by Doug Book, staff writer
Though grudgingly provided and universally redacted, documents subpoenaed by Congress from the White House and the Office of Management and Budget now reveal that Barack Hussein Obama himself was responsible for manufacturing the loss of $535 million taxpayer dollars in the 2011 Solyndra bankruptcy.
In 2010, solar panel manufacturer Solyndra Inc. received $535 million in loan guarantees for “innovative technology” under the terms of Barack Obama’s federal stimulus plan. The fact that a Price Waterhouse audit filed earlier that year with the SEC showed Solyndra had lost $558 million during its first 5 years in business, boasted negative cash flow, had no profitable years and featured a “seriously flawed” business model didn’t seem to matter to White House Chief of Staff Rahm Emanuel who delighted Obama’s left-wing, environmentalist supporters by choosing the company as the president’s favorite green energy producer. (1)
But by early 2011, Solyndra was very much up against it. Even a new infusion of cash and very favorable restructuring of existing loans would not afford the virtually bankrupt company much chance of survival.
In February of that year, OMB analyst Kelly Colyar informed the Obama Administration that any attempt to rescue the solar panel manufacturer would be both futile and likely to put at extreme risk any additional tax dollars the DOE might invest in the company. In fact, it was estimated that even an immediate default would cost taxpayers some $141 million. Were that default to be delayed, the cost could rise to 3 or 4 times that initial estimate. (2)
But the Department of Energy was intent upon restructuring the Solyndra loans, “…illegally subordinat[ing] taxpayers in case of default.” According to the terms of the restructured debt, private investors would recoup their investments first, forcing taxpayers to fight over the bare remains. (3)
In an August, 2011 email, Colyar reminded the DOE that one month prior to restructuring the loan, the Office of Management and Budget had warned the Department about Solyndra’s “…ability to meet their projections, subordination of the DOE loan and the likelihood that Solyndra’s (private) investors may not ultimately provide the additional capital the company required to continue operations.” And of course, the OMB was right. Solyndra went spectacularly belly-up in mid-August, paying off its private investors while putting taxpayers on the hook for over $500 million! Coincidentally, one of the comfortably bailed-out private investors was George Kaiser, a large donor and bundler of campaign cash for—Barack Obama. (4)
Today, the most important part of that August email reveals that the OMB had voiced its concerns not only to the Department of Energy, but directly to the White House! Colyar wrote that “the issue was discussed with the NEC and the Chief of Staff;” that is, Barack Obama’s White House Chief of Staff, Bill Daley. Daley therefore KNEW that taxpayer investments had been illegally subordinated to those of Obama friend and contributor George Kaiser.
What are the odds that Daley would keep the fact of this proposed, illegal restructuring to himself rather than get an official go-ahead from Barack Obama? Can anyone imagine Daley taking it upon himself to make a $535 million decision which could easily land him in a federal prison? (4)
The Colyar email makes it obvious that Obama engaged in a $535 million conspiracy of crony capitalism, personally approving the means by which one of his most generous campaign contributors was saved a massive investment loss. Naturally, this news broke over the weekend. Will Mitt Romney and congressional Republicans make certain a predictably reluctant media covers the story?
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