Obama's Favorite Company Solyndra, Raided by FBI: Co. Files Bankruptcy after Taxpayer Guaranteed $500M Loan.

Tink123 2011/09/09 03:01:07
"Solyndra Scandal: FBI Raids Vacant Offices of Taxpayer-Funded Solar Company"
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.

Kaiser also has the George Kaiser Family Foundation, a nonprofit that, based on its mission statement, involves itself in a host of social entrepreneurship, including alternative energy.
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.”

But that could seem odd to some, as the investment arm of Kaiser’s
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.”

Another connection described in the Tulsa World that has raised some eyebrows is that:

“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.”

So Argonaut ventures, which is part of the Kaiser empire, is run by
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.

More information is likely to emerge about the Solyndra’s White House connections. Already, the Daily Caller reported:

“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."




-- 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?

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Top Opinion

  • Soundstorm 2011/09/09 03:23:40
    Leftist 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.

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  • pepper5419 2011/10/03 05:41:34
    It's the Walmart Sndrome that China plays very well.Solyndra back in 2005 had the bright idea of making solar panels without the use of high priced silicon and at the same time a faster installation process than other solar panels.The Chinese government doesn't have to jump through hoops to appease our Congress to try to do what is right in backing American companies that compete on a worldwide stage.While America was pumping a mere 500 million into an American Green Technology company Beijing was pumping 30 billion dollars of credit into it's own solar technology efforts.China was able to drastically lower the worldwide price of silicon (which they intended to do) and at the same time made Solyndra's now more expensive nonsilicon solar panels to expensive.It's the same way Walmart strong arms smaller once competative companies right out of business.
  • Mike 2011/09/11 01:29:16
    i Don't about everyone else but my rear end is really starting to hurt. Can't take anymore screwing from these clowns
  • JDHARTLV 2011/09/10 21:46:38
    The Feds sure swooped in quick. Who are they protecting now?
  • DS in Oak Ridge NC 2011/09/10 20:21:02 (edited)
    DS in Oak Ridge NC
    Another crack in the wall; it's deep and spreading quickly... Consider this an FBI "warm-up act" for an impending take-down of Holder for the ill-conceived Fast & Furious Op... "Holder Lied and People Died" is a true-enough statement... as these guns show up at more crime scenes. Hard to imagine that his WH boss wasn't informed early and often.
  • Oltom 2011/09/10 19:23:29
    Looks to me that Obama and his favorite company has screwed the American people once again!
  • Kane Fernau 2011/09/10 17:28:18
    Kane Fernau
    Government subsidized "Green Energy" is costing more than it's worth.
  • dlsofsetx 2011/09/10 14:50:42
    No problem with liberal Democrat corruption.
  • Bevos 2011/09/10 14:25:06
    Keiser is a Multi-Billionaire and he is going to get away with BILKING the taxpayers out of millions? I hope the FBI does it's job and nails that SOB to the WALL!!! Obama right along with him!!!
  • schjaz 2011/09/10 14:09:15
    And Fast and Furious and the list goes on...how much more can this administration pull before impeachment proceedings are considered?
  • Striker schjaz 2011/09/10 17:37:23 (edited)
    Impeachment should be about right and wrong. In this system, that's not the case. It's about politics and who has the votes. The Democrats and the RINOs will preserve the status quo. There are a few good men who for unknown reasons remain silent rather than bringing charges. Win or lose, these charges should be brought and kept on the table. It might well begin with falsely swearing the Oath of Office on day 1.
  • schjaz Striker 2011/09/12 16:48:31
    Politics is the only answer...i agree. This outrage is being ignored for a reason and its probably politcally motivated. I am sure there are plenty that want to prefer charges and others that are holding their hand and telling them not to do it because it could start a race war or something.
  • Striker schjaz 2011/09/12 16:56:07
    Politics is NEVER the answer, and when impeachment is about politics rather than right and wrong, the politicians win again and the People are screwed again.
  • schjaz Striker 2011/09/12 17:12:38
    which is why so many of us are as fed up as we can get.
    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.
  • Striker schjaz 2011/09/12 17:47:17
    I kinda thought that might be what you were trying to say. Now we're together, good.
  • bettyboop 2011/09/10 13:10:57
    I say that those who voted for Obama have been walking around with a big S on their forehead for the last couple of years......and the rest of us have been living with the aftermath. voted obama walking forehead couple years rest living aftermath sucker written on your forehead
  • 4dc 2011/09/10 12:51:26
  • CUDDLY BUT STILL CRABBY 2011/09/10 06:17:17
    The FBI is busily erasing ALL links to Obama and his administration by doing these raids under the guise of pursuing justice for the American taxpayer who have been left holding the bag..

    Anyone else think the same?
  • bettyboop CUDDLY ... 2011/09/10 13:12:11
    well sure.....they don't wanna taint Obama's reputation.........we need to tell them it's to late hahahaha
  • Striker CUDDLY ... 2011/09/10 17:28:53
    I don't know, hope not. At least the issue is out there for all to watch and see.
  • Ken 2011/09/10 04:14:05
    Now he's got a NEW favorite - he just approved another loan to another solar energy company in California, this time for over $800 million! Great to have guy with good business sense running the country and making "investments" with the taxpayers' money, isn't it?
  • CUDDLY ... Ken 2011/09/10 06:17:58
    WTF? Surely you are kidding right? Link please so I can blow another frigging gasket.
  • Ken CUDDLY ... 2011/09/11 00:30:32
    It's in an Investors Business Daily editorial, posted here on SH: http://www.sodahead.com/unite...
  • Striker Ken 2011/09/10 17:30:47
    All the stolen money cannot make alternatives viable or competitive. That's a job for free enterprise.
  • Ken Striker 2011/09/11 00:31:16
    You are right - when "green" energy is truly feasible, the free-market will provide it.
  • Steve Johnson 2011/09/10 03:49:39
    Steve Johnson
    "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"

    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.
  • Todd *RP 2012* 2011/09/10 03:30:49
    Todd *RP 2012*
    what else do you expect from a Chicago politician?
  • den 2011/09/10 02:17:46
    typical obama nomics and obama friends-was it run by a muslim or a mulatto?
  • wtw 2011/09/10 02:14:12
    Are you saying that Obama and his cronnies are crooks and some how involved in a money laundering conspiracy.Not Obama--he is is an upstanding citizen even though he lied to us multiple times in his campaign!
  • The Gip... wtw 2011/09/10 03:43:23
    The Gipper~PWCM~JLA
    I think he may have lied to us a few times after his campaign too!
  • Oltom wtw 2011/09/10 19:28:39
    Every time Obama's lips are moving and (you can take it to the bank) that he is lying
  • magmaman 2011/09/10 02:00:28
    Obama probably got a kick back from Solyndra. He is a scum bag now and always will be.
  • mg's haven~POTL~PWCM~JLA 2011/09/10 01:10:11
    mg's haven~POTL~PWCM~JLA
    One more blunder, we had to accept, that cost us hundreds of millions we will be told to ignore during the elections.
  • Joves the Instigator 2011/09/09 23:40:08
    Joves the Instigator
    Well the whole clean energy BS is a sham from the word go. First we will never manufacture the green products here, thanks to regulations. Second because of cost the product will not sell and for good reason they are too expensive, and the return on the costs takes too long. Im actually not for any kind of public private funding at all. It used to be in this country you invested your own money and took the risk, now you go to the government and risk the tax payers money.
  • jr 2011/09/09 21:30:32
    There is no telling how much money has been pi$$ed away on this green job idiocy.
  • momma-on-the-hit-list 2011/09/09 18:22:39
    This is how the game is played, Obama's wife had the same "connections" with a front company when she worked with Daily. Can't skim when there is no money being given, they trade it with themselves, this has gone on for a while now, it is just more obvious these days.
  • westernslope~PWCM~JLA 2011/09/09 16:01:04
    You just don't understand Pres O's policies. It's just a matter of getting all the right people on board the bus.

    understand pres os policies people board bus
  • RogerRover 2011/09/09 14:31:21
    Never has the presidency been brought to such lows. Impeachable offences abound back to back until we all become conditioned to slime, sleaze and scandal. Makes it difficult to be proud to be an American citizen. Will we ever restore a measure of dignity to this office?
  • Bill ~PWCM~JLA 2011/09/09 13:22:24
    Bill ~PWCM~JLA
    Sounds like another campaign payoff that he expects the children of our children to pay for...
  • Tink123 Bill ~P... 2011/09/09 13:31:00
    Pretty much.
  • jimmy 2011/09/09 13:05:21
    gee i wonder how much equipement the military could of bought which would have kept americans working in the defense field

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