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Thread: FBI raids of Solyndra

  1. #1

    FBI raids of Solyndra

    FBI agents on Thursday executed search warrants at the headquarters of Solyndra LLC, which was awarded more than $500,000 in federal stimulus loans in 2009 to make solar panels in what the Obama administration called part of an aggressive effort to put more Americans to work and end U.S. dependence on foreign oil. :coocoo2:

    But the company filed a bankruptcy petition Tuesday in Delaware, asking a court to bar phone, electricity and water and sewer service providers from “altering, refusing or discontinuing service,” and now is the focus of an investigation by the FBI and the Energy Department's Office of Inspector General.

    FBI spokesman Peter Lee said he could not provide details about the investigation.

    A little more than a year ago, President Obama hailed Solyndra during a tour of the company, saying it expected to hire 1,000 workers and make enough panels over the lifetime of its planned expanded facility that it would be like replacing eight coal-fired power plants. :puff:

    “It’s here that companies like Solyndra are leading the way toward a brighter and more prosperous future,” Mr. Obama said.

    LMAO

    [url]http://www.washingtontimes.com/news/2011/sep/8/fbi-raids-solar-panel-company-hailed-by-obama/[/url]

  2. #2
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    [QUOTE=Frequent Flyer;4132408]FBI agents on Thursday executed search warrants at the headquarters of Solyndra LLC, which was awarded more than $500,000 in federal stimulus loans in 2009 to make solar panels in what the Obama administration called part of an aggressive effort to put more Americans to work and end U.S. dependence on foreign oil. :coocoo2:

    But the company filed a bankruptcy petition Tuesday in Delaware, asking a court to bar phone, electricity and water and sewer service providers from “altering, refusing or discontinuing service,” and now is the focus of an investigation by the FBI and the Energy Department's Office of Inspector General.

    FBI spokesman Peter Lee said he could not provide details about the investigation.

    A little more than a year ago, President Obama hailed Solyndra during a tour of the company, saying it expected to hire 1,000 workers and make enough panels over the lifetime of its planned expanded facility that it would be like replacing eight coal-fired power plants. :puff:

    “It’s here that companies like Solyndra are leading the way toward a brighter and more prosperous future,” Mr. Obama said.

    LMAO

    [URL]http://www.washingtontimes.com/news/2011/sep/8/fbi-raids-solar-panel-company-hailed-by-obama/[/URL][/QUOTE]


    The company is providing jobs... for FBI agents, lawyers, judges, accountants, etc.

  3. #3
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    Freaking Obama :steamin:

    His thug operatives raiding another company headed by a Republican supporter. He has no shame... :nono:

  4. #4
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    [QUOTE=Frequent Flyer;4132408]



    “It’s here that companies like Solyndra are leading the way toward a brighter and more prosperous future,” Mr. Obama said.

    [/QUOTE]

    The ironing: this statement haz it.

    Well, Solyndra is leading the way; just the wrong direction. :rimshot:

  5. #5
    [QUOTE=PlumberKhan;4132427]Freaking Obama :steamin:

    His thug operatives raiding another company headed by a Republican supporter. He has no shame... :nono:[/QUOTE]

    Doesn' the constant spinnning make you dizzy?

  6. #6
    Not a bad heist, half a billion dollars:

    A high profile, politically well-connected California solar energy company that had won a $535 million loan guarantee from the Obama Administration declared bankruptcy earlier this month and closed its doors sending 1100 workers to the unemployment line. The demise of Solyndra has already sparked an FBI investigation, congressional hearings, and raised numerous questions of political cronyism and corruption connected to the highest levels of the Obama Administration.

    While the White House and Congressional Democrats feign surprise at the collapse of what was described as "the most hyped startup in the crowded Solar Energy field," it appears Obama Administration representatives were either easily duped or willingly blind to the facts. ABC News reports that Department of Energy officials have been regularly attending Solyndra board meetings for months as the company "careened towards bankruptcy" after blowing through the more than half a billion taxpayer dollars.

    Early press reports following Solyndra's bankruptcy announcement disclosed that hundreds of thousands of dollars were contributed by shareholders and executives of Solyndra to the Obama 2008 campaign. One of the company's largest investors, George B. Kaiser of Tulsa, reportedly contributed $53,500 personally and bundled large amounts more for Obama in 2008. Kaiser is a billionaire with banking and oil and gas interests that rank him among the wealthiest people in the world. Kaiser also visited the White House 16 times between 2009 and 2011. The White House public records indicate that three of Kaiser's visits were on March 12, 2009 and one the following day in which he met with "a Senior Advisor, the former Chairman of the Council of Economic Advisors, the Deputy Director of the Domestic Policy Council, and the Deputy Director of the National Economic Council." The $535 million loan was officially approved one week later.

    That loan guarantee agreement negotiated on behalf of Solyndra was fast-tracked through approval by Obama Administration officials at the Department of Energy and "included the lowest interest of all the green projects" benefitting from DoE funding, according to ABC News. The guarantee also subordinated the taxpayer's credit position to private investors, like George Kaiser, should the company go bust. Republicans warned that the deal "put taxpayers at unnecessary risk" but their warning went unheeded. This means Kaiser will be at the front of the distribution line when Solyndra assets are liquidated. Chances of any recovery for the taxpayers is somewhere between slim and none.

    The startup company also spent over a million dollars lobbying Washington politicians in the last three years; $550,000 in 2010 alone.

    At the invitation of company execs, Barack Obama made a highly publicized visit to the Solyndra facility in Fremont, California in 2010. Just weeks before his visit to Solyndra, PricewaterhouseCoopers issued the results of an audit of the company filed with the Securities and Exchange Commission on March 16, 2010 that should have given the President and the White House considerable pause. Noting that in the first five years of operation the company had sustained $558 million in losses, the audit report said Solyndra "has suffered recurring losses from operations, negative cash flows since inception and has a net stockholders' deficit that, among other factors, raise substantial doubt about its ability to continue as a going concern."

    Undaunted, Obama arrived amid great fanfare on May 26 and highlighted the solar energy company as the poster child of the $25 billion green energy grants and subsidies doled out through his ill-fated Economic Stimulus. Obama confidently proclaimed that companies "like Solyndra are leading the way toward a brighter and more prosperous future."

    The same week, solar energy investment analysts were already warning that Solyndra's business model was seriously flawed and that the hundreds of millions of dollars invested in the company "are going to be a huge waste." The same analysts criticized the Obama Administration's green energy policy as "misguided" for throwing vast sums at "a fledgling startup" (Solyndra) while the established solar companies like Evergreen Solar in Massachusetts were already struggling for market share and economic survival. A few months later, Evergreen closed US operations, laid off 800 workers, and moved their company to China.

    Less than two months ago, Solyndra CEO Brian Harrison visited Capitol Hill "trumpeting the company's successes and praising the [government] loan." According to Henry Waxman (CA) and Diana DeGette (CO), Harrison assured them that Solyndra was in a "strong financial position." Apparently, Harrison's verbal reassurance was enough due diligence oversight on behalf of the taxpayers to satisfy the two leading Democrat green energy evangelists. They now express surprise that Harrison "did not convey to us the perilous condition of the company."

    The Solyndra debacle is rapidly becoming a White House scandal. It is far too symptomatic of an Administration that is founded not on principle, but on Chicago-style cronyism and political corruption in the worst sense of the term. With the passage of his Stimulus, Obama professed great pride that it was free of "earmarks and pet projects" that he said are fraught with "abuse." Apparently, it's only pork, a pet project, and abusive if somebody other than Obama does it.

    Completely oblivious to scandalous failures like Solyndra and other claims of cronyism from the first Stimulus hanging over the White House, Obama summoned the theater of a joint session of Congress this week to press for another half trillion dollars for Son-of-Stimulus – he prefers to call it the American Jobs Act. He offered a weak, glancing one line reassurance to Congress that the White House could be trusted to be good stewards of the money; "And to make sure the money is properly spent, we're building on reforms we've already put in place. No more earmarks. No more boondoggles."

    What? At least this time he didn't say he was putting Joe Biden in charge of the checkbook.

    [I]Bob Beauprez is a former Member of Congress and is currently the editor-in-chief of A Line of Sight, an online policy resource. Prior to serving in Congress, Mr. Beauprez was a dairy farmer and community banker. He and his wife Claudia reside in Lafayette, Colorado. You may contact him at: [/I][url]http://bobbeauprez.com/contact/[/url]

    [url]http://finance.townhall.com/columnists/bobbeauprez/[/url]
    Last edited by Frequent Flyer; 09-11-2011 at 05:04 PM.

  7. #7
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    [QUOTE=SONNY WERBLIN;4132483]Doesn' the constant spinnning make you dizzy?[/QUOTE]

    What spinning?

    I mean...I was that Obamanian thugs had raided Gibson Guitar solely on the basis that the company head was a Republican donor and that he didn't have Martin's factory raided because the guy was an Obama cheerleader.

    So...why would Evil Overlord Obamaii IV have his minions raid a factory of someone who, not only was a licensed Obama cheerleader, but was ALSO someone that Obama had purposely bribed and committed fraud with?

    It just doesn't make any sense.

    Treachery is afoot....

  8. #8
    Is that one of the million jobs he created. Maybe b--w jobs!

  9. #9
    [IMG]http://pajamasmedia.com/zombie/files/2011/09/solyndrafordummiessinglepanelsmall.jpg[/IMG]

    [url]http://pajamasmedia.com/zombie/2011/09/09/solyndra-for-dummies/[/url]

    :news:

  10. #10
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    [QUOTE=Frequent Flyer;4140182][IMG]http://pajamasmedia.com/zombie/files/2011/09/solyndrafordummiessinglepanelsmall.jpg[/IMG]

    [URL]http://pajamasmedia.com/zombie/2011/09/09/solyndra-for-dummies/[/URL]

    :news:[/QUOTE]


    Why is the donkey smoking?

  11. #11
    Our Lawyer-in-Chief, the brilliant Harvard law professor, has recently put on a symposium for us on investment law. It should be titled “How not to invest when saving/creating jobs with taxpayer dollars.”

    Lawyer Obama apparently ignored a glowing, red legal flag when his administration decided to make what turns out to be a $527 million loan to a now-bankrupt solar energy company. The loan was part of a package made to struggling Solyndra, a solar company owned by a top contributor to the president, as we reported previously on Townhall Finance.

    Bloomberg revealed yesterday that the company’s independent auditor warned of substantial troubles at the solar company- troubles that threw its survival in doubt- even while the Department of Energy fast-tracked approval of the risky loan. It’s been speculated that the loan approval only came because of pressure from the White House.

    The House Energy Committee has been investigating the loan for months. Sources with knowledge of the intentions of the House Energy Committee have said that the investigation into Solyndra has been the committee’s “number one priority” since February of 2011. Their focus shows that they believe some level of wrong-doing was committed high up in the administration in regard to the loans.

    And the new revelations that have come from Bloomberg.com should not be reassuring to the president’s supporters.

    “Two months before Obama’s visit” to Solyndra, writes Bloomberg, “accounting firm PricewaterhouseCoopers LLP warned that Solyndra, the recipient of $535 million in federal loan guarantees, had financial troubles deep enough to “‘raise substantial doubt about its ability to continue as a going concern.’”

    “People including our government put blinders on and did not want to believe in the obvious,” Jonathan Dorsheimer, an analyst in Boston for Canaccord Genuity Inc. of Vancouver, said in an interview with Bloomberg Government. “The fact that the government chose Solyndra as their white horse is mind- boggling.”

    [url]http://finance.townhall.com/columnists/johnransom/2011/09/13/obamas_solyndra_loans_number_one_priority_for_house_investigating_committee_since_feb[/url]

  12. #12
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    [QUOTE=PlumberKhan;4135775]What spinning?

    I mean...I was that Obamanian thugs had raided Gibson Guitar solely on the basis that the company head was a Republican donor and that he didn't have Martin's factory raided because the guy was an Obama cheerleader.

    So...why would Evil Overlord Obamaii IV have his minions raid a factory of someone who, not only was a licensed Obama cheerleader, but was ALSO someone that Obama had purposely bribed and committed fraud with?

    It just doesn't make any sense.

    Treachery is afoot....[/QUOTE]

    Because when it became clear that Solyndra was going to fail he had to have his arse covered.

  13. #13
    Even After Solyndra, Obama’s Green Corruption Continues Unimpeded.

    Solyndragate cost the American taxpayer a staggering $535 million. But far from being impeached and facing criminal charges for this exposed money laundering operation, President Zero plows full steam ahead, rewarding his bankrollers with bushels of our money in the name of phony “green energy” boondoggles:

    [url]http://dailycaller.com/2011/09/12/new-doe-loans-support-green-obama-backers/[/url]

    On September 7, the [Department of Energy] announced its plan to guarantee 80 percent — or $275 million — of a $344 million private loan taken out by the firm SolarCity. The company installs rooftop solar systems that harvests electricity SolarCity then sells.

    The guarantee means that if SolarCity’s project does not succeed, the DOE will use taxpayer money to pay back 80 percent of the company’s private loans.

    Sweet deal. Here’s how it was secured:

    [B]The Chairman of SolarCity, Elon Musk, is a major financial supporter of the president. On April 15 of this year, Musk donated $35,800 to the Obama Victory Fund. He also gave an additional $5,000 to the Obama campaign.[/B]

    Like Solyndra officials White House visitor logs show Musk has visited the Administration at least four times since 2009.

    Then there’s Solexel, which has been handed $13 million by Obama’s DOE:

    Solexel is financially backed by venture capitalist Steve Westly. In 2008, [B]Westly bundled for Obama’s presidential campaign, bringing in more than $500,000.[/B] Westly also served as a California co-chair and was a member of the National Finance Committee for the Obama for American campaign.

    [COLOR="Red"][B]He’s at it again for the president’s 2012 re-election campaign. So far, Westly has bundled between $100,000 and $200,000.[/B][/COLOR]The looting won’t stop until Obama’s hand is forcibly removed from the cookie jar, or the entire economy collapses under the weight of the debt he has been running up while burying his supporters in an avalanche of stolen money.

  14. #14
    [QUOTE=PlumberKhan;4135775]What spinning?

    I mean...I was that Obamanian thugs had raided Gibson Guitar solely on the basis that the company head was a Republican donor and that he didn't have Martin's factory raided because the guy was an Obama cheerleader.

    So...why would Evil Overlord Obamaii IV have his minions raid a factory of someone who, not only was a licensed Obama cheerleader, but was ALSO someone that Obama had purposely bribed and committed fraud with?

    It just doesn't make any sense.

    Treachery is afoot....[/QUOTE]

    OH:O I thought you were being sarcastic. My bad.

  15. #15
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    [QUOTE=SONNY WERBLIN;4143838]OH:O I thought you were being sarcastic. My bad.[/QUOTE]

    lolz :P

    Me? No way, man.

  16. #16
    New revelations suggest that the brewing scandal involving the solar panel industry may run much deeper than the failed Solyndra company. According to a report published by The Daily Caller, officials at at least four other solar companies that received billions in loan guarantees have donated large sums of money to prominent Democrats like President Obama, Majority Leader Harry Reid and Senator Barbara Boxer. In addition, tumbling stock prices suggest that some, if not all, of the companies in question may be heading for financial trouble.

    Solyndra, the solar panel manufacturer based in Fremont, California that received $535 million in federal loans, was touted by the Obama administration as an example of the kind of cutting edge, green technology leader that America needs to invest in. The company subsequently declared bankruptcy and, when called upon to testify before a Congressional committee, Solyndra executives repeatedly invoked the 5th Amendment rather than answer questions about the fiasco. Now, it appears that the scandal is spreading. According to The Daily Caller’s John Rossomando:

    Companies like First Solar​, SolarReserve, SunPower Corporation and Abengoa SA have already, collectively, received billions in loans through Obama administration stimulus programs to build solar power plants in the southwestern United States. Yet each, with the exception of the privately held SolarReserve, has seen its stock price hammered at the same time it was lobbying the Obama administration and Congress for billions in loan guarantees.

    For example, according to The Daily Caller, Oklahoma billionaire George Kaiser raised over $50,000 for President Obama in 2008. Kaiser has ties to both SolarReserve and Solyndra. Lee Bailey​, a SolarReserve board member and U.S. Renewables Group investor, has donated $21,850 since 2008 to Democratic candidates, including President Obama, Senate Majority Leader Harry Reid and California Sen. Barbara Boxer. SolarReserve also paid more than $100,000 of lobbying fees to the Podesta Group​. The Podesta Group is run by Tony Podesta, brother of Obama transition team head Leon Podesta. In the same vein, SunPower, spent almost $300,000 in lobbying fees with a close confidante of Harry Reid’s, as well as making hefty campaign donations to influential Democrats.

    Meanwhile, the value of these companies appears to be dropping precipitously. The price of both SolarReserve and SunPower stock has dropped more than sixty per cent in just a few months, and Abengoa SA stock dropped over thirty five per cent in six months. (First Solar is privately held, so financial data is not available.) Nonetheless, not only have they received billions in federal loan guarantees, the Department of Energy just authorized a billion more.

    [url]http://frontpagemag.com/2011/09/30/solargate-spreads/[/url]

  17. #17
    The OWS Fleabaggers are providing a nice distraction while Obama's looting spree continues unabated...


    As failed solar panel manufacturer Solyndra rides through the investigative ringer in Congress, revelations of another politically-connected company that received what appears to be a less-than-virtuous $1.2 billion loan guarantee are surfacing.

    The company, SunPower, received its $1.2 billion loan guarantee in September, immediately before the program’s deadline.

    SunPower isn’t as financially sound as the public was led to believe when it secured a loan guarantee twice the size of Solyndra’s $535 million loan. Just this week — less than a month after taxpayers landed on the hook for SunPower’s $1.2 billion loan guarantee — company executives announced that they expect to lower their 2011 earnings projections.

    The company also carries $820 million in debt, which is $20 million more than its market capitalization.

    House Energy and Commerce subcommittee on Oversight and Investigations chairman Rep. Cliff Stearns says the revelations are troubling.

    “There is great cause for alarm over political influence contaminating the DOE loan guarantee program,” Stearns told The Daily Caller. “The documents that the White House dumped last Friday reveal a disturbing prevalence of wealthy donors and bundlers littered throughout the loan guarantee process, with direct access to the President’s West Wing inner circle.”

    Stearns adds that, because “billions of taxpayers dollars are at stake” in the loan guarantee process, the committee has doubled down on information requests from Energy Secretary Steven Chu.

    “The politicization of the loan guarantee process is quite troubling and is a subject our investigation does not take lightly — we are looking into this and will see where it leads us,” Stearns said. “After failing to respond to our September 20th request, we also have asked Secretary Chu for a second time to provide financial details and DOE communications on every loan guarantee to ensure loans were indeed awarded on the merits and were proper candidates for federal support.”

    The Department of Energy maintains the SunPower loan guarantee was solid, though.

    “This project underwent many months of rigorous technical, financial and legal due diligence by non-political career employees who scrutinized every aspect of the project,” DOE spokesman Damien LaVera told TheDC. “It was approved for one reason only: because it meets all the requirements of the program — helping America win the clean energy race and create entire new industries for American workers.”



    Read more: [url]http://dailycaller.com/2011/10/11/solar-company-with-1-2-billion-taxpayer-loan-guarantee-political-connections-exhibits-signs-of-financial-trouble/#ixzz1aZHKlq6x[/url]

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  18. #18
    so when the gov't approved these loans did we expect all of them to be 100% paid back? is that the beef here? I dont really understand the problem. the gov't was acting like a venture capital firm and those guys see a normal failure rate of 1/3 to 1/2 of their loans. 26 out of 28 is a damn good success rate. they are getting more out of the loans than the Bush administration did shipping pallets of cash to Baghdad.

  19. #19
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    [QUOTE=bitonti;4187128]so when the gov't approved these loans did we expect all of them to be 100% paid back? is that the beef here? I dont really understand the problem. the gov't was acting like a venture capital firm and those guys see a normal failure rate of 1/3 to 1/2 of their loans. 26 out of 28 is a damn good success rate. they are getting more out of the loans than the Bush administration did shipping pallets of cash to Baghdad.[/QUOTE]

    The problem is they were pushed through based on politics and actually was not only not based on sound financial decisions but counter to them.

  20. #20
    [QUOTE=bitonti;4187128]so when the gov't approved these loans did we expect all of them to be 100% paid back? is that the beef here? [/QUOTE]

    Uh no, the beef is Obuttocks was warned this company was not going to make it before the loan even was approved and Obuttocks not only ignored the warning, he fast tracked the loan. He also made sure the taxpayer would be the last ones to be paid back when they should have been the first.

    Unethical at best, illegal at worst. Grand theft Obama.

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