Obama’s Solyndra Eco-Scam

That’s right — HALF A BILLION DOLLARS, part of the Obama regime’s “stimulus package,” was wasted on his liberal friends… or, to put it more clearly, it has now been FLUSHED DOWN THE TOILET.

But it gets WORSE — it’s starting to become obvious that the Obama White House RUSHED the loan approval through from the Energy Department because… wait for it… one of the largest private investors in the deal, Oklahoma billionaire George Kaiser, was also a prominent fundraiser for Obama’s 2008 presidential campaign (and a frequent visitor to the White House!), and Solyndra’s board and investors included some major campaign donors to Democrats and Obama!

The Daily Caller goes on to report just how deep this rabbit hole is going:

Additionally, Federal Election Commission records made available by the Center for Responsive Politics show that SolarReserve board member James McDermott has contributed $61,500 to various Democratic campaigns since 2008, including $30,800 to Obama’s presidential election campaign.

McDermott’s U.S. Renewable Energy Group has a significant financial stake in SolarReserve, and has drawn scrutiny for its ties with Senate Majority Leader Harry Reid — and for reportedly driving green jobs to China.

And Lee Bailey, a fellow SolarReserve board member and U.S. Renewables Group investor, has donated $21,850 since 2008 to Democratic candidates including President Obama, Senate Majority Leader Harry Reid, California Sen. Barbara Boxer and then-presidential candidate Hillary Clinton.

And that’s not the only connection: the Daily Caller is even reporting that there is a connection between Solyndra and Michelle Obama, too! Their review of the George Kaiser Family Foundation’s income tax returns found that during the same year billionaire investor George Kaiser successfully secured $535 million in government loan guarantees for the now-failed solar panel manufacturer Solyndra, his private philanthropy donated to a political cause close to the hearts of several high-ranking Obama administration officials:

A $10,000 donation to the Urban Health Initiative at the University of Chicago Medical Center appears on the group’s 2009 tax forms. It was also in 2009 that Kaiser successfully sought to lock down a loan guarantee for the green-energy company Solyndra through his two investment vehicles: Argonaut Ventures and the GKFF Investment Company.

While this donation seems small compared to the far larger numbers involved in the Solyndra scandal, it adds to the pattern of possible connections between the Obama administration and the growing Solyndra scandal.

Several of President Barack Obama’s senior inner-circle advisers worked with or for now-first lady Michelle Obama when she held a leadership post at the University of Chicago Medical Center and helped create the Urban Health Initiative program. The Washington Post reported in 2008 that Valerie Jarrett was the medical center’s chairwoman, and David Axelrod provided community support-building services.

“One of Barack’s best friends, Eric Whitaker, is executive vice president at the center and is now in charge of the Urban Health Initiative,” the Post added in the year Obama was elected to the presidency. Whitaker is still in that role today.

THIS IS OUTRAGEOUS… and it just KEEPS GROWING!

According to an article in USA Today, “In March 2010, the accounting firm PricewaterhouseCoopers issued a standard but stern warning about Solyndra, a California solar panel manufacturer: The company wasn’t making money and never had, which raised ‘substantial doubt about its ability to continue as a going concern.’”

In fact, their business plan was so obviously bad, that less than two weeks before President George W. Bush left office, on January 9, 2009, the Energy Department’s credit committee made a unanimous decision NOT to offer a loan commitment to Solyndra.

Peter Lynch, a New York-based solar energy analyst, told ABC News that it took only “a cursory glance” through Solyndra’s prospectus to see there was a problem with their numbers. “It’s very difficult to perceive a company with a model that says, well, I can build something for six dollars and sell it for three dollars,” Lynch said. “Those numbers don’t generally work. You don’t want to lose three dollars for every unit you make.”

But Solyndra was run by “Friends Of Obama” and their business was located in Fremont, California (which voted 71 percent for Obama in 2008) — so the Obama regime made SURE that they got their stimulus loan after all!

IT’S ALL STARTING TO COME OUT. The Washington Post is now reporting that “the Obama White House tried to rush federal reviewers for a decision on a nearly half-billion-dollar loan to the solar-panel manufacturer Solyndra, so Vice President Biden could announce the approval at a September 2009 groundbreaking for the company’s factory, newly obtained e-mails show.”

The August 2009 e-mails show White House officials repeatedly asking OMB reviewers when they would be able to decide on the federal loan, and noting a looming press event at which they planned to announce the deal. In response, OMB officials expressed concern that they were being rushed to approve the company’s project without adequate time to assess the risk to taxpayers.

In fact, in August 2009, e-mail exchanges between Energy Department staff members pointed out that a credit-rating agency predicted that the project would run out of cash in September 2011. Solyndra shut its doors on the final day of August.

$535 BILLION OF TAXPAYER MONEY THROWN AWAY ON A “FRIENDS OF OBAMA” SOLAR COMPANY THAT EVERYONE KNEW WOULD FAIL —

THAT DEMANDS AN INVESTIGATION — AND POLITICAL HEADS NEED TO ROLL!

Thankfully, even before Rep. Issa began his new investigation that was just announced, there were Members of Congress who had already begun an initial investigation into this matter — but now that MORE facts are coming out about the connections between the Obama regime and their FRIENDS at Solyndra, MORE MUST BE DONE — QUICKLY.

The House Energy and Commerce Committee has been investigating Solyndra’s dealings with the Energy Department for six months — even BEFORE they shut down. In July, subcommittee members subpoenaed White House documents related to the guarantee.

House Energy and Commerce Committee Chairman Fred Upton (R-MI) and Rep. Cliff Stearns (R-FL), chairman of that panel’s oversight and investigations subcommittee, said that the FBI raid confirmed their belief that the “darling” of Obama’s green-jobs program — which we OBVIOSLY a bad idea — was a “bad bet” from the beginning. “Solyndra was the hallmark of the President’s green jobs program and widely promoted by the administration as a stimulus success story, right up until its bankruptcy and FBI raid,” Upton and Stearns said in a statement.

On Aug. 31, while Obama was vacationing on Martha’s Vineyard, Solyndra filed for bankruptcy. When Solyndra abruptly shuttered its factory and filed for bankruptcy court protection at the end of August, they left 1,100 people out of work and taxpayers on the hook for half a billion dollars in loans. On Sept. 8, the day of Obama’s “American Jobs Act” speech to a joint session of Congress, FBI agents conducted searches of Solyndra’s headquarters and the homes of the firm’s CEO and founder, in a raid that appears linked to the loan guarantee.

THIS IS WHAT WE GET when the government tries to decide what’s “good” economically, instead of letting the free market decide. It’s also what we get when a corrupt administration is able to push hundreds of billions of taxpayer dollars out the door to its politically-connected friends, fundraisers, and donors.

As columnist Michael Barone noted, this thing is HUGE. It’s “a scandal — the scandal of the government handing out hundreds of millions of dollars to unproven and speculative businesses. Even the shrewdest venture capitalists lose money on most of their investments. But when they lose, it’s their money, not ours.”

But even Wall Street loves to “partner” with the government, when it means they can make BIG BUCKS off of the backs of the taxpayers. After all, who was the exclusive financial adviser to Solyndra when it was trying to secure the $535 million loan from Washington? The government-bailed-out investment banking and securities firm, Goldman Sachs. As Reuters columnist James Pethokoukis notes, “had the cap-and-trade scheme been enacted, big banks stood ready to reap billions from the trading of carbon emission credits.”

And, as Barone went on to note, “the real scandal is the “green jobs” loan guarantee program itself.” IT’S A SOCIALIST CON GAME, and the scandal is still going on. The Energy Department has been busy beavers, handing out even MORE loan guarantees JUST LIKE TO SOLYNDRA in the past few weeks — $150 MILLION in taxpayer money to “1366 Technologies” (of Lexington, Massachusetts, which voted 73 percent for Obama in 2008)… $275 MILLION in taxpayer money to “Solar City” (of San Mateo, California, which voted 72 percent for Obama in 2008)…

Which one of them will be the next Solyndra?

THIS IS AN OUTRAGEOUS SCANDAL THAT COULD TAKE DOWN THE CORRUPT OBAMA REGIME – but you and I must MAKE SURE that Congress conducts a FULL INVESTIGATION that goes ALL THE WAY TO THE TOP. We’ve made it EASY to make your voice heard LOUD AND CLEAR on this issue As we alerted you to earlier — and as Congressman Issa is now investigating as well — it looks like this may be just the tip of the corruption iceberg at the White House. Columnist Michelle Malkin has blogged, “The Daily Beast reports on a broadband project backed by a frequent Obama White House visitor and donor that has Pentagon officials concerned over potential military GPS interference. The Obama FCC took the lead in intervening on the donor, billionaire hedge fund manster Philip Falcone’s, behalf and granting his company called ‘LightSquared’ one of those coveted Obama waivers from existing law. Then Obama officials reportedly pressured a general to alter his testimony about the company’s impact on military satellite transmissions.”

THIS COULD BE HUGE — IT COULD TAKE DOWN THE OBAMA REGIME.

The Democrats are running in full denial mode in Congress. Rep. John Dingell (D-MI) said at the hearing on Solyndra, “I’m still waiting to see something that makes me concerned here. I don’t see anything that’s really troublesome.” $535 MILLION of taxpayer money — “stimulus” money that was supposed to go to roads, bridges, schools, jobs, etc. — goes to this crony partner of Barack Hussein Obama instead, and that’s not “troublesome”???

All this just means we have to PUSH the Republicans in Congress even HARDER, to make sure they conduct a FULL investigation into the WHITE HOUSE. PLEASE, take action RIGHT AWAY to DEMAND that they APOLOGIZE and CHANGE THEIR RULES — Thank you!

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