Saturday, September 17, 2011

Business Truths Meets Hope and Change!

When you piece together the timeline, showing how the Bush administration passed up the 'opportunity' to loan taxpayer money to the financial black hole now known as Solyndra, only to have the Obama administration push it through immediately upon taking office, it's almost enough to make a cynical person suspicious.

"WASHINGTON (AP) — The Obama administration restructured a half-billion dollar federal loan to a troubled solar energy company in such a way that private investors — including a fundraiser for President Barack Obama — moved ahead of taxpayers for repayment in case of a default, government records show.

Administration officials defended the loan restructuring, saying that without an infusion of cash earlier this year, solar panel maker Solyndra Inc. would likely have faced immediate bankruptcy, putting more than 1,000 people out of work."

(Right, after all look at all those people in the Obama administration with a solid track record in real world business. No wait...)

"Even with the federal help, Solyndra filed for Chapter 11 bankruptcy protection earlier this month and laid off its 1,100 employees."

(Big surprise!)

"The loan restructuring is one element congressional investigators are focusing on as they look into the federal loan guarantee Solyndra received under the economic stimulus law.

Under terms of the February loan restructuring, two private investors — Argonaut Ventures I LLC and Madrone Partners LP — stand to be repaid before the U.S. government if the solar company is liquidated. The two firms gave the company a total of $69 million in emergency loans. The loans are the only portion of their investments that have repayment priority above the U.S. government.

Argonaut is an investment vehicle of the George Kaiser Family Foundation of Tulsa, Okla. The foundation is headed by billionaire George Kaiser, a major Obama campaign contributor and a frequent visitor to the White House. Kaiser raised between $50,000 and $100,000 for Obama's 2008 campaign, federal election records show. Kaiser has made at least 16 visits to the president's aides since 2009, according to White House visitor logs."

Taxpayer money was illegally subordinated to an investor with major ties to Obama???

Here's the icing on the solar cake, the Bush administration didn't make the loan because they were uncomfortable with the numbers.

"WASHINGTON -- Solyndra officials were intensely pressuring Bush administration officials in early January 2009 to approve a government loan for the solar company before the Obama administration took power, according to new emails obtained by Fox News on Friday.

On Jan. 12, 2009, Solyndra CEO Chris Gronet sent an Energy Department official an email marked "urgent" expressing outrage that Bush officials had decided a few days earlier that while the loan application had "merit" it needed further study before officials could move forward with a taxpayer-financed loan.

Gronet wrote just days before President Obama's inauguration that stretching the process out could have a "severe" impact on Solyndra."

Severe impact indeed, like filing for bankruptcy because it was loosing money on every solar panel they sold. Stupid Republicans don't know beans about business compared to college professors and community organizers. Everyone knows that sales volume offsets transaction losses. I believe I read that on Guy Kawasaki's blog.

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I'd say the business skills of the Obama administration is as good as the German Coast Guard English...

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