Corrupt Government
See other Corrupt Government Articles
Title: Solargate Update: Obama Fundraiser Pushed Solyndra Deal From Inside
Source:
abc
URL Source: http://abcnews.go.com/Blotter/obama ... -deal-inside/story?id=14691618
Published: Oct 8, 2011
Author: abc
Post Date: 2011-10-08 06:34:01 by Happy Quanzaa
Keywords: Obama-doma-ding-dong, Solargate, Corruptocratic Party
Views: 267
By MATTHEW MOSK and RONNIE GREENE An elite Obama fundraiser hired to help oversee the administration's energy loan program pushed and prodded career Department of Energy officials to move faster in approving a loan guarantee for Solyndra, even as his wife's law firm was representing the California solar company, according to internal emails made public late Friday. "How hard is this? What is he waiting for?" wrote Steven J. Spinner, a high-tech consultant and energy investor who raised at least $500,000 for the candidate before being appointed to a key job helping oversee the energy loan guarantee program. "I have OVP [the Office of the Vice President] and WH [the White House] breathing down my neck on this." Many of the emails were written just days after Spinner accepted a three-page ethics agreement in which he pledged he would "not participate in any discussion regarding any application involving [his wife's law firm] Wilson [Sonsini Goodrich & Rosati]." Read Steven Spinner's Ethics Agreement The $535 million loan to Solyndra was ultimately approved in 2009 and for months was touted by President Obama as a model of his efforts to create new jobs in the emerging field of clean energy. But in late August, the company abruptly shut its doors and days later declared it was filing for bankruptcy. Now the loan is the subject of multiple investigations, by Congress and by the Department of Justice. In one of the new emails shared with ABC News and other news outlets Friday, the White House appears to be bracing for the political fallout -- one high ranking energy official in the White House warns shortly before Solyndra's bankruptcy, on Aug. 26, that what's coming is a "*#~@ show" and "a mess." In the lengthy email discussions that occurred in the days before the Solyndra loan closed in September 2009, Spinner emerges as a key figure in advocating for getting the deal done, apparently in an effort to score the loan as a political victory for President Obama. Many of the emails surround his efforts to coordinate plans for either President Obama or Vice President Biden to announce it as the administration's first loan approval -- one that he repeatedly notes will create clean energy jobs. It is Spinner, for instance, who pushes for a "big event" with "golden shovels, bulldozers, hardhats, etc." He also corresponds with career Department of Energy loan officials who are making the final decisions on the Solyndra loan. In one instance, he writes, "Hopefully, this might spur [the Office of Management and Budget] a little faster to help the closing." Spinner also wrote an email two weeks before the Solyndra loan closed to an aide to Vice President Biden, identifying the private investors in the deal. He attached to the email a bio from Forbes Magazine of George Kaiser, an Oklahoma billionaire who raised up to $100,000 for Obama's 2008 campaign. Recovery Act records show Allison Spinner's law firm, Wilson Sonsini, received $2.4 million in federal funds for legal fees related to the $535 million Energy Department loan guarantee to Solyndra. That ethics agreement said his wife would forgo pay "earned as a result of its representation of applicants in programs within your official duties." Courtney Dorman, a spokeswoman for Allison Spinner's law firm, Wilson Sonsini, said the firm also took strides to avoid conflicts, establishing a wall between her and client matters involving the Energy Department while Spinner was in office. The law firm worked on the solar company's failed public offering, the records show. And it also provided Solyndra with outside counsel on the DOE loan guarantee transaction. The company's $2.44 million payment was generated by the Energy Department's stimulus loan guarantee to the solar panel firm. Allison Spinner "was not involved with that transaction, nor has she ever worked with Solyndra in any capacity," Dorman said. Spinner took steps to further disclose his potential conflicts in an email dated Sept. 23, 2009, after the Solyndra loan had closed, and the formal announcement involving Vice President Biden and others took place. In the email, also made public Friday, Spinner wrote "I will recuse myself from any active participation in any of these applications." Among those he listed was Solyndra's. White House: Spinner Did Not Oversee Loan Program When ABC News and iWatch News reported on Spinner's role in the loan deal Sept. 29, administration officials attempted to minimize Spinner's role at the Department of Energy, saying he worked generally as a liaison, but not directly on the loans themselves. An executive from a company competing against Solyndra for federal loan money asked wryly in February of 2009 if the loan program "is suitable as a 'bail out' program for failing private manufacturers" given Solyndra's "failure to secure new investors." That warning came one month before Energy Secretary Steve Chu announced DOE's commitment to back the solar panel firm. There also appeared to be objections from the Department of Treasury to the Department of Energy's decision, in early 2011, to restructure the Solyndra loan -- a restructuring that gave private investors the first opportunity to recoup some of their losses should the company fail. After that report, Press Secretary Jay Carney was asked to respond "to the ABC report that people who were involved in fundraising in the President's campaign were also involved in decision-making on some of these loans inside the Energy Department… Three prominent fundraisers -- Steve Spinner –" Carney replied: "It's my understanding, at least with regard to the gentleman you just mentioned [Steve Spinner], that he had no connection to overseeing the loan guarantee program." Emails obtained Friday, however, show Spinner corresponded directly with Solyndra's vice president of marketing and business development. In one, the Solyndra executive sends talking points about the loan and jots a quick note: "Steve, Solyndra's official position on jobs for your speechwriting." All the emails were turned over to Congressional investigators Friday afternoon. In addition to the Spinner emails, the documents show more episodes where the administration was advised that investing in Solyndra may be a bad bet. 
ABC NEWS and iWATCH NEWS
Post Comment Private Reply Ignore Thread
[Home] [Headlines] [Latest Articles] [Latest Comments] [Post] [Mail] [Sign-in] [Setup] [Help] [Register]