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Thread: Obama was warned of loan dangers long before Solyndra sank

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    Default Obama was warned of loan dangers long before Solyndra sank

    Obama was warned of loan dangers long before Solyndra sank


    Top economic advisors to President Obama warned him a year ago about the serious political and financial risks of the Energy Department's loan guarantee program that has resulted in taxpayers likely being responsible for the loss of $527 million loaned to the politically-connected California solar firm Solyndra.

    That loan is currently under investigation by a House subcommittee and the FBI, which raided company offices earlier this month.

    Obama visited the Solyndra plant in 2010, touting it as a shining example of his program to simultaneously boost the U.S. green-energy industry and create new jobs. Last winter the Energy Dept. restructured the more than half-billion dollar loan to the troubled firm.Lawrence Summers 9-11

    But on Aug. 31 the company, whose major owner was also a major fundraising bundler for the 2008 Obama-Biden campaign, filed for bankruptcy and eliminated most of its 1,100 jobs.

    In a detailed story posted overnight, The Times' Tom Hamburg, Kim Geiger and Matea Gold outline the danger signals set off in October 2010 when secretary of the Treasury Tim Geithner and chief economic advisor Lawrence Summers warned the president that Energy's vetting process was not stringent enough to weed out troubled applicants in advance.

    Energy Secy. Steven Chu, who like Obama holds a Nobel Prize, was eager to push through applications by 30 companies for the program's $17 billion. He wanted even less oversight from Treasury.

    The story has developed legs for two reasons:

    One, it hints at possible high-level political favoritism using taxpayer dollars in risky ventures with well-connected business people, what some have labeled "crony capitalism."

    And, two, it's a classic example of the fundamental ongoing D.C. debate over government's proper role in the economy and the financial dangers to taxpayer funds inherent when officials and bureaucrats, not free market forces, pick corporate winners and losers.

    Pencil this into your calendar for future political debate throughout 2012.


    http://latimesblogs.latimes.com/wash...y-summers.html


    Obama has been reckless with the public purse. He may have funneled money into progressive-owned businesses and then into Democrat campaign coffers. This needs to be thoroughly investigated by a special prosecutor.

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    Its only a matter of time before more of these type of loans come forward. I believe there was another company that failed as well in the green energy sector.

    Just look at GM, we still hold something like 30% stake in the company, and they just gave $5,000 bonuses to each worker and a new contract with increases in it for everyone.

    We bailed their asses out and now they are living the good life. the government gave money to failures.
    I swear-by my life and my love of it-that I will never live for the sake of another man, nor ask another man to live for mine."-John Galt

    If Obama had a son, he would look like Treyvon. If Obama had a City, it would look like Detroit. If Obama had a Country, it would look like Cuba.-Scottie Nell Hugues

  4. #3

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    "Mr. President, it looks like Solydra is failing."
    "Did their check clear the bank?"
    "Yes."
    "Then what's the problem?"

  5. Default

    Top economic advisors to President Obama warned him a year ago about the serious political and financial risks of the Energy Department's loan guarantee program that has resulted in taxpayers likely being responsible for the loss of $527 million loaned to the politically-connected California solar firm Solyndra.
    And, as usual, he didn't listen and he's going to pay for it.
    All tyranny needs to gain a foothold is for people of good conscience to remain silent. -- Thomas Jefferson

    When the people fear the government there is tyranny. When the government fears the people, there is liberty -- Thomas Jefferson

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    WTF is that radical Stephen Chu even doing still in office? He's the primary person responsible for the war on energy we've been experiencing ever since the "crisis" in the Gulf where we helped mother nature by temporarily boosting gulf levels of hydrocarbon munching bacteria.

    If anyone needs to go under the bus, it's Stephen Chu and I'm glad to finally see that environment whackjob, the same whackjob who claimed that European energy prices were necessary to help force green energy before it is mature upon the American People in a tight spot and hopefully about the get what he deserves a scandalous resignation or firing.

    Obama might save his own skin if he blames this all on Chu and accepts his resignation, that's if Chu does. I think he's so radical a whackjob that he'll hold on to the bitter end, inflicting whatever revenge damage he can against his perceived enemies in the oil and coal sectors before finally being showed the door.
    Last edited by SiliconMagician; Sep 27 2011 at 05:46 AM.

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    The Solyndra loan was a win or win for Barry. In any case the tax payers took a big hit that damaged the economy. More people are now dependent on the government. Barry tried to build a green business. Part of the loan will end up in Barry campaign fund.
    Obama is using Cloward-Piven tactics by allowing these aliens in and then transporting these illegal aliens to different cities and letting them loose. The numbers given by ICE about the rise in alien returns has been false. Unless we put our military on the border and build the fence that Obama has refused to build, violating Congressional law. ..

  8. #7

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    Quote Originally Posted by Consmike View Post
    Its only a matter of time before more of these type of loans come forward. I believe there was another company that failed as well in the green energy sector.

    Just look at GM, we still hold something like 30% stake in the company, and they just gave $5,000 bonuses to each worker and a new contract with increases in it for everyone.

    We bailed their asses out and now they are living the good life. the government gave money to failures.
    There are 5 that failed and 5 more on the way.
    Would the IRS accept the excuse YOUR hard drive crashed 10 days after receiving an audit notice, so you can't supply the information they're asking for? Would they just drop it and go away? Why should they be held to any less of a standard they set for us?

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    Quote Originally Posted by Professor Peabody View Post
    There are 5 that failed and 5 more on the way.
    That is wonderful news. So not only have we wasted billions, we will also be losing more jobs, and more tax revenue.

    If we would always have a balanced budget, this would never be an issue.
    Last edited by Consmike; Sep 27 2011 at 06:09 AM.
    I swear-by my life and my love of it-that I will never live for the sake of another man, nor ask another man to live for mine."-John Galt

    If Obama had a son, he would look like Treyvon. If Obama had a City, it would look like Detroit. If Obama had a Country, it would look like Cuba.-Scottie Nell Hugues

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