OBAMA IS TOAST - Granite Grok

OBAMA IS TOAST

“No science is immune to the infection of politics and the corruption of power … “ —Jacob Bronowski

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Solyndra is a California-based “green energy” company that sought more than $500 Million is loan guarantees from the Department of Energy and has now filed for bankruptcy protection.

Solyndra first sought consideration for the loan guarantee program (a that began under the Bush administration) during the last days of the GWB administration. They were denied. The Obama administration subsequently expanded the loan guarantee program via the stimulus and approved a half billion loan.

So now that Solyndra has sought bankruptcy protection, some private investors are lining up to get repaid even before the U.S. Taxpayers. the FBI’s criminal investigation is now seeking to know whether Solyndra execs knowingly and purposely misled DOE to obtain loan guarantees.

The House Republican committee for  Energy and Commerce released a memo entitled, “The Solyndra Story“, following a seven-month long investigation into the government’s role in the loan approval. The memo blames the DoE and OMB for, “ignoring red flags in their rush to spend stimulus dollars.”

The government should have never approved the use of taxpayer money for this in the first place, much less, without first conducting some degree of due diligence. In a 2010 report from the GAO, the report found that the DoE “treated applicants inconsistently, favoring some and disadvantaging others.

Solyndra equals EPIC FAIL. And, unfortunately for the American taxpayer, its just business as usual in DC, when juxtaposed to all the billions of bailout dollars given to banks that ended up bankrupt.

It cannot be ignored that one of Solyndra’s major investors, a venture capital fund linked with George Kaiser, a bundler for Obama’s 2008 presidential campaign. The Democrat response: to point fingers at Solyndra’s second biggest private investors’ ties to the Walton family, who typically funds Republicans.

So say the Democrats: Solyndra is the Republicans fault too because Solyndra applied for the loan in 2006!”  (Which… was Rejected)  Well, what if Bush did  make the loans? How does that help Obama’s case?  The larger problem is that the Bush Administration made no loans to Solyndra. So that is the Democrats defense to accusations of patronage and cronyism? Seriously?

However, Obama took office in In January 2009 and shortly before, Energy re-reviewed the application. finding that, “the project appears to have merit.” Still, they did not approve the loan and requesting additional information.

IN the last couple of days, newly uncovered emails reveal the White House had closely monitored the Energy Department’s conduct and deliberations over a $535 million government loan to Solyndra!

The federal authorities are now pro-actively examining whether or not Solyndra misled the government about its financial condition. The Obama White House is facing uncomfortable questions about why it exerted significant influence on behalf of Solyndra. Officials with DOE and the Office of Management and Budget are expected to next week and the  Solyndra Execs have been invited to appear as witnesses. Although not in attendance, they will voluntarily appear next week. Obama is toast…Granite_Grok_Icon_small.jpg

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