Is Solyndra Obama's Whitewater?
- Thread starter Lue C Fur
- Start date
Babagounj
Strength through joy
Reading about some of the wild spending that was going on brought me back to the days of the Internet Bubble.
Spending loads of money for toys, only later to sell them off for pennies on the dollar and still in their original boxes.
It brings forth the question ....Why would any sane person give money to a company to build obsolete products ?
{ Boston Power has decided to shift their operations to China, and not a peep form bhos. More US jobs gone overseas }
Spending loads of money for toys, only later to sell them off for pennies on the dollar and still in their original boxes.
It brings forth the question ....Why would any sane person give money to a company to build obsolete products ?
{ Boston Power has decided to shift their operations to China, and not a peep form bhos. More US jobs gone overseas }
Babagounj
Strength through joy
These guys aren't that smart or brave.
I see jail time in their future and quite possibly a few will be doing a lot of talking to save their own backsides.
moreluck
golden ticket member
Report: Concerns About Solyndra Loan Program Were Raised Directly To Obama During White House Meetings…
(LA Times) — Long before the politically connected California solar firm Solyndra went bankrupt, President Obama was warned by his top economic advisors about the financial and political risks of the Energy Department loan guarantee program that boosted the company’s rapid ascent.
At a White House meeting in late October, Lawrence H. Summers, then director of the National Economic Council, and Timothy friend. Geithner, the Treasury secretary, expressed concerns that the selection process for federal loan guarantees wasn’t rigorous enough and raised the risk that funds could be going to the wrong companies, including ones that didn’t need the help.
Energy Secretary Steven Chu, also at the meeting, had a different view. Under pressure from Congress to speed up the loans, he wanted less scrutiny from the Treasury Department and the Office of Management and Budget, or OMB.
The divisions foreshadowed a question that has emerged since Solyndra’s bankruptcy: Was the program’s vetting process thorough enough? The disagreements also spotlighted an issue that has confronted Obama since he took office: What is the appropriate role of the government in stimulating the private marketplace?
Skeptics, noting that taxpayers could now be on the hook for $527 million the federal government loaned Solyndra, said the administration would have been better off making greater use of market incentives, not individual company loan guarantees.
(LA Times) — Long before the politically connected California solar firm Solyndra went bankrupt, President Obama was warned by his top economic advisors about the financial and political risks of the Energy Department loan guarantee program that boosted the company’s rapid ascent.
At a White House meeting in late October, Lawrence H. Summers, then director of the National Economic Council, and Timothy friend. Geithner, the Treasury secretary, expressed concerns that the selection process for federal loan guarantees wasn’t rigorous enough and raised the risk that funds could be going to the wrong companies, including ones that didn’t need the help.
Energy Secretary Steven Chu, also at the meeting, had a different view. Under pressure from Congress to speed up the loans, he wanted less scrutiny from the Treasury Department and the Office of Management and Budget, or OMB.
The divisions foreshadowed a question that has emerged since Solyndra’s bankruptcy: Was the program’s vetting process thorough enough? The disagreements also spotlighted an issue that has confronted Obama since he took office: What is the appropriate role of the government in stimulating the private marketplace?
Skeptics, noting that taxpayers could now be on the hook for $527 million the federal government loaned Solyndra, said the administration would have been better off making greater use of market incentives, not individual company loan guarantees.
moreluck
golden ticket member
Like Solyndra ? There's more.............
http://www.humanevents.com/2011/09/29/solyndra-you-like-it-you-love-it-youre-getting-more-of-it/
http://www.humanevents.com/2011/09/29/solyndra-you-like-it-you-love-it-youre-getting-more-of-it/
moreluck
golden ticket member
Obama’s DOE Says It Will Push Ahead With $5.3 Billion In “Green” Energy Loans Despite Solyndra Disaster…
Yes, billion.
Yes, billion.
(CNBC) — The U.S. Department of Energy said it plans to push ahead with as much as $5.3 billion in potential additional alternative energy loans by Friday, despite Republican complaints the money is going out too quickly to untested firms.
That comes against a backdrop of increasing political controversy over the ill-fated loan recipient Solyndra, the company whose bankruptcy has prompted questions of who inside the Obama Administration knew of the company’s weak financial position and why they continued to pour taxpayer money into it.
The DOE has made seven conditional commitments for additional funding by the time the loan guarantee legally expires on Sept. 30. So far, it has made 23 loans totaling $11.2 billion, said a spokesman.
“We are committed to ensuring that every deal closed before Sept. 30 is fully vetted and will not close any deal that has not received full due diligence by September 30,” said Damien LaVera, a department spokesman.
“We are not rushing to complete deals, we are using the full amount of time Congress allocated for the program so we can ensure that we fully complete all due diligence and make informed decisions based on the most recent data.”
That comes against a backdrop of increasing political controversy over the ill-fated loan recipient Solyndra, the company whose bankruptcy has prompted questions of who inside the Obama Administration knew of the company’s weak financial position and why they continued to pour taxpayer money into it.
The DOE has made seven conditional commitments for additional funding by the time the loan guarantee legally expires on Sept. 30. So far, it has made 23 loans totaling $11.2 billion, said a spokesman.
“We are committed to ensuring that every deal closed before Sept. 30 is fully vetted and will not close any deal that has not received full due diligence by September 30,” said Damien LaVera, a department spokesman.
“We are not rushing to complete deals, we are using the full amount of time Congress allocated for the program so we can ensure that we fully complete all due diligence and make informed decisions based on the most recent data.”
island1fox
Well-Known Member
The real question--which of the following describes this the best: Whitewater, Watergate or Waterloo ??
In any event no matter what we call it the way politicians waste our hard earned tax money there should be no raises of any kind until we get some people who know what they are doing .
Lets ask Joe how that Stimulous spending is going !! Sixteen dollar muffins anyone ??
In any event no matter what we call it the way politicians waste our hard earned tax money there should be no raises of any kind until we get some people who know what they are doing .
Lets ask Joe how that Stimulous spending is going !! Sixteen dollar muffins anyone ??
No thanks, but I will have the 8 dollar cup of coffee...
UpstateNYUPSer(Ret)
Well-Known Member
Are you saying that because Solyndra couldn't take care of their business that no other solar companies should be allowed to receive these loans? Solar is a growing technology in which the US is way behind both China and Germany. I know that you don't like the way solar panels look but I would think that you would change your mind once you see your electric meter running backwards.
We need to develop alternative fuels to reduce or eliminate our dependency on fossil fuels.
moreluck
golden ticket member
No, I'm saying solar sucks, they should pick something else................China jumped on solar.............you don't come late to the party and expect cake. IMO we just need to eliminate our dependency on FOREIGN oil...............pursue it here.
UpstateNYUPSer(Ret)
Well-Known Member
Oil is a finite resource--wind, solar, conversion of sea water and hydrogen are all inifinite resources and all should be explored for possible use as an alternative to fossil fuels.
When you say that "China jumped on solar..." you are saying that China invested stimulus money heavily in that technology. It's not that we got there late, only that (as usual) it was too little stimulus to compete with that scale. We got rolled. So the lesson to be learned is not to pull back from research and development, but to increase it exponentially.
moreluck
golden ticket member
Exploring is OK, but when the road to exploring dead ends, go another way!! This admin. is too stubborn to see the writing on the wall....this is where a REAL businessman would come in handy. Too bad he's only got his crony lawyer friends for advisors......lawsuit anyone?
moreluck
golden ticket member
Too many regulations to compete!! The Chinese have sooty, bad air. We have the EPA regulations to keep our air clean (that's a good thing) but we also have some hand-tying regulations that keep our products priced too high.
I think a good example where I think we beat China and I must mention it ..(OT).....is the Anchor-Hocking Co. I just bought a huge, heavy shallow bowl from them. I remember buying their products as a newlywed too.....chip & dip set. They are glassware mfgs. out of Lancaster, Ohio and Monaca, PA. Made in the USA !! Great product and available at Walmart and other big box stores and even Dollar Tree.
UpstateNYUPSer(Ret)
Well-Known Member
We have metal roofing on the condo complex where I live. There is plenty of room on the back side of the units to install solar panels; however, since our light bills are so low ($20 last month, including the meter charge) it would make no sense to install them as the ROI would be decades, even with the tax credits.
We have point of use solar panels which power traffic control devices. The new Prius has a solar panel built in to the roof which power a fan to help keep the interior of the car cool in the summer.
As with any technology, advancements will reduce the size and cost of the panels.
We have point of use solar panels which power traffic control devices. The new Prius has a solar panel built in to the roof which power a fan to help keep the interior of the car cool in the summer.
As with any technology, advancements will reduce the size and cost of the panels.
island1fox
Well-Known Member
Upstate,
What has been reported by many sources of news including the White house spokesperson Solyndra applied for the loan under the Bush Administration. Because they could not demonstrate a LOGICAL business plan they were turned down.
Again because of low lives that Lobby and bundle money for political campaigns Solyndra was immediately given the loans without due dilligence.
I firmly believe this should not be clouded by stating we have to invest in alternate energy but I also believe because all of our professional politicians become so corrupt this will be another incident that will be buried with only talking for points for the next pollical campaign.
Do you ever wonder why the biggest collapse in U.S. history the housing bubble was never investigated ??
Of course blame BUSH,or blame wall street ,blame whatever. But no complete investigation of how,who and what has to be done to prevent ??
Of course all of these things continue to come out of our incomes. The politicians waste and spend our tax money like it is monopoly money.
I always hear on the UPS discussions the loud uproar about forced overtime. The shame is that it is hard and grueling work but the politicians take the money and live the viva loca--work a few days per week, fly first class,go to breakfast and dinner with groups that lobby for our money.
When the American people such as the TEA party demand fiscal responsability they are labeled racist .
With over two and a half trillion collected in taxes our fearless leader believes the solution is for the rich to pay "their fair share"
Obama and Stimulous Joe will give a company that was already turned down for lack of a business plan well over 500 million dollars of our hard earned money and I see very little outrage on this board and in America .
Before we do any more "investing" is it too much to ask for the company to be properly vetted ?
Is it also too much to ask that SOMEONE has to be held accountable for these fiascos ??
If Obama was the Red Sox coach ---?
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