Failed Solar Company Loan Pushed By White House

[AZGrizFan]

[Again, no acceptance of my wager.

Define the terms.

[Grizalltheway]

Well, I found this:

billionaire George Kaiser, a key Obama backer who raised between $50,000 and $100,000 for the president’s election campaign, is one of Solyndra’s primary investors. Kaiser himself donated $53,500 to Obama’s 2008 election campaign, split between the DSCC and Obama For America. Kaiser also made several visits to the White House and appeared at some White House events next to Obama officials.

So Z, a hundred grand gets you half a billion, right?

I'll take your ignoring my wager as proof that even you don't buy the scandal part of this.

If they admit to $100,000 the number is more likely 10 times that amount.

If by "scandal" you mean the way dems commonly employ their political agendas, then no there probably wasn't a scandal. If by "scandal" you mean something illegal done through a back door deal to reward a long-time friend and large campaign donor and fundraiser then yes, there was/is definitely a scandal.

I love how you try to portray crony capitalism as an exclusively donk thing.

[AZGrizFan]

If they admit to $100,000 the number is more likely 10 times that amount.

If by "scandal" you mean the way dems commonly employ their political agendas, then no there probably wasn't a scandal. If by "scandal" you mean something illegal done through a back door deal to reward a long-time friend and large campaign donor and fundraiser then yes, there was/is definitely a scandal.

I love how you try to portray crony capitalism as an exclusively donk thing.

So you admit there's a scandal?

[Grizalltheway]

I love how you try to portray crony capitalism as an exclusively donk thing.

So you admit there's a scandal?

Disappointing? Yes. Water or BJ-gate type scandal? Meh.

[AZGrizFan]

So you admit there's a scandal?

Disappointing? Yes. Water or BJ-gate type scandal? Meh.

Yeah, I mean what's half a billion $$ among friends, right?

[kalm]

If they admit to $100,000 the number is more likely 10 times that amount.

If by "scandal" you mean the way dems commonly employ their political agendas, then no there probably wasn't a scandal. If by "scandal" you mean something illegal done through a back door deal to reward a long-time friend and large campaign donor and fundraiser then yes, there was/is definitely a scandal.

I love how you try to portray crony capitalism as an exclusively donk thing.

And that's being generous.

Just reading this thread, I guarantee you it's already too complicated to captivate the average voter.

Could be completely true, but it's old hat and going nowhere.

[AZGrizFan]

I love how you try to portray crony capitalism as an exclusively donk thing.

And that's being generous.

Just reading this thread, I guarantee you it's already too complicated to captivate the average voter.

Could be completely true, but it's old hat and going nowhere.

Translation: it's too complicated for the typical Obama voter anyways, so it won't impact his election chances.

[kalm]

And that's being generous.

Just reading this thread, I guarantee you it's already too complicated to captivate the average voter.

Could be completely true, but it's old hat and going nowhere.

Translation: it's too complicated for the typical Obama voter anyways, so it won't impact his election chances.

Probably true.

Although you can lump in apolitical independents who vote but don't really follow things that closely.

[89Hen]

Could be completely true, but it's old hat and going nowhere.

I wouldn't bet on that Kalm. This will be hammered home by every Republican from now until the election.

[kalm]

Could be completely true, but it's old hat and going nowhere.

I wouldn't bet on that Kalm. This will be hammered home by every Republican from now until the election.

If they can hone it down to sound bite length then it might work. Otherwise they should stick with muslim socialist.

[kalm]

Could be completely true, but it's old hat and going nowhere.

I wouldn't bet on that Kalm. This will be hammered home by every Republican from now until the election.

.

[89Hen]

I wouldn't bet on that Kalm. This will be hammered home by every Republican from now until the election.

.

Agreed.

[kalm]

.

Agreed.

[D1B]

[Again, no acceptance of my wager.

Define the terms.

You know the terms, Footmouth.

There is no scandal.

You can do the right thing and fail. We should be investing in alternative energy. Like anything, there's risk. It's ultimately a good thing.

[D1B]

LA Times

Silver noted that Solyndra had first applied for the loan in 2006 under President Bush's watch. He said the loan was tentatively approved in March 2009 "on the exact schedule that had been developed by the Bush administration."

He said federal loans are vital to allowing U.S. companies to compete in the alternative energy field. Financing innovative technology is a risky business, but a risk worth taking, Silver said.

"The rest of the world takes the industry enormously seriously," Silver said. "It's a multitrillion-dollar market that will create tens of thousands of jobs.

"We invented this technology and we should produce it here. ... This is a battle we must fight and win."

http://latimesblogs.latimes.com/money_c ... loans.html" onclick="window.open(this.href);return false;

[andy7171]

Although you can lump in apolitical independents who vote but don't really follow things that closely.

Leave me alone!

[AZGrizFan]

Define the terms.

You know the terms, Footmouth.

There is no scandal.

You can do the right thing and fail. We should be investing in alternative energy. Like anything, there's risk. It's ultimately a good thing.

Agreed. You can do the right thing and fail, and I have no problem with that or with taking risk. It's what I do every day in the banking world.

The hearing, which lasted more than four hours, focused significant attention on emails that the White House pressured the Energy Department and budget officials to approve the Solyndra loans quickly.

But seriously, D....are these guys so incredibly stupid as to not understand the concept of an "arms length transaction"??? At the very LEAST they're guilty of incredible stupidity, and and the worst they're guilty of making a sweetheart deal to a big campaign donor and fundraiser despite the obvious concerns expressed by the beancounters over the company's stability and financial future, and their lack of time to complete all their required due diligence.

But you keep blindly defending them, D. It's like hitching your wagon to JBB's star.

[D1B]

You know the terms, Footmouth.

There is no scandal.

You can do the right thing and fail. We should be investing in alternative energy. Like anything, there's risk. It's ultimately a good thing.

Agreed. You can do the right thing and fail, and I have no problem with that or with taking risk. It's what I do every day in the banking world.

The hearing, which lasted more than four hours, focused significant attention on emails that the White House pressured the Energy Department and budget officials to approve the Solyndra loans quickly.

But seriously, D....are these guys so incredibly stupid as to not understand the concept of an "arms length transaction"??? At the very LEAST they're guilty of incredible stupidity, and and the worst they're guilty of making a sweetheart deal to a big campaign donor and fundraiser despite the obvious concerns expressed by the beancounters over the company's stability and financial future, and their lack of time to complete all their required due diligence.

But you keep blindly defending them, D. It's like hitching your wagon to JBB's star.

Alt energy, unlike most banking, is inherently risky. I applaud our government for taking these risks, cuz our future is at stake as a species.

There's more to the story. Read the part about China killing the american solar panel industry. It's time to put our foot down on them.

We're both right and we'll see how this shakes out.

[AZGrizFan]

Alt energy, unlike most banking, is inherently risky. I applaud our government for taking these risks, cuz our future is at stake as a species.

There's more to the story. Read the part about China killing the american solar panel industry. It's time to put our foot down on them.

We're both right and we'll see how this shakes out.

Taking risk is fine. But if they're not smart enough to figure out a way to take that risk without it coming off looking like some back room deal done to scratch the back of a big campaign contributor then the deal shouldn't be done. If they're not smart enough to be able to step away for a minute and think "hmmmm, I wonder how this will look to the American people if this deal goes bad...you know, the fact this guy has visited the white house SIXTEEN times, held private fundraisers, is a personal friend of the president...you know, THAT sort of thing."

D, as a "banker" running a financial institution, I'd get absolutely SKEWERED if I did that deal under the same conditions and it went bad...a huge loan to a buddy with questionable financials and a shaky industry???? Federal Regulators (yeah, guys from the same fucking government making THESE kind of loans) would have me for breakfast and I'd never work in the industry again. EVER.

It's akin to insider trading, and it smells to the high heavens...all the way up to at LEAST Biden, and you KNOW Obama knew, since it was his campaign the funds were raised for in the first place.

[D1B]

Alt energy, unlike most banking, is inherently risky. I applaud our government for taking these risks, cuz our future is at stake as a species.

There's more to the story. Read the part about China killing the american solar panel industry. It's time to put our foot down on them.

We're both right and we'll see how this shakes out.

Taking risk is fine. But if they're not smart enough to figure out a way to take that risk without it coming off looking like some back room deal done to scratch the back of a big campaign contributor then the deal shouldn't be done. If they're not smart enough to be able to step away for a minute and think "hmmmm, I wonder how this will look to the American people if this deal goes bad...you know, the fact this guy has visited the white house SIXTEEN times, held private fundraisers, is a personal friend of the president...you know, THAT sort of thing."

D, as a "banker" running a financial institution, I'd get absolutely SKEWERED if I did that deal under the same conditions and it went bad...a huge loan to a buddy with questionable financials and a shaky industry???? Federal Regulators (yeah, guys from the same fucking government making THESE kind of loans) would have me for breakfast and I'd never work in the industry again. EVER.

It's akin to insider trading, and it smells to the high heavens...all the way up to at LEAST Biden, and you KNOW Obama knew, since it was his campaign the funds were raised for in the first place.

We'll see how this shakes out.

[Cap'n Cat]

Conks hope, but there is no scandal. If they went belly up, it's because of Conk conditions of late.

[Bronco]

-
Flashback 2009: Solyndra CEO Said Obama Was Personally “Instrumental” In Securing Government Guaranteed $535 Million Loan…

From the Company website

http://www.solyndra.com/2009/03/us-department/

SOLYNDRA OFFERED $535 MILLION LOAN GUARANTEE BY THE U.S. DEPARTMENT OF ENERGY
Fremont, CA, March 20, 2009 – Solyndra, Inc. announced today that it is the first company to receive an offer for a U.S. Department of Energy (DOE) loan guarantee under Title XVII of the Energy Policy Act of 2005. Solyndra, a Fremont, California-based manufacturer of innovative cylindrical photovoltaic systems, will use the proceeds of a $535 million loan from the U.S. Treasury’s Federal Financing Bank to expand its solar panel manufacturing capacity in California.

“The leadership and actions of President Barack Obama, Energy Secretary Steven Chu and the U.S. Congress were instrumental in concluding this offer for a loan guarantee,” said Solyndra CEO and founder, Dr. Chris Gronet. “The DOE Loan Guarantee Program funding will enable Solyndra to achieve the economies of scale needed to deliver solar electricity at prices that are competitive with utility rates. This expansion is really about creating new jobs while meaningfully impacting global warming.”

What did we get for the money... just a photo op

[Cap'n Cat]

-
Flashback 2009: Solyndra CEO Said Obama Was Personally “Instrumental” In Securing Government Guaranteed $535 Million Loan…

From the Company website

http://www.solyndra.com/2009/03/us-department/

SOLYNDRA OFFERED $535 MILLION LOAN GUARANTEE BY THE U.S. DEPARTMENT OF ENERGY
Fremont, CA, March 20, 2009 – Solyndra, Inc. announced today that it is the first company to receive an offer for a U.S. Department of Energy (DOE) loan guarantee under Title XVII of the Energy Policy Act of 2005. Solyndra, a Fremont, California-based manufacturer of innovative cylindrical photovoltaic systems, will use the proceeds of a $535 million loan from the U.S. Treasury’s Federal Financing Bank to expand its solar panel manufacturing capacity in California.

“The leadership and actions of President Barack Obama, Energy Secretary Steven Chu and the U.S. Congress were instrumental in concluding this offer for a loan guarantee,” said Solyndra CEO and founder, Dr. Chris Gronet. “The DOE Loan Guarantee Program funding will enable Solyndra to achieve the economies of scale needed to deliver solar electricity at prices that are competitive with utility rates. This expansion is really about creating new jobs while meaningfully impacting global warming.”

What did we get for the money... just a photo op

Hey, David Stockman, where's all the jobs from the Conk tax cuts yiou been braggin' about for 30 years??????

[kalm]

-
Flashback 2009: Solyndra CEO Said Obama Was Personally “Instrumental” In Securing Government Guaranteed $535 Million Loan…

From the Company website



What did we get for the money... just a photo op

Hey, David Stockman, where's all the jobs from the Conk tax cuts yiou been braggin' about for 30 years??????

Stockman has done a 180 on reaganomics. Norquist, Moore, and Laffer are now driving the bus.

[BDKJMU]

No more handouts and subsidies for big solar.