Obama's Favorite Company Solyndra, Raided by FBI: Co. Files Bankruptcy after Taxpayer Guaranteed $500M Loan.
September 8, 2011 at 8:05pm by
Buck Sexton"Federal agents have executed a search warrant in the vacant offices of
Solyndra, a now bankrupt solar panel manufacturer that received a $500
million guarantee of taxpayer cash from the government.
FBI and Department of Energy agents executed a search warrant of
Solyndra’s headquarters in Fremont California this morning, according to
the Los Angeles Times.
An FBI spokesperson confirmed the search but did not elaborate on what
the agents were trying to find (Pajamas Media had a guess: “anybody seen $535 million around here?”).
Solyndra fired 1000 employees and filed for bankruptcy last week. The federal raid came only two days after the bankruptcy announcement. Some analysts claim a combination of shady ties to the Obama administration and crony capitalism are reasons behind the raid.
The massive taxpayer-backed Solyndra debacle is already fraught with allegations of inside dealing. Based on a report in the Tulsa World,
there appears to be deep ties between George Kaiser, Solyndra, and the
White House. Kaiser is an Oklahoma oil billionaire and major Obama
fundraiser — a “bundler” in Beltway parlance.
The investment arm of Kaiser’s foundation — Argonaut Ventures — owned a
huge piece of Solyndra as it received direct political support from the
White House and money from the federal government.
Kaiser‘s organization is already trying to distance him from any
involvement in the investment and the government’s $500 million
guarantee. A statement released by the foundation read:
“George Kaiser is not an investor in Solyndra and
did not participate in any discussions with the U.S. government
regarding the loan. GKFF invests in a globally diversified portfolio
across many different asset classes.”
foundation owns a huge chunk of the company that owns Solyndra. Does
this strike anyone as a coincidence? As the Tulsa World wrote this morning:
“The [bankruptcy] filing indicates that Argonaut Ventures, an
investment arm of the Tulsa-based foundation, holds almost 39 percent of
Solyndra’s parent, 360 Solar Degree Holdings Inc.”
“George Kaiser is chairman of BOK Financial Corp. and owner of
Kaiser-Francis Oil Co. Argonaut is headed by Steve Mitchell, who also
served on Solyndra’s board of directors.”
a man who also happens to be on the board of directors of Solyndra. Yet
the public is being lead to believe that George Kaiser never knew about
Argonaut’s investment in Solyndra, nor that he ever discussed the
company’s $500 million government guarantee — without which the company
had no shot of survival — with the White House.
“Between March 12, 2009, and April 14, 2011, Solyndra officials and
investors made no fewer than 20 trips to the West Wing… including 4
trips logged the week before the $500 million loan was announced.”
A quick look at the balance sheet numbers right now indicates that
the Solyndra bankruptcy will cost taxpayers most if not all of the $500
million loan guarantees. Meanwhile, certain favored parties, including
Kaiser-controlled Argonaut, may get special treatment with regard to its
debt (is anybody else having a GM bondholder tingle?) while the taxpayers get hosed.
Solyndra is only one of about 40 companies that have received money
from an Energy Department loan program over the last two years. The
program was ostensibly designed to push along wind, solar, nuclear and
ethanol projects. The Energy Department initially estimated the combined
projects would create about 60,000 jobs, according to the Los Angeles Times.
The FBI/DOE raids are not the only thing that should concern Solyndra
executives, investors, and government officials. Congressman Cliff Stearns‘s
office has posted a press release that there will be House Energy and
Commerce Subcommittee Oversight hearing held next week to learn the
truth about Solyndra and its government ties.
In any case, it has become apparent that the Obama White House is not in the business of “picking winners and losers” in the private sector.
It just picks losers."
http://www.theblaze.com/stories/solyndra-scandal-fbi-raids-va...http://www.businessinsider.com/now-the-fbi-is-raiding-obamas-...
http://www.youtube.com/watch?v=0lVKTmLMV_M&feature;=player_em...
-- Amazing that our President did not mention "cutting waste" in his recent speech even so much as ONE TIME. And yet he wants us to believe that his administration is better equipped to "invest" OUR money than WE ARE?
What say you?
Read More: http://www.theblaze.com/stories/solyndra-scandal-f...
Top Opinion
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Soundstorm 2011/09/09 03:23:40
+8Leftist loons like to say that GW Bush's Iraq invasion was all about sweetheart deals for Haliburton. But Solyndra is an illustration of how a real scam against the taxpayers is pulled off.
THE BIGGEST WASTE THAT WE CAN CUT IS OBAMA!!!
the way i worded that might have been misunderstood. i wasn't saying that politics is the correct answer...i meant that, yes, i agree, that politics is being played as you suggested and is the reason for this.
Anyone else think the same?
It just picks losers"
The fact that Solyndra got it's funding from the goverment rather than private venture capitialists suggests that its business model was suspect. But the community organizers in the executive branch have no knowledge of or use for business analysis.