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1 Buck  Thu, Sep 15, 2011 12:06:31pm

The Bush Administration cancelled (or at least put on hold) the Solyndra Loan Guarantee on Jan. 9, 2009.

The Energy Department's credit committee had voted against offering a loan commitment to Solyndra on Jan. 9, 2009, two weeks before Obama entered office.

It should have been dead in the water at that point.

The investigation will start after that to see why the loan was done despite the Energy Department's credit committee's recommendation.

2 Interesting Times  Thu, Sep 15, 2011 8:51:14pm

Timeline of Solyndra loan

You have to read half the story to learn that the loan guarantee was made in 2009, and the audit was done in 2010, after market conditions had sharply worsened. And the Bloomberg story never explains that the company itself raised $250 million from private investors after the supposedly devastating audit.

To set the record straight, Climate Progress is publishing this timeline -- verified by Department of Energy officials -- that shows how the loan guarantee came together under both administrations. In fact, rather than rushing the loan for Solyndra through, the Obama administration restructured the original Bush-era deal to further protect the taxpayers' investment:
...
January 2009: In an effort to show it has done something to support renewable energy, the Bush administration tries to take Solyndra before a DOE credit review committee just one day before President Obama is inaugurated. The committee, consisting of career civil servants with financial expertise, remands the loan back to DOE because it wasn't ready for conditional commitment.

March 2009: The same credit committee approves the strengthened loan application. The deal passes on to DOE's credit review board. Career staff (not political appointees) within the DOE issue a conditional commitment setting out terms for a guarantee.

Read the whole thing.

3 Buck  Fri, Sep 16, 2011 9:43:20am

The investigation will start after the DOE rejection to see why the loan was done despite the Energy Department's credit committee's recommendation.

I know that you have people saying that the Bush administration tried to approve it one day before he left office. But there is no documentation supporting that (yet?). If that is true, then there will be lots of dated documentation with Bush administration people pushing the loan.

Explaining exactly what was done to make the application stronger would go a long way. So far all we have is the documentation that shows a restructure that made the governments position weaker. Putting them lower in the chain of who gets paid from the chap 11.

The timeline also ignores the emails that are coming out, where the WH is pushing the loan to be approved in order to accommodate the VP. It is these emails that were done between Jan 09 and March 09 that will be relevant. The author of your article ignores those emails.

It ignores Obama standing on the factory floor. Where that fits in the timeline is important, and missing.

If you really think this can be turned into a "Blame Bush", then go ahead. I think pushing that meme looks a lot like the "it wasn't Wiener" scandal... but hey good luck with that.

4 Buck  Fri, Sep 16, 2011 10:07:07am

Actually the timeline on your link is missing a lot of important points.

It also leaves out the White House logs showing Solyndra principal investor George Kaiser visiting the West Wing.

The timing of those visits and the emails, and the actual approval dates are very important.


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