Solyndra investigation

Yet another Obama-backed ‘green’ company fails, takes your tax money with it

Posted on March 2, 2012 by Donald Ferguson

At this point is there ANY company touted by Obama as our future that’s still in business?

“The latest casualty is Abound Solar Manufacturing,” Investors Business Daily writes today.  “The Longmont, Colo.-based recipient of a $400 million federal loan guarantee to expand solar panel production said Tuesday it is laying off 280 workers and delaying a new factory in Indiana. That amounts to a 70% reduction in its workforce.”

“This is a far cry from the bright future painted by the president in his weekly radio address of July 3, 2010. Touting his push for a clean energy economy, Obama said Abound would ‘manufacture advanced solar panels at two new plants, creating more than 2,000 construction jobs and 1,500 permanent jobs’ at plants in Indiana and Colorado.”

“Apparently Abound was not helped by last July’s $9.2 million Export-Import Bank loan to support exports of thin-film solar photovoltaic modules from Abound Solar to Punj Lloyd Solar Power Ltd., a company in India building a five-megawatt solar project on a 62.5-acre site near the village of Bap.

“In a January report, Sharyl Attkisson of CBS News counted at least 12 clean energy companies that were having trouble after collectively being approved for more than $6.5 billion in federal assistance. Five have filed for bankruptcy: the junk bond-rated Beacon, Evergreen Solar, SpectraWatt, AES’ subsidiary Eastern Energy and the infamous Solyndra.”

White House may be slammed with contempt charges in Solyndra scandal

Posted on January 31, 2012 by Donald Ferguson

“Rep. Cliff Stearns (R-Fla.), who is heading the GOP probe of the failed solar company Solyndra, said Republicans are meeting this week to discuss contempt charges against the White House over its response to last year’s subpoena for documents,” The Hill reports.

Obama has been hiding documents that would shed light on his relationship with Solyndra.  Run by one of his campaign’s larger bankrollers, the Obama White House ran roughshod over warnings from the Justice Department and plowed ahead with a political decision to pump a half-billion dollars of taxpayer money into the failing, politically-connected company.

Obama planned to use the cash to jump-start his re-election campaign’s efforts to appeal to wealthy, check-writing environmental activists.  Obama also avoided federal laws requiring that taxpayer be reimbursed ahead of private investors when companies are propped up by taxpayer-backed loans.  Thanks to Obama, his campaign contributors, the California Democrat Party and the SEIU labor union will get be repaid ahead of taxpayers in any Solyndra bankruptcy agreement.

With both Obama and Solyndra mired in a swamp of potential felony criminal convictions, it’s no wonder Obama is hiding evidence from prosecutors.  That’s the Chicago way.

Post investigation: Obama’s ‘green jobs’ spending intended to save only his job

Posted on December 27, 2011 by Donald Ferguson

An ongoing investigation of Barack Obama’s deepening Solyndra scandal finds concern for Obama’s re-election campaign overrrode concern for the taxpayers who have to repay his failed loans, or the employees of doomed “green” companies.

Since the failure of the company, Obama’s entire $80 billion clean-technology program has begun to look like a political liability for an administration about to enter a bruising reelection campaign.

Meant to create jobs and cut reliance on foreign oil, Obama’s green-technology program was infused with politics at every level, The Washington Post found in an analysis of thousands of memos, company records and internal ­e-mails. Political considerations were raised repeatedly by company investors, Energy Department bureaucrats and White House officials.

The records, some previously unreported, show that when warned that financial disaster might lie ahead, the administration remained steadfast in its support for Solyndra

…They show that as Solyndra tottered, officials discussed the political fallout from its troubles, the “optics” in Washington and the impact that the company’s failure could have on the president’s prospects for a second term. Rarely, if ever, was there discussion of the impact that Solyndra’s collapse would have on laid-off workers or on the development of clean-
energy technology.

“What’s so troubling is that politics seems to be the dominant factor,” said Ryan Alexander, president of Taxpayers for Common Sense, a nonpartisan watchdog group. “They’re not talking about what the taxpayers are losing; they’re not talking about the failure of the technology, whether we bet on the wrong horse. What they are talking about is ‘How are we going to manage this politically?’ ”

Go here to read the full story.

Policy for profit?: Obama Keystone delay may pump cash into Buffett’s pockets

Posted on November 17, 2011 by Donald Ferguson

As the White House fights to stop investigations into allegations Obama green-lit the doomed half-billion dollar taxpayer-backed Solyndra loan in order to enrich donor George Kaiser, another “green” policy finds itself swirling in scandal and allegations of policymaking-for-payoffs.

“Killing the Keystone XL pipeline may help one of the world’s richest men get richer. North Dakota’s booming oil fields will now grow more dependent on a railroad the president’s economic guru just bought,” Investor’s Business Daily writes.

“…Interestingly, another billionaire, Obama economic inspiration Warren Buffett, stands to benefit from the Keystone XL pipeline delay.

“As oil production ramps up in the Bakken fields of North Dakota, plans to use the pipeline to transport it have been dashed.

“As a result, North Dakota’s booming oil producers will have to rely even more on the Burlington Northern Santa Fe (BNSF) railroad, which Buffett just bought, to ship it to refineries.

“Buffett’s Berkshire Hathaway has agreed to buy Burlington Northern Santa Fe in a deal valuing the railroad at $34 billion. Berkshire Hathaway already owns about 22% of Burlington Northern, and will pay $100 a share in cash and stock for the rest of the company,” IBD writes.

“This is just more proof so-called ‘green’ policies are nothing more than brazen attempts to funnel taxpayer money into politically-connected pockets,” said American Tradition Partnership Executive Director Donald Ferguson.  “The only environment Obama’s ‘green’ policies protect is the health of his campaign account.”

Obama defies congressional subpeona in Solyndra scandal

Posted on November 7, 2011 by Donald Ferguson

The White House on Friday all but refused to turn over the documents House Republicans have subpoenaed on bankrupt solar firm Solyndra,” Fox News reports.

Investigators subpoenaed the evidence in connection to an ongoing investigation of Obama’s decision to award a half-billion dollars in taxpayer funds to a failing solar experiment financed by an Obama campaign bankroller, despite warnings by multiple government officials the money would be lost and the loan should be denied.

“Obama’s Solyndra scandal is looking more and more like Watergate,” said American Tradition Partnership Executive Director Donald Ferguson.  “Now Obama is defying legal obligations to turn over evidence relating to the political campaign influences behind his decision to put a half-billion taxpayer dollars into the pockets of political cronies.”

“This is just more proof the so-called “green economy” is just a system of taxpayer-financed payoffs for the politically-connected, which leave taxpayers in the dark,” said Ferguson.

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