Solyndra’s CEO labeled President Barack Obama’s administration “The Bank of Washington”; Taxpayers recover $27 million out of $527 million

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    Aug 02, 2012 8:41 PM GMT
    To quote another, the Democrats and the Obama Campaign want Americans to be more obsessed over how Romney spent money he earned in the private sector than how the Obama Administration spent the money Americans entrusted to them. What a fail.

    Solyndra’s CEO labeled President Barack Obama’s administration “The Bank of Washington.”

    Chris Gronet offered the description in an internal email one year before the company collapsed in 2010, costing taxpayers roughly $500 million.

    The email was obtained and published by the Republican National Committee.

    “The Bank of Washington continues to help us!” he wrote in the October 2009 e-mail, which sketched plans for Solyndra to exploit several additional federal programs and tax-incentives.

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    Aug 02, 2012 11:50 PM GMT
    I guess then that you praise those who fuck the government over and actually shit on the trust of the American tax payer huh? Mr Gronet sounds just like the typical corporate rat.. he just fucked the taxpayers out of it. didnt he?
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    Aug 03, 2012 4:02 PM GMT
    It's no coincidence that while the Obama Administration and Democrats decry markets, they privately promote crony capitalism.

    In a little-noticed move, Solyndra LLC officially released it bankruptcy plan this week. The official word from it is that taxpayers will recover only $24 million of the about $527 million that the failed solar panel company drew from its $535 million federal loan guarantee, according to a report from Dow Jones newswire:

    "Documents filed Friday evening in a Delaware bankruptcy court say private equity firms, including one whose chief has ties to the Obama administration, will get back at least half of the $70 million they put into Solyndra early last year as the company battled for survival."

    US taxpayers, on the other hand, won’t be so lucky:

    "Court papers estimate that one piece of the U.S. loan, nearly $143 million, could go unpaid, or it could receive as much as a 17% recovery. A second piece, $385 million, is in for a recovery of “$0 plus, depending on outcome of liquidation efforts,” court papers say."
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    Aug 04, 2012 1:18 PM GMT
    The bad news keeps coming...

    "eWH Chief of Staff Daley Briefed on Solyndra Concerns, Email Says"

    Buried in the treasure trove of White House emails related to Solyndra released Thursday by the House Energy and Commerce Committee is one suggesting that concerns about Solyndra’s viability were shared all the way up to then-White House Chief of Staff Bill Daley a full six months before the company went bust.

    First, some background.

    We’ve known for a while that career analysts at the Office of Management and Budget had told the Department of Energy that they had concerns about Solyndra. The emails show that OMB analyst Kelly Colyar urged the company be shut down and its assets sold off in January 2011. Liquidating Solyndra then, she estimated, would limit taxpayer losses to $141 million. The Department of Energy’s plan to save the company by restructuring the loan, she warned in a January 2011 email, could mean losses “significantly HIGHER” for taxpayers.

    The Department of Energy rejected those warnings, leaving taxpayers on the hook for nearly the full $535 million loan when Solyndra declared bankruptcy last September.

    As Solyndra began sinking for good last August, Colyar sent an email summarizing the events leading to a near total taxpayers loss of the $535 loan.

    “You may recall that DOE announced in March that they had restructured the Solyndra loan,” Colyar writes. “Prior to this restructuring, OMB staff expressed reservations about the prospects of the company and DOE’s proposal.”

    And here’s the key line: “The issue was discussed with the NEC and the Chief of Staff.”

    In the end, of course, the loan restructuring went through anyway and, Colyar writes, “Unfortunately, the scenario which OMB staff had feared has materialized.”

    That “unfortunate situation”, of course, was a bankruptcy that left taxpayers unable to recoup almost all of $535 million loan blown by Solyndra.
    There’s no word from the White House on any of this.