Obama changes law so his donors, CA Dems get Solyndra $ before taxpayers
President Barack Obama raised eyebrows when he exempted the now-bankrupt and FBI-raided Solyndra solar experiment from a federal law requiring taxpayers be placed ahead of private creditors when a federally-funded corporation goes bankrupt.
Now we may be finding out why.
“Out of the hundreds of out-of-work employees, vendors, investors and other creditors in the bankruptcy of government-backed solar-panel maker Solyndra LLC, one name stands out: the California Democratic Party…One investor, Argonaut Private Equity, is tied to George Kaiser, Oklahoma billionaire and fundraiser for Mr. Obama’s 2008 campaign,” The Washington Times reports this morning.
Solyndra will not reveal how much cash the California Democrat Party may be receiving. The Party claims to know nothing about the deal.
Solyndra received over a half-billion dollars of taxpayer money from the Obama administration after the Bush administration refused to give the cash.
“Just two years ago, the company received federal loan guarantees of more than $500 million, money it burned through but hasn’t repaid. Because of a subsequent loan restructuring, taxpayers won’t be repaid before the private investors who poured $75 million into the company earlier this year as it tried to stay afloat,” the Times reports.
Obama made Solyndra the centerpiece of his failed “green jobs” political campaign, and the partnership may have paid off handsomely. “This announcement today is part of the unprecedented investment this administration is making in renewable energy and exactly what the Recovery Act is all about,” the Obama administration announced when making the handout.
While taxpayers are stuck with a half-billion dollars in lost cash while Obama donors and California Democrats are first in line for repayment, federally-funded Solyndra donated $7,500.00 to the California Democrat Party and $1,000.00 to three California Assembly Democrat candidates.
“Solyndra employees have donated more than $20,000 to federal lawmakers over the years, most of it going to Democrats. A breakdown of donations by the Center for Responsive Politics shows 72 percent went to Democrats, 27 percent to Republicans and 1 percent to Libertarian candidates,” the Times reports.
When questioned how the Obama-connected firm managed to get a half-billion dollars in taxpayer money the company’s predicted bankruptcy prevented it from getting most private loans, Solyndra executives exercised their right to avoid implicating themselves in a crime.
“In the wake of the company’s collapse and subsequent raid by the FBI this month, Solyndra’s top two executives, citing their Fifth Amendment rights [against implicating themselves in a criminal matter,] refused to testify last week before the House Energy and Commerce investigations subcommittee, which has been looking at the Solyndra loan deal for months,” the Times reports.
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