White House Knew Solyndra Was a Dog Before They Loaned Failed Green Company $528 Million

On May 26, 2011, the White House posted this video praising Solyndra as a Recovery Act success story.

Barack Obama’s gleaming example of green technology – Solyndra – filed for bankruptcy this month. The solar panel manufacturer squandered $535 million of stimulus money in a little over a year.

But, there’s more…
Top Obama bundler George Kaiser made multiple visits to the White House in the months before the company was granted a $535 million loan from the government. And top Solyndra officials also made numerous visits — 20 — to the White House, according to logs and reporting by The Daily Caller. Solyndra officials in the logs included chairman and founder Christian Gronet and board members Thomas Baruch and David Prend. The company secured the $535 million loan despite the fact that it was widely known Solyndra was in deep economic trouble and had negative cash flows since its inception.

Kaiser said he did not use political influence or talk to administration officials about a massive government loan to Solyndra.


(Solyndra)

There’s more…
It has now been confirmed that White House officials sat in on the Solyndra meetings this past year before the company went under. The White House monitored the huge loans. And before the loan guarantees were granted officials knew the company would fail.

The White House said yesterday admitted yesterday that they pressured
CNBC reported:

White House spokesman Jay Carney said the White House did not influence the Solyndra loan, which he said was made on “a merit-based process” by DOE.

“There’s no evidence that the White House was involved in the loan,” Carney said Thursday. Emails that show White House officials pressuring the administration’s budget office about the loan were about scheduling, he said.

“The White House was involved in trying to find out when a decision would be made, so … staff here could make a decision about the vice president’s having an event” at Solyndra headquarters in September 2009, Carney said.

The FBI recently raided Solyndra’s headquarters, shortly after Solyndra filed for bankruptcy and laid off 1,100 workers.

A U.S. official, who spoke on condition of anonymity because the case under seal, said the search was related to a fraud investigation into whether Solyndra filed inaccurate documents with the government.

Meanwhile, the Treasury Department’s inspector general said Thursday it has opened an investigation into the Solyndra loan

But, if it was widely known that Solyndra was a poor investment then why did they receive the $528 million loan? Someone in the Obama Administration is not being honest. And shame on Congress if they let them get away with it.

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