Though grudgingly provided and universally redacted, documents subpoenaed by Congress from the White House and the Office of Management and Budget now reveal that Barack Hussein Obama himself was responsible for manufacturing the loss of $535 million taxpayer dollars in the 2011 Solyndra bankruptcy.
In 2010, solar panel manufacturer Solyndra Inc. received $535 million in loan guarantees for “innovative technology” under the terms of Barack Obama’s federal stimulus plan. The fact that a Price Waterhouse audit filed earlier that year with the SEC showed Solyndra had lost $558 million during its first 5 years in business, boasted negative cash flow, had no profitable years and featured a “seriously flawed” business model didn’t seem to matter to White House Chief of Staff Rahm Emanuel who delighted Obama’s left-wing, environmentalist supporters by choosing the company as the president’s favorite green energy producer.
But by early 2011, Solyndra was very much up against it. Even a new infusion of cash and very favorable restructuring of existing loans would not afford the virtually bankrupt company much chance of survival.
In February of that year, OMB analyst Kelly Colyar informed the Obama Administration that any attempt to rescue the solar panel manufacturer would be both futile and likely to put at extreme risk any additional tax dollars the DOE might invest in the company. In fact, it was estimated that even an immediate default would cost taxpayers some $141 million. Were that default to be delayed, the cost could rise to 3 or 4 times that initial estimate.
But the Department of Energy was intent upon restructuring the Solyndra loans, “…illegally subordinat[ing] taxpayers in case of default.” According to the terms of the restructured debt, private investors would recoup their investments first, forcing taxpayers to fight over the bare remains.
In an August, 2011 email, Colyar reminded the DOE that one month prior to restructuring the loan, the Office of Management and Budget had warned the Department about Solyndra’s “…ability to meet their projections, subordination of the DOE loan and the likelihood that Solyndra’s (private) investors may not ultimately provide the additional capital the company required to continue operations.” And of course, the OMB was right. Solyndra went spectacularly belly-up in mid-August, paying off its private investors while putting taxpayers on the hook for over $500 million! Coincidentally, one of the comfortably bailed-out private investors was George Kaiser, a large donor and bundler of campaign cash for—Barack Obama.
Today, the most important part of that August email reveals that the OMB had voiced its concerns not only to the Department of Energy, but directly to the White House! Colyar wrote that “the issue was discussed with the NEC and the Chief of Staff;” that is, Barack Obama’s White House Chief of Staff, Bill Daley. Daley therefore KNEW that taxpayer investments had been illegally subordinated to those of Obama friend and contributor George Kaiser.
What are the odds that Daley would keep the fact of this proposed, illegal restructuring to himself rather than get an official go-ahead from Barack Obama? Can anyone imagine Daley taking it upon himself to make a $535 million decision which could easily land him in a federal prison?
The Colyar email makes it obvious that Obama engaged in a $535 million conspiracy of crony capitalism, personally approving the means by which one of his most generous campaign contributors was saved a massive investment loss. Naturally, this news broke over the weekend. Will Mitt Romney and congressional Republicans make certain a predictably reluctant media covers the story?
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I hope Romney will get this out. I think its VERY IMPORTANT. If he REALLY wants to be President he will. OhBummer has gotten away w/so many things it’s mind boggling. A regular citizen would have been in Prison already. It’s just amazing what he gets away with and he continues because he knows he will. We have a Spineless, Gutless Rep. Leadership that I find repulsive. The other worthless piece of Crap that needs to be kicked to the curb is Boehner. I think he has totally spit in the face of the American Citizen just like OhBummer has.
You are right. How does he get away with it all?And he wants 4 more years to give Solyndra and other more money and open borders and break colleges.
Lani…I totally agree with you. Everytime I see the picture of Obama with his head tilted back and looking down his nose at the American people as if to say…”make my day!” I am not voting for any incumbent come November 6,m 2012!!!!
Romney will never do anything such as that. He’s a WIMP. He’s OWNED by the Elite and since the Elite are behind that, he can’t do it because his puppeteers won’t let him!
The Democrat Party is “The Party Without A Cause.” –This is why they have to make up “causes.”
Debra J.M. Smith
Romney better do so. The MSM won’t
He will not be prosecuted after all he has Holder in his back pocket, There has been a travesty of Justice yet I do not expect that anything will happen to the dictator
this ineligible treasonous communist trader ovomit/lucifer,getaway with it,as long as we the people,who are the real government,allow this treasonous trader,to remain in office,i call on the nra,aarp,amac,john birch society,all miltias,all american veterans/citizens,to come together under one gian tfreedom loving,god fearing umbrella,tome to communicate/prepare/plan/gathehr/focus/refine plan,that when ever any form of government becomes destructive of these ends,it is the right of the people,to alter or abolish it,and to institute new government,we the people,we don,t have a government anymore,we have a bunch of treasonous,lawless,useless politicians,time to institiute a new government.god bless ron paul,sheriff joe and cold case posse,brian terry and family,chuck norris,frank serpico,and all american veterans/citizens.one nation under god
I am afraid Bobbyc327 that if this nation votes for Paul that will allow Obama back into office. I like and would like to see Paul in office, I like him better than Romney, but if we split the votes between Paul and Romney OB will get back in I’m afraid. Romney has a better chance of winning because he is the GOP deligate, Romney is a good man and I think he would also make a great President. My opinion is to vote Romney…If we did not have OB in office doing crap and ruining our country dy by day then I would vote to place Paul in office. Scary thought and decisions that are going to have to be made.
I can imagine all sorts of painful things I’d like to have done to the snotty lier in OUR WH. Let’s hope we the American people are not gutless and stand up for our rights to get rid of this criminal.
One of the greatest fraudulent deceits in history… arrest the usurper Obumbaclart ..
Both Laurel & Hardy said to “Broken-back Obama” – “That’s another fine mess you’ve gotten us into!”
This corruption has existed since day one of his “administration”…..he is using taxpayers’ money to buy votes for himself….that’s all…he has no intention of trying to improve the economy…people who are making money are much harder to control so he’s doing his best to keep the maximum of workers on welfare and food stamps. This must end……WE HAVE HAD ENOUGH!!!!
Nothing will happen to Obama! Period! He is the first Black President. Who writes the school books for history? Liberals. No matter what this POTUS does, history will reflect that he was one of the best Presidents ever. The right wing of our Government is too complacent and equally criminal. Do you really think that a Republican will stand firm if they initiate a prosecution they too can be connected to? Wake up America! If we do not hold our government employees accountable, we can only blame ourselves. NO MORE CARRER POLITICIANS!
He will just deny it and Jesse Jackson will play the race card and Al Sharpton will say they are spreading hate.