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?
Follow Coach at twitter.com @KcoachcCoach
To reach your Congressional representative, use this link:
http://www.contactingthecongress.org/
To read more use these links:
(2) http://hotair.com/archives/2012/08/02/omb-warned-wh-to-cut-losses-on-solyndra/
(4) http://energycommerce.house.gov/Media/file/PDFs/Solyndra/669_756.pdf (P. 106)
Get your copy of Coach’s new book Crooks Thugs and bigots: the lost hidden and changed history of the Democratic Party available at: http://crooksthugsandbigots.com
What have you done today to deserve to live in America? If you want suggestions of what to do to fight for our freedom see the “What each of us can do to defeat Obama” page at the top of the CiR homepage.
Comments on this or any other coachisright.com essay can be sent by following the posting instructions below.
Related posts:
- FBI raids Solyndra to bury evidence of Obama’s criminal dealings
- Al Gore wangled $529 million taxpayer loan for electric cars made in Finland
- Putrid Green: Harry Reid may have his own Solyndra, “Nevada Geothermal Power” to loot
- 10 million wasted dollars later, Blanche Lincoln’s win is a win for us and a big loss for Card Check
- Did Obama award Air Force plane contract to “Air Solyndra”?
This is mauch as a cover up for Obama as Watergate was for Nixon. Obama has no idea how a business operated and has no business making deals with tax payers money. While it is sometimes necessary for the US government to help business, it is the responsibility of the government to ensure the taxpayers are benefiting from such ventures. I myself wonder why the Republicans are even mute to Obama’s shenanigans. The whole idea of congress is to represent the people. Obama’s whole presidential experiment has been a complete failure. The MSM has been very kind to Obama had it been George Bush they vwould have crucified him. To any Patriotic American Obama’s actions should considered borderline criminal. Yet for some reason he always gets a free pass.