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11 comments

1 Buck  Thu, Jun 7, 2012 12:53:10pm

Let me help present the evidence:

In February, 2011, Solyndra restructured its loans with government approval, in an attempt to keep the company afloat. Two funds (Argonaut Ventures LLP and Madrone Partners LP) invested an additional $69 million as part of the restructuring, and Solyndra's debt to the government was subordinated to this new investment. Assistant Treasury Secretary Mary Miller wrote emails at the time stating that this subordination might be illegal, and should be cleared with the Justice Department first, but Energy Department officials proceeded based on an internal legal opinion by the loan program's lawyers.

On October 14, 2011 two senior Treasury officials said that they had never seen a loan restructuring like Solyndra, stating the half-billion dollar loan to Solyndra Inc. was restructured so that private investors moved ahead of taxpayers for repayment.

Now the bankruptcy is not finished so we don't know how much the trustees have been able to recover.

BUT we do know that because of this restructuring of the loan, the investors will get more money in the end, and the tax payers will get less.

We do know that many of the investors (not all, but that doesn't really matter) are close to the Obama administration AND that they visited the WH just before the restructuring took place.

2 Buck  Thu, Jun 7, 2012 1:01:02pm

The Bush Administration DOE rejected the Solyndra application for a loan. This was reopened and although nothing material had changed in the application, it was now approved, and the WH did have an influence in that approval. The Vice Presidents office was already planning Bidens visit before the loan was approved and emails from his office mentioned that they hoped it would be approved before the visit.

3 Daniel Ballard  Thu, Jun 7, 2012 1:24:57pm

Okay Buck, given all that why did the Romney campaign need to exaggerate and deceive?

4 Buck  Thu, Jun 7, 2012 1:49:31pm

I don't think they did.

I think it comes down to "House investigators have been unable to show that the administration approved the Solyndra guarantee to please the president’s campaign donors."

I would add "Yet". There are a lot of unanswered questions.

5 Buck  Thu, Jun 7, 2012 2:14:39pm

If you count the Justice Department as part of "the administration", and you can see that they did approve a very unusual 'restructure' to the loan, then it is not a stretch to say that the administration did funnel taxpayer money to friends and their families.

Again, a very unusual restructure, done to an already finished deal, and might have been done when all hope for the company was already lost AND might have been illegal, and meant high visibility donors got more money from the bankruptcy that they would have without the last minute restructuring of the loan....

And who is charged with investigating this act by the Obama Administration DOE and approved by the the Obama Administration Dept of Justice? The same the Obama Administration DOE and the same the Obama Administration Department of Justice.

I am sorry you can't see my shocked face at the surprise that the "investigators have been unable to show that the administration approved the Solyndra guarantee to please the president’s campaign donors."

6 Daniel Ballard  Thu, Jun 7, 2012 2:37:06pm

But you have no evidence on the "friends and family got money" angle right?

7 Buck  Thu, Jun 7, 2012 3:56:31pm

re: #6 Daniel Ballard

But you have no evidence on the "friends and family got money" angle right?

Yes, I do. That is detailed in #1.

Maybe you are confused by the family part. I am sure he didn't mean Obama's family, but Obama's friends families.

You are picking on a word or too and missing the scandal being covered up right in front of you.

Please pay no attention to the trees as they seems to be causing you to miss the forest.

8 jaunte  Thu, Jun 7, 2012 4:19:53pm

"two senior Treasury officials said that they had never seen a loan restructuring like Solyndra"

"This article is being considered for deletion in accordance with Wikipedia's deletion policy."

I see a story, but no proof of "friends and family got money."

9 Buck  Thu, Jun 7, 2012 4:31:35pm

re: #8 jaunte

"two senior Treasury officials said that they had never seen a loan restructuring like Solyndra"

"This article is being considered for deletion in accordance with Wikipedia's deletion policy."

I see a story, but no proof of "friends and family got money."

You aren't even trying.

From #1

Now the bankruptcy is not finished so we don't know how much the trustees have been able to recover.

BUT we do know that because of this restructuring of the loan, the investors will get more money in the end, and the tax payers will get less.

No one is questioning that a restructuring of the loan took place.

No one is questioning that friends of Obama were investors in Solyndra.

No one can question that when each investor receives their portion of the recovered monies it will be money they would not have received had the loan not been restructured.

If that is still not clear to you, then I cannot help you any further. You are just not trying.

10 jaunte  Thu, Jun 7, 2012 4:38:20pm

re: #9 Buck

Romney wrong on Solyndra facts

Romney seemed to be referring to Congressional testimony offered up by Gregory Friedman, inspector general of the U.S. Department of Energy, from March 2011. In it, he said: "We currently have 64 open investigations associated with the Recovery Act… Schemes under investigation include the submission of false information in applications for funding, fraudulent claims for rebates, claims for unallowable or unauthorized expenses, the directing of contracts and grants to friends and family, weatherization fraud to 7 include mischarging, and other attempts to fraudulently obtain Recovery Act funds."

Not only did Friedman never specifically cite Solyndra, but his office never brought charges related to any "directing of contracts and grants to friends and family." A spokeswoman for the DoE Inspector General's office declined to say whether any such investigation remained open, except to say that it never made the type of conclusion asserted by Romney.

In response to my inquiry, a Romney spokeswoman forwarded me a link to a Newsweek piece that mischaracterized Friedman's "friends and family" line (albeit without linking it specifically to Solyndra). She also noted that Obama supporter George Kaiser was the "single largest investor" in Solyndra, even though it actually was the private equity arm of a nonprofit, anti-poverty foundation founded by Kaiser.

11 Buck  Thu, Jun 7, 2012 4:44:36pm

re: #10 jaunte

Yes, you are repeating the post.

I have outlined in clear terms how he got it right.

Romney seemed to be referring to Congressional testimony offered up by Gregory Friedman, inspector general of the U.S. Department of Energy, from March 2011.

Seemed to?

OK, maybe that is what he meant, but he might have been referring to the restructuring of the loan. Again.... look past the trees and see the forest.

If you don't like the Wikipedia page, then how about Businessweek and how they name names and quote actual testimony.

Two senior Treasury officials said Friday that they had never seen a loan restructuring similar to an Energy Department loan to a failed solar panel maker.

The half-billion dollar loan to Solyndra Inc. was restructured earlier this year so that private investors moved ahead of taxpayers for repayment on part of the loan in case of a default.

Treasury officials Gary Grippo and Gary Burner told a House committee they had never seen that occur in a federal loan. Grippo is a deputy assistant treasury secretary and Burner is chief financial officer at the Federal Financing Bank, which made a $528 million loan to Solyndra in 2009.

The two Treasury officials stopped short of declaring the loan restructuring illegal, as some Republicans allege.

"I can't give you a legal interpretation on that, sir," Burner told Rep. Cliff Stearns, R-Fla.

See the forest yet? Or are you still fixated on the trees?


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