White House ignored Solyndra warnings

Articles I have read on this matter from sources besides Bloomberg have stated that the Solyndra CEO was dishonest and did not fully disclose the true financial position of the firm when originally applying for DOE loans. The loan awards were done in large part by firms like Ernst & Young, as well as internal/external financial analysts with zero connection to the Obama administration- here they may have analyzed incorrect data sadly.

What this CEO and firm did was disgusting, and a setback for more legitimate firms that have/had a more legitimate chance to develop important technologies.

Here it is in the WSJ: FBI investigates CEO
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There was another coalr panel compnay that went backrupt at the end of August. EverGreen solar. it was subsidized by Mass taxpayers

I sincerely hope Obama learned his lesson, at our expense and does NOT give any more of our money to shaky green companies

i doubt he learned anything
 
Prod- I'm not sensitive about your post at all and glad you started it. The only issue is that you have people who only read the headlines and then make the 2 subsequent posts you see above this one. Their takeaway is "Obama dumb and corrupt, solar bad." And, they know little to nothing about the actual story.

If you have knowledge, links or evidence that E&Y knew BEFORE the DOE grant was awarded that the CEO's application was incorrect/fraudulent- I would love to see the links. That would be news to me. My understanding is the warnings came after the grant was issued- a completely different story.

This is analogous to you being my local bank, I go inside and lie on a mortgage application, default on my loan and then everyone points you out as dumb, corrupt and mocks the housing sector.

The article I linked to, in the Conservative bastion the WSJ, was not meant to "counter" your Bloomberg article. I don't think many people are writing about the Bloomberg's angle as they are already aware of what the WSJ piece is about- which makes what Obama knew or didn't know irrelevant.

Secondly- the DOE contracted Ernst & Young to do the analysis- and I would say E&Y, if anyone is complicit- it's them. They failed to read the signs, they failed to validate the claims on the app.

If pegging everything on Obama is the goal here- then it weakens the attempts when it actually is his fault. He is far from a perfect POTUS, but the crying wolf links get old.
 
Thankfully Hornfan is here to give his useful and quite relevant analysis...
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Interesting emails from the OMB on how pressured they were to approve obama giving our money to this company.

From WaPO
"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."
"“We have ended up with a situation of having to do rushed approvals on a couple of occasions (and we are worried about Solyndra at the end of the week),” one official wrote. That Aug. 31, 2009, message, written by a senior OMB staffer and sent to Terrell P. McSweeny, Biden’s domestic policy adviser, concluded, “We would prefer to have sufficient time to do our due diligence reviews.”

more at linkThe Link

It is that after reporting on these emails that WaPo couldn't decide if the Obama admin influenced a rushed decision or not.
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it just shows how close we are too embracing green energy and how efficient it is. a company is given half a billion in cash and it still can't survive. i wonder how much fraud has taken place in green initiatives in this country. anybody could propbably apply for a government grant, claim its for green energy and walk away with free money.
 
Interesting spin.
I missed the part where the Bush admin tried to rush the OMB so the Bush admin could make a grand stand PR announcement.

It is NOT that a loan guarantee was condisered it was that once again obama admin rushed something through without, as the OMB guy phrased it' allowing time for due diligence.

maybe obma didn't have a clue this company was shaky but the OMB did
 
The Bush administration had targeted them as a potential loan recipient. No secret there. That's kind of like two guys going to the dealership, looking at the lot and one of them says "that car looks kind of cool." The second guy says "You're right, I'm going to buy it", walks into the dealership and slaps down $30,000 in cash and says "give me that car." The car turns out to not have an engine, and when the other guy calls him an idiot for not even popping the hood to check, he says "Well, you liked it too!"
 
So the obama excuse for this is ""This loan guarantee was pursued by both the Bush and Obama administrations," said White House spokesman Eric Schultz. "??

Eric forgot to mention that the DOE under Bush turned down giving them the loan requesting further investigation.
 
The screwing we taxpayers are getting keeps getting worse and worse.
This link is from Zerohedge.com. What I get out of it is a senior lender,Argonaut, is likely to walk away with any assets Solyndra has, estimated to be around 800 million and all it will cost Argonaut is 100 million. WE, the taxpayers have no chance for any of it. The link also details how the obama admin knew what was coming down but did nothing to stop it.

a long read but it explains what happened very well. if I understood it incorrectly I know someone here will correct it.
The Link
 
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