Solyndra, Part III UPDATE

We’ve done two posts about Solyndra recently.  The first explained that the solar panel manufacturing company which had received $535 million in loan guarantees as part of the Stimulus Bill, had abrubtly closed its doors last week.  The second explained that one of the Solyndra investors was a Tulsa billionaire who, coincidently, had contributed to the President Obama’s campaign.

Now, on to part three.

This morning, two days after the company filed for bankruptcy, the FBI arrived at the plant at 7 am to issue a search warrant.  The warrant was requested by the Inspector General’s office of the Department of Energy, and, as of now, the factual allegations to support the issuance of the warrant have been sealed by the court.

Solyndra spokesman, Dave Miller said,

…he did not know the purpose of the search, but he speculated it could have something to do with the $535 million in loan guarantees the Department of Energy awarded to Solyndra, a company President Obama visited in May 2010, touting the company as the wave of clean technology and the future for alternative fuel sources.

Gee, ya think?

Update:

As was caught by one of the commentators below, Solyndra officials, indeed, did make over 20 trips to the White House between March 2009 and April 2011.  However, there is even more bad news.

Solyndra never did turn a profit and laid off employees in November.  But in February the company renegotiated its loan guarantee [with the Department of Energy]–with a hitch.  Under the new agreement, Solyndra’s investors would loan the company $75 million but be first in line on repayment in the event of bankruptcy, in front of taxpayers.

So, someone in the Department of Energy thought it would be a good idea to renegotiate a loan with a company in serious financial difficulty, while, at the same time, agreeing to give up the government’s position as the first creditor to be paid in the event the company went bankrupt.

What a sweet deal.

 

26 replies
  1. Lynn
    Lynn says:

    Well, I bet that Tulsa billionaire has already covered his tracks, now that an investigation is about to begin.? Why do I think nothing will come of this?

  2. Plainvillian
    Plainvillian says:

    Could money laundering of $535 million be a high crime or misdemeanor?? Is the accusation thereof racist?? Never mind, we make up the rules as we go along.

  3. Shared Sacrifice
    Shared Sacrifice says:

    Ah, half a billion is pocket change!? I was just on CTSunlight.org…? Apparently, Connecticut pays 4.6 Billion annually to Department of Social Services; that buys a lot of votes- no surprise the Dems wear the pants in this Godforsaken state!?? 1.5 Billion to Teacher’s Retirement Board…? Cha-Ching!?? And 1.7+ Billion to service the state’s debt…? Nice!?
    I wonder if Dannel P. Malloy’s got any friends in the banking business because the interest payments are our biggest expense- except for the #1 DSS recipients & #2 teachers…?? And Obama says, “No more boondoggles and bridges to nowhere!”? Of course, Dems in CT are ahead of Obama- they’re now working on “Bus-Ways to nowhere! “? It’s all about semantics and half truths 🙂 roflmfao 🙂

  4. winnie
    winnie says:

    Maybe Obama’s motivations (campaign donations from Solyndra) should be peeked into as well?? Not saying that I don’t trust Obama, mind you.

  5. Anybody but Obama
    Anybody but Obama says:

    Actually the Billionaire was a bundler and bundled about 50K for zero’s campaign. That 50K got him 1/2 billion dollars and full access to the White House with him and his entourage?making more than 20 visits in recent months. Influence is bought cheaply.

    • Dimsdale
      Dimsdale says:

      The hell with innuendo!? ?bama is dishing out favors for his supporters, be they billionaires or unions.
      ?
      If he isn’t buying new votes, he is rewarding old ones.

  6. kateinmaine
    kateinmaine says:

    looks like the old chrysler bondholders provided a teachable moment for the connected tulsa billionaire.? knowledge is good.

  7. sammy22
    sammy22 says:

    Dims, you proved my point. SOS has washed her hands, and even referred to Pres. Obama as her President! Wonders never cease.

    • SoundOffSister
      SoundOffSister says:

      sammy,
      I haven’t “washed my hands”.? And, yes, President Obama is my President.? I was brought up in a family where you respected the office of the President of the United States of America whether you agreed with the current President, or not.
      As you know, I do not agree with most things President Obama has done, but, he is still my President.
      My respect for the office will continue regardless of who is filling that office.? That is what I was taught.? And, actually that is what I believe.

  8. Anybody but Obama
    Anybody but Obama says:

    What surprises me is how cheap these guys are bought and paid for. But then I guess they know what their worth.

  9. sammy22
    sammy22 says:

    I respectfully submit, SOS, that the tone of your posts indicates to me that your respect toward the office of the President and President Obama leaves something to be desired. I wish I could remember an issue that you agreed with the President.

    • winnie
      winnie says:

      sammy, are you implying that SOS is being dishonest?? Or are you saying that she’s not respectful “enough” of Obama and she should do better in your opinion?? I believe “tone” is covered under free speech.? Respect for the office does not = agreeing with the president.? They are not (necessarily) mutually exclusive.

  10. Anybody but Obama
    Anybody but Obama says:

    Sammy the one thing I agree with zero on is when he said, If things aren’t better after 3 years he should be a one term President?

  11. NH-Jim
    NH-Jim says:

    Fellow posters: please stop allowing a certain few to exercise their version of Wizard of Oz, “Pay no attention to that man behind the curtain”…
    ?
    Their only approach is to divert the attention from the original theme of the blog post by giving out “Nanni-nanni” comments.
    ?
    And, yes, I feel this will go within one step from the President…? More will follow.

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