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Title: Solargate Update: Obama crony company got special help on loan
Source:
The Washington Examiner
URL Source: http://washingtonexaminer.com/opini ... -company-got-special-help-loan
Published: Oct 2, 2011
Author: The Washington Examiner
Post Date: 2011-10-03 06:00:23 by Happy Quanzaa
Keywords: Obama-doma-ding-dong, Solargate, Chu, Corruptocratic Party
Views: 1018
Comments: 1
President Obama has learned nothing from the widening scandal surrounding the Department of Energy's loan guarantee program. Even as Energy Secretary Steven Chu admitted last week that he personally intervened to give the now bankrupt solar panel manufacturing firm Solyndra even more money -- after they had defaulted on their federal loan -- the Energy Department approved two new similar loans, worth more than $1 billion, to solar firms which, like Solyndra, have strong ties to Democratic Party fundraisers. In the fall of 2010, Solyndra executives told Chu that their firm was dangerously low on cash and might not make a Dec. 1 payment to a $30 million cash reserve fund as required by the original terms of the loan. But when Dec. 1 came, and Solyndra did fail to make the payment, not only did Chu fail to pull the plug, he actually restructured the loan in a way to further protect Solyndra's investors at the expense of taxpayers. Many of these investors are big-time Democratic Party fundraisers, including Oklahoma billionaire and Obama bundler George Kaiser. But the Solyndra loan turns out to be not the only hand Kaiser has in the taxpayer's pocket. On Wednesday, the Energy Department announced two new loans, including a $737 million guarantee to Tonopah Solar Energy, which is owned by SolarReserve LLC. One of SolarReserve's "investment partners" is Kaiser's firm, Argonaut Private Equity. Nor is Kaiser the only Democratic connection to SolarReserve. The company also lists the PCG Clean Energy & Technology Fund as an investment partner. The executive director of PCG is none other than Ronald Pelosi, who just happens to be Minority Leader Nancy Pelosi's, D-Calif., brother-in-law. Perhaps, as Chu still insists, his decisions both to approve the original Solyndra loan and to restructure it after default, were done totally on the merits. Perhaps there was no political influence from major Democratic donors and friends and family members. But even if this is true -- and congressional investigators should under no circumstances take anything any Obama administration official says at face value -- the failures of government investments like Solyndra are precisely why Americans tell Gallup they believe the federal government wastes more than half of every dollar it spends. Obama's and Chu's obstinate determination to fritter away more money on investments like Solyndra also helps explain why 81 percent of Americans tell Gallup they are dissatisfied with the way the country is being governed. They will get no reprieve as long as Obama administration officials are pulling levers for Obama's green cronies.
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#1. To: Happy Quanzaa (#0)
{YAWN}
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" I lurk to see if someone other than Myst or Pookie posts anything...
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--Sarah Palin's version of "The Midnight Ride of Paul revere"
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