9.16.2011

Solyndra Obama’s Enron


Remember Enron When this huge company went belly up because of mismanagement,misrepresentation and criminal intent the Bush administration was put through years of screaming headlines, congressional investigations and dubious investigative specials on the wall-to-wall talking heads of the In the end there was no connection found between the Bush administration and the leaders at Enron who broke the law.Today unlike Enron who played fast and loose with private money we have Solyndra which received $535 million in federal loans filing for bankruptcy protection leaving American tax payers on the hookfor the cash. The Obama administration not only disbursed the money to their friends and campaign contributors at Solyndra they did so even after the Office of Management and Budgetthey felt as if they were being rushed to make a decision without adequate time to assess the financial risk to taxpayers.They pressured the make a call in favor of the loan before they felt comfortable so thatcould announce the approval at the groundbreaking for the company’s factory in 2009. And this was not just “some” company. Solyndra was an important component of President Obama’s ideologically driven campaign to develop green jobs and what he calls renewable energy.The political motives took precedence over economic considerations and caused the loan to be approved without due diligence. When White House chief of staff, Rahm Emanuel asked officials at“there is anyway we can help speed alongne official responded, would prefer that this announcement be postponed This is the first loan guarantee and we shouldhave full review with all hands on deck to make sure we get it rightapproved and the announcement was not postponedDid the involvement of the Obama administration end with executive pressure to approve a massiveloan without the same stringent requirements a common citizen must face today to get a homemortgage According to House Energy and Commerce Committee chairman of that panel’s oversight and investigations subcommitteeSolyndra was the hallmark of the President’s green jobs by theadministration as a stimulus success storyIs there any evidence that members of the Obama administration were personally involved with thisempty shell of a company?Obama made a personal visit and promoted thecompany. According to White House visitor logs, between March 12, 2009, and April 14, 2011Solyndra officials and investors made no fewer than twenty trips to the West Wing for personal visitswith members of the administrationbillionaire investor George Kaiser, was one of the top bundlers to President Obama’s campaign. Bundlers are people who gather contributions from individuals in an organization or community, and present that sum to a campaign. before the company received the multimillion dollar loan from the governmentWas this favoritism? Was this a massive example of the Crony Capitalism that is poisoning oureconomy? An audit by the Government Accountability Office in July 2010 concluded that the EnergyDepartment “lacked appropriate tools for assessing the progress” of the loan program and that the department treated applicants inconsistently,Was this expensive boondoggle unforeseenWas it a shock out of the blue blindsiding the Obamaadministration without warninga now exposed exchange between EnergyDepartment staff members in August 2009 stated that a credit-rating agency predicted that thegreen energy company would run out of cash in September 2011. Solyndra filed for bankruptcy on thefinal day of August. Can the administration in any way claim they were kept in the dark about theinner workings of the company This is difficult to maintain since Energy Department officials have been sitting in as observers at Solyndra’s board meetings for months prior to the crash.Can you imagine what the reaction of thewould have been if when Enron imploded it was revealed the Bush Administration had guaranteed a half billion dollars in loans or if any of the serial investigations had found that members of the administration had sat in on the board meetings with the very people who perpetrated the fraud? Does anyone doubt that there would have been a feeding frenzy? Does anyone imagine there wouldn’t have been cries of “Who knew what and when did they know it?”In our transformingAmerica,what is the reaction to the Obama administration’s intimate relationshipto the collapse of their flagship green technology companyalternative you wouldn’t even know there wasThe masses of voters who get their the Corporations Once Known as the Mainstream their comedic fellow-travelerscompany have no idea of the scheme which has flushed over 500 million dollars down the tube, into someone’s pocket and probably future political contributions to the very people who signed the check.

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