The Solyndra plot thickens

We did a post yesterday about the bankruptcy of Solyndra, a company that manufactures solar panels, and received a $535 loan guarantee to construct a new plant in Fremont,California.  It now seems that there is far more to this story than originally thought.

It turns out that George Kaiser, a Tulsa billionaire and Solyndra backer, has a long history of raising campaign funds for President Obama.  But, it gets worse.

In a letter to Energy Secretary Steven Chu in February, the House Energy and Commerce Committee raised concerns about the loan, noting that the company had suffered ‘financial setbacks’, and asking for information about ‘whether Solyndra was the right candidate’ for the loan guarantee.

Whether Secretary Chu ever responded is not known, but, the Department of Energy proceeded anyway.  When the bankruptcy was announced yesterday, the DOE responded by saying, that it had,

always recognized that not every one of the innovative companies supported by our loans and loan guarantees would succeed.

And, all the while, I thought the President really meant it when he railed against millionaires and billionaires.  I can only assume that millionaires and billionaires who contribute to his campaign are not only exempt from the President’s vitriol, but also deserve $.5 billion of your tax money.

 

27 replies
    • Lynn
      Lynn says:

      Sammy that was a class act.? We will never agree on the state of our country and the right approach, but we need to admit that both parties have made a mess. Let’s just hope we get rid of the corruption and scams by both sides.

  1. cherwin
    cherwin says:

    These things aren’t mistakes they all just more examples of Obama’s lies and illegal activities. When is something going to get done to stop this idiot?

  2. Plainvillian
    Plainvillian says:

    I learned about Secretary Chu when I attempted to read Malkin’s “Culture of Corruption”, and found it too depressing to finish.? The Solyndra debacle is no surprise.

  3. essneff
    essneff says:

    We’re actually running out?of chances of taking this country back?…. we just dropped a half a billon of?yet to be borned taxpayer’s money?to support this crap & add more jobs in China?

    can you imagine the distress if our?only source of power were wind turbines & Hurricane, I mean tropical storm??Irene? came along

  4. ricbee
    ricbee says:

    ?Every one of these “green” things are backers of the various administrations which throw our money at them. Sometimes even relatives & friends of the very legislators who push these loans & gifts through.

  5. andy@american
    andy@american says:

    What the powers that be in the government do not understand is that all this green technology will not succeed until some private sector inventor/businessman figures out how to do it while making a profit for himself independent of government handouts.? Of course when that businessman does figure out how to make a profit he will then be villified for doing so and probably taxed out of business.? Who is John Galt?

    • Dimsdale
      Dimsdale says:

      When the oil company profits are about $0.02 per gallon and the taxes are averaging $0.48, I hardly think the “tax breaks” (i.e. you get to keep some of? your money, but can only use it where we tell you) are much compensation.
      ?
      Even if you don’t completely agree with those figures, it cannot be argued that the government is profiting far in excess of the dreaded oil companies.? And that cost gets passed onto us.?? So who is the bad guy again?? The company investing its money in exploration and production, or the government that parasitizes off of it efforts?

Trackbacks & Pingbacks

  1. […] By now were all pretty much familiar with the Solyndra scandal. If not you can go here and here and read these posts by the Sound Off Sister Plus I have included a video on the Solyndra […]

  2. […] 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 […]

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