make sense (logic or money)?

      Report Post » spirited  
  • Fight for America
    Posted on September 8, 2011 at 8:35pm

    Wow – this sounds just like Chicago! Who’d a thought. Cough.

    Report Post »  
  • MacJedi
    Posted on September 8, 2011 at 8:35pm

    The FBI raiding Solyndra? The crime was committed at the White House and Congress, in plain daylight. Short of impeachment, only WE THE PEOPLE can really deal with this by throwing all these progressive jacka$$e$ out of office.

    Report Post » MacJedi  
  • glashole
    Posted on September 8, 2011 at 8:31pm

    George Bush did it.

    Report Post » glashole  
  • parmajohn
    Posted on September 8, 2011 at 8:30pm

    The First [?] of many I Hope…… But chances are the envelope that slid across the desk was a little short The DOJ is busy threatening companies like AT&T and Gibson Whats 5 Billion bettween freinds? SPREAD THE WEALTH as Van Jones says Just make sure its all on the same Plate

    Report Post »  
    • parmajohn
      Posted on September 8, 2011 at 8:35pm

      Sorry Correction 500 million was thinking of another investment in Green Jobs

      Report Post »  
  • Desert Dog
    Posted on September 8, 2011 at 8:30pm

    Kinda reminds me of the old Las Vegas skims…………

    Report Post » Desert Dog  
  • SIXFRIGATES
    Posted on September 8, 2011 at 8:30pm

    Any mention of the words Rahm or Obama is grounds for immediate impeachment. The hell with 2012, we need this thug/crook/criminal/socialist/communist out NOW!

    Report Post » SIXFRIGATES  
  • CrazyTexan
    Posted on September 8, 2011 at 8:29pm

    They made Obama look like a fool, payback time Chi-town style.

    Report Post »  
  • not funny
    Posted on September 8, 2011 at 8:24pm

    That was a nice waste of over $500 million in taxpayer money. Where is the outrage?

    Report Post »  
  • GoingBeck
    Posted on September 8, 2011 at 8:23pm

    The FBI is looking for evidence that connects Solyndra to 0bama. This is a cover-up.

    Report Post »  
  • freeweever
    Posted on September 8, 2011 at 8:19pm

    This is like watching the mob work, they are so stupid and greedy that they make horrible mistakes. And just like the Mob they pass out money to the poor people in the neighborhood to keep them quiet and instantgratificationaly satisfied for the moment so they wont give them “Progressives” up to the cops or in this case the Tea Party.

    Report Post » freeweever  
    • db321
      Posted on September 9, 2011 at 12:57am

      Your so right – He would thinks he to be wise – becomes a fool.

      Report Post » db321  
  • MODEL82A1
    Posted on September 8, 2011 at 8:15pm

    This is a story of a dog chasing its own tail.

    Report Post » MODEL82A1  
    • snerk
      Posted on September 8, 2011 at 8:28pm

      A marxist by any other name is STILL a marxist. He wants our money so he can waste it in places that will NEVER create jobs. I am so suspicious he wants to use the Cloward-Piven strategy to bankrupt this country, enabling him to become a dictator…when we all will be clamoring for food and housing. He has yet to do anything that doesn’t harm us. He is either infinitely stupid, or he has a hidden agenda.

      Report Post »  
    • MomaGrisley2
      Posted on September 9, 2011 at 8:21am

      Snerk – I think he is BOTH!

      Report Post »  
  • heyjim55
    Posted on September 8, 2011 at 8:15pm

    I noticed that the Dear Leader seemed a bit testy tonight during his glory all to me speech, one of his pals has implicated in fraud no surprise except you wonder if the Dear Leader is using some of that money for his campaign in any event it stinks.

    Report Post »  
  • Ready2Rumble
    Posted on September 8, 2011 at 8:10pm

    Crony capitalism and a payoff to supporters, which will find itself in someone’s 2012 re-election coffers.

    Report Post » Ready2Rumble  
  • Ready2Rumble
    Posted on September 8, 2011 at 8:09pm

    Crony capitalism and a payoff to supporters.

    Report Post » Ready2Rumble  
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