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1 Louis  Wed, Jun 6, 2012 11:04:22am

As the article points out, Bush started the loan program to innovative companies but never approved a loan to Solyndra. The $529 million given to Solyndra was approved by Obama. Ceratin private investors with connections to the Obama administration will be paid before the governemnt if the bankruptcy has any assets to sell.

2 ShaunP  Wed, Jun 6, 2012 11:18:33am

Can we also talk about the hypocrisy of lambasting Solyndra, when you have Acusphere and Spherics loans (and defaults) from Romney's tenure as governor?

LINKY

3 surlymarv  Wed, Jun 6, 2012 11:40:07am

re: #1 Louis

Actually the article does not say what you wrote. Please provide a credible reference for this claim: "Ceratin [sic] private investors with connections to the Obama administration will be paid before the governemnt if the bankruptcy has any assets to sell."

In fact the article says the second largest private investment came from the Waltons. Did you read the article?

4 Buck  Wed, Jun 6, 2012 6:29:47pm

re: #3 surlymarv

Actually the article does not say what you wrote. Please provide a credible reference for this claim: "Ceratin [sic] private investors with connections to the Obama administration will be paid before the governemnt if the bankruptcy has any assets to sell."

In fact the article says the second largest private investment came from the Waltons. Did you read the article?

The original deal was that the government gets paid back FIRST, before anyone else. That is the way all of these loans are written.

This deal was rewritten to change that very late in the game, and just before the bankruptcy.

In fact that sort of "restructuring" might be illegal, and an Obama admin member ward about that in an email and was ignored.

Energy Department officials were warned that their plan to help a failing solar company by restructuring its $535 million federal loan could violate the law and should be cleared with the Justice Department, according to newly obtained e-mails from within the Obama administration.

The e-mails show that Energy Department officials moved ahead anyway with a new deal that would repay company investors before taxpayers if the company defaulted. The e-mails, which were reviewed by The Washington Post, show for the first time concerns within the administration about the legality of the Energy Department’s extraordinary efforts to help Solyndra, the California solar company that went bankrupt Aug. 31.

[Link: www.washingtonpost.com...]

5 Buck  Wed, Jun 6, 2012 7:09:15pm

Also very important:

The DOE loan program that funded Solyndra was actually started by President Bush in 2005. It was intended to provide government support for "innovative technologies."
But the Bush administration never approved Solyndra's loan, saying the application needed more work.

Never approved is a way to NOT say that it was REJECTED.

The Bush administration rejected the Solyndra's loan. The Obama administration approved Solyndra's loan.

It started under Bush is irrelevant. It stopped under Bush. It was restarted and approved under the Obama Administration.

No one knows how much the investors lost YET. That number will not be known until after the complete liquidation under bankruptcy. We do know they will lose LESS than they would have if the loan was not 'restructured' illegally to their benefit. We do know that the government would have lost less if the loan was not 'restructured' illegally to the tax payers detriment.


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