How did Solyndra get a sweetheart interest rate?

posted at 4:05 pm on September 7, 2011 by Ed Morrissey

ABC News discovered that the solar-tech firm Solyndra got unusually low interest rates on its federally-guaranteed loans before it collapsed last month, sending 1000 workers to the unemployment line in California.  Other green-tech firms receiving loans paid as much as three and four times the interest rate Solyndra secured for its $535 million from Barack Obama’s 2009 stimulus bill from the Treasury’s Federal Financing Bank.  ABC notes that other green-tech firms didn’t have the connections that Solyndra had to Obama:

The $535 million loan to Solyndra Inc., issued by the U.S. Department of Treasury’s Federal Financing Bank, included a quarterly interest rate of 1.025 percent, the government bank reported in July. Of 18 Energy Department loans cited in the bank’s report, Solyndra’s rate was lowest. Eight other Energy Department projects, each also backed by the Federal Financing Bank, came with rates three or four times higher, the report shows.

That treatment is in keeping with the history of the loan to the California solar panel maker, an arrangement inked in September 2009 with great fanfare — and touted, not long after, during a factory visit from the president. Monthly government bank reports filed since then reveal Solyndra’s rate as the lowest for any energy-related project in nearly every report; in every case its rate was well below that of most energy projects, which ranged from cutting-edge electric car makers to wind and solar ventures. …

Solyndra’s most prolific financial backer is George Kaiser, an Oklahoma oil billionaire who was a bundler of campaign donations for Obama’s 2008 race. Kaiser’s Argonaut Ventures and its affiliates have been the single largest shareholder of Solyndra, according to SEC filings and other records. The company holds 39 percent of Solyndra’s parent company, bankruptcy records filed Tuesday show.

And guess who gets paid out of the bankruptcy first?

Under terms of the bankruptcy filing, investors including Argonaut — which led a $75 million round of financing for Solyndra earlier this year — will stand in line before the federal government and other creditors.

When Solyndra announced that round of fundraising this February, it noted that the DOE had refinanced terms of the $535 million loan to extend the payment period. Under an “inter-creditor agreement” cited in the bankruptcy filing, the investors in the $75 million financing are considered first lien holders. That leaves Obama officials to confront the prospect of waiting behind private companies.

Don’t think that this happened by accident.  Before Obama took office, Solyndra applied for the federally-subsidized green-tech loan, and only scored a B+ from appraisers, which ABC calls a “red flag.”  Dun & Bradstreet only gave a “fair” rating to Solyndra credit, another indication that a big loan might be risky.  Instead of slowing the process down to protect taxpayers, the Obama administration fast-tracked Solyndra’s application and made the company a poster child for its promise of a green-jobs “explosion.”

The White House has to explain why it overruled the FFB’s auditors and ignored the warnings from appraisers while fast-tracking over half a billion dollars to a teetering company at loan rates far below what FFB charged other companies.  Obama also needs an explanation of why his bundler George Kaiser will get his capital back before taxpayers see the first dime of that $535 million that got destroyed in Solyndra’s collapse.  If they don’t have a legitimate explanation for these, then Congress may need to start issuing subpoenas to get answers, because right now it looks very much like Obama used taxpayer money to try to bail out a key campaign donor and left us all holding the bag.

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Comment pages: 1 2

Obama not giving up

http://news.yahoo.com/federal-government-backs-solar-military-project-185048180.html

Federal government backs solar military project

The Obama administration said Wednesday it is providing a loan guarantee for a massive solar energy project that could double the number of glimmering solar panels on residential rooftops in the U.S.

The Energy Department said it provided a partial guarantee for a $344 million loan to San Mateo, Calif.-based SolarCity for the SolarStrong Project, which seeks to place solar panels on 160,000 homes across 124 military bases in 33 states.

“This is the largest domestic residential rooftop solar project in history,” Energy Secretary Steven Chu said in a news release. “This groundbreaking project is expected to create hundreds of jobs for Americans and provide clean, renewable power to our military families.”

William Amos on September 7, 2011 at 4:08 PM

How did Solyndra get a sweetheart interest rate?

Friends of Angelo?

First

Dr Evil on September 7, 2011 at 4:09 PM

The real question is… how does a startup get a loan? Shouldn’t we have an equity stake?

faraway on September 7, 2011 at 4:09 PM

The White House has to explain why it overruled the FFB’s auditors and ignored the warnings from appraisers while fast-tracking over half a billion dollars to a teetering company at loan rates far below what FFB charged other companies.

“No, we don’t.” – The White House

mankai on September 7, 2011 at 4:09 PM

Crony socialism.

BKeyser on September 7, 2011 at 4:09 PM

Before Obama took office, Solyndra applied for the federally-subsidized green-tech loan, and only scored a B+ from appraisers, which ABC calls a “red flag.”

but, was it a “good, solid B+?”

things the peeps wanna know….

ted c on September 7, 2011 at 4:10 PM

Solyndra – The Obama connection

“There is one very slippery fact that I am wondering about. It has to do with subordination. This a legal issue on who gets paid first in a bankruptcy. In all cases the equity is last on the list. But that is not the situation with Solyndra/Kaiser. From Bloomberg:

In February, Solyndra and its lenders reorganized the company’s debts, putting the U.S. loan behind $69.3 million owed to other lenders, including an affiliate of Solyndra’s biggest shareholder, Argonaut Ventures.

This kind of stuff is not supposed to happen. The equity interest of the Kaiser family got a preference as to the right of repayment from Solyndra. Kaiser got in front of the line. He got in front of the US Government’s $528mm IOU from Solyndra. Kaiser got in front of the interests of the American taxpayer. There had to be some very serious arm-twisting going on in the background to achieve this feat.”

“That leaves next to nothing for Uncle Sam. The taxpayers are going to take it in the ear for $400-500 million.

This is a story that could turn an election.”

http://www.zerohedge.com/contributed/solyndra-obama-connection

Viator on September 7, 2011 at 4:10 PM

The White House has to explain why it overruled the FFB’s auditors and ignored the warnings from appraisers while fast-tracking over half a billion dollars to a teetering company at loan rates far below what FFB charged other companies

Ed, you would think so wouldn’t you. However this White House has shown over and over again that it doesn’t have to explain anything it does….

sandee on September 7, 2011 at 4:10 PM

Yep they’ll get right to it after fast & furious

Ain’t gonna happen

Special prosecuter right now for both

cmsinaz on September 7, 2011 at 4:11 PM

Actually, he doesn’t have to explain it at all. I already know the answer. Him talking will only piss me off more.

bloghooligan on September 7, 2011 at 4:11 PM

Ed are you saying that obama is involved in crony capitalism.I’m shocked, shocked I tell you!

tim c on September 7, 2011 at 4:11 PM

When are we just gonna stop p*ssyfooting around and start calling this guy a crook?

fossten on September 7, 2011 at 4:12 PM

right now it looks very much like Obama used taxpayer money to try to bail out a key campaign donor and left us all holding the bag anvil.

metaphors, unmixed.

ted c on September 7, 2011 at 4:12 PM

Friends of Angelo?

First

Dr Evil on September 7, 2011 at 4:09 PM

Damn, you’re fast.

BobMbx on September 7, 2011 at 4:12 PM

Of course Obama did this for a friend.

Why didn’t investors in GM get paid? Why were CEO’s booted, in favor of Unions, who lapped up tax payer dollars like a cow to a salt lick? Why were some auto dealerships forced to close, while others continued on?

This has to be thee most corrupt president in our history…and still he’s allowed to keep going, and never held accountable for any of this. It is often defeating.

capejasmine on September 7, 2011 at 4:12 PM

The White House has to explain why it overruled the FFB’s auditors and ignored the warnings from appraisers while fast-tracking over half a billion dollars to a teetering company at loan rates far below what FFB charged other companies.

I’ll take “Examples of croney-capitalism” for $1000 Alex

Tim Zank on September 7, 2011 at 4:13 PM

When are we just gonna stop p*ssyfooting around and start calling this guy a crook?

fossten on September 7, 2011 at 4:12 PM

This

Tim Zank on September 7, 2011 at 4:14 PM

Treasury’s Federal Financing Bank

Not hard to see why Obama wants a Federal Infrastructure Bank, now is it?

golfmann on September 7, 2011 at 4:14 PM

Obama also needs an explanation of why his bundler George Kaiser will get his capital back before taxpayers see the first dime of that $535 million that got destroyed in Solyndra’s collapse.

This whole sorry mess was just a Democrat money-laundering scheme.

landlines on September 7, 2011 at 4:15 PM

Sounds like the whole thing was a scam.

Wait a minute, we knew that from the beginning.

Red Cloud on September 7, 2011 at 4:16 PM

Those funds could have been spent more productively on ATF and FBI ordered strawman purchases of weapons to be handed over to criminals.

a capella on September 7, 2011 at 4:16 PM

Come on now. What difference does it make what the interest rate they were being charged when they weren’t going to make payments anyway?

Rather like Warren Buffet talking about how his secretary pays more in taxes than he does. Of COURSE she would go to JAIL if she didn’t pay her taxes, jail is for the people with no connections.

So are normal interest rates.

Lily on September 7, 2011 at 4:17 PM

My, everything that this man touches turns into crapola.

BigAlSouth on September 7, 2011 at 4:17 PM

Press contact
================

FREMONT, Calif., August 31, 2011 – Solyndra LLC, the American manufacturer of innovative cylindrical solar systems for commercial rooftops today announced that global economic and solar industry market conditions have forced the Company to suspend its manufacturing operations.

Solyndra intends to file a petition for relief under Chapter 11 of the U.S. Bankruptcy Code while it evaluates options, including a sale of the business and licensing of its advanced CIGS technology and manufacturing expertise. As a result of the suspension of operations approximately 1,100 full-time and temporary employees are being laid off effective immediately.
Despite strong growth in the first half of 2011 and traction in North America with a number of orders for very large commercial rooftops,
(MORE…)

http://www.solyndra.com/news/
================================
Oops,

So,where did all the loot go!!!!$$

canopfor on September 7, 2011 at 4:17 PM

The date: March, 2365

Headline on newspaper found in time capsule from 2015

“Entire Obama Administration sentenced to prison in largest RICO case ever; President Palin says “Keep the change”.

BobMbx on September 7, 2011 at 4:17 PM

so, where is the $535 million?

ted c on September 7, 2011 at 4:17 PM

Unbelievable corruption surrounding this deal.

In case you’re wondering why Solyndra failed despite $535 million in taxpayer funds, plus nearly $1 billion from private investors:

1) They chose to locate in San Francisco, CA (a very expensive place to live and do business)
2) Despite having a choice of many different buildings in the area, they chose to build a very expensive new, fancy, high tech facility. And they used union labor to build it (of course).
3) Because of the timeline they were up against, they had all that union labor working long hours for 7 days a week (big overtime $$$$$).
4) Despite all that, they still could not price their “green energy” doo-dads to compete with Chinese manufacturers.

All this, beside the obvious fact that they had not yet established themselves in the marketplace.

Textbook case of abuse of public finds.

UltimateBob on September 7, 2011 at 4:18 PM

Move along folks, nothing to see here.

sleepy-beans on September 7, 2011 at 4:18 PM

Oops,

So,where did all the loot go!!!!$$

canopfor on September 7, 2011 at 4:17 PM

well well well. long time, no see.

ted c on September 7, 2011 at 4:18 PM

Just one more example of Democrats using TAXPAYER money to make huge loans to their cronies that will never be paid back.

Just one more reason to never, ever vote for a Democrat.

wren on September 7, 2011 at 4:20 PM

When you are Dear Leader, you get to pick the winners and losers.

Guess who else is a huge loser? Texas. No declaration of disaster, then Obama scuttles firefighter planes that are perfectly good to fly.

John the Libertarian on September 7, 2011 at 4:20 PM

so, where is the $535 million?

ted c on September 7, 2011 at 4:17 PM

ted c:Oh man,are we,on a wavelengh mind-meld,sumpin sumpin!

Great to hear from ya Ted:)

canopfor on September 7, 2011 at 4:20 PM

How did Solyndra get a sweetheart interest rate?
Friends of Angelo?

Dr Evil on September 7, 2011 at 4:09 PM

Nope, Friends of Obama (FOOs).

But don’t pity the FOOs. Instead, pity the taxpayers who are being screwed over for hundreds of billions of dollars so Obama can pay off the FOOs.

AZCoyote on September 7, 2011 at 4:21 PM

so, where is the $535 million?

ted c on September 7, 2011 at 4:17 PM

I’d really love to see Obama’s checkbook, and bank statements right now.

capejasmine on September 7, 2011 at 4:21 PM

Obama will destroy you and yours. Believe otherwise at your own foolish risk.

Schadenfreude on September 7, 2011 at 4:21 PM

Obama cronies: “Hey, thanks for the jets”

faraway on September 7, 2011 at 4:22 PM

I’m amazed that Obooba is involved in any kind of capitalism, crony or otherwise.

Akzed on September 7, 2011 at 4:22 PM

Friends of Obama (FOOs).

But don’t pity the FOOs.

AZCoyote on September 7, 2011 at 4:21 PM

I can’t stop laughing.

faraway on September 7, 2011 at 4:23 PM

We’re going to need a bigger Issa.

slickwillie2001 on September 7, 2011 at 4:23 PM

face it, everything with a “B+ rating” has gone to shit…..

SDarchitect on September 7, 2011 at 4:23 PM

So Kaiser gets his “fair share” while GM and Chrysler debtholders got the finger.

John Deaux on September 7, 2011 at 4:26 PM

George Kaiser, an Oklahoma oil billionaire who was a bundler of campaign donations for Obama’s 2008 race.

So the “Big Oil” Lib talking point is forever ethered now, right?

visions on September 7, 2011 at 4:26 PM

John the Libertarian on September 7, 2011 at 4:20 PM

Heard that , this morning too. Dont’ think we down here in Texas are going to forget it either. We had devastating fires a few months back. Perry asked for fed aid for that, and was denied. Obama’ isn’t making friends here, and I think those that he has, might just turn away , knowing this is how he treats this state.

Lots of blood on Obama’s hands. He seems to enjoy it.

capejasmine on September 7, 2011 at 4:27 PM

The $535 million loan to Solyndra Inc., issued by the U.S. Department of Treasury’s Federal Financing Bank

Why does the Department of Treasury have a Federal Financing Bank?

What percentage of the loans this bank finances are ever actually repaid?

wren on September 7, 2011 at 4:28 PM

I’m amazed that Obooba is involved in any kind of capitalism, crony or otherwise.

Akzed on September 7, 2011 at 4:22 PM

Liberals LOVE capitalism…when it favors them. It’s just not good for the rest of us. We need to know, and keep our place. No moving up, just where you are, or down.

capejasmine on September 7, 2011 at 4:29 PM

RECOVERY.GOV
Track the Money
—————-

Loans – AWARD SUMMARY
======================

AWARD OVERVIEW

Recipient Information (Loans)

SOLYNDRA, INC
——————

http://www.recovery.gov/Transparency/RecipientReportedData/pages/recipientprojectsummary508.aspx?awardidsur=19015&awardtype=Loans

canopfor on September 7, 2011 at 4:29 PM

great to see you too canop.

ted c on September 7, 2011 at 4:29 PM

POTUS scumbag is as corrupt as they come.

ultracon on September 7, 2011 at 4:30 PM

great to see you too canop.

ted c on September 7, 2011 at 4:29 PM

ted c:)

canopfor on September 7, 2011 at 4:32 PM

Sure sounds like somebody sure has a big campaign contribution coming.

NeoKong on September 7, 2011 at 4:35 PM

Crony socialism.

BKeyser on September 7, 2011 at 4:09 PM

..keeper! Just like your photo work! Thank you; I attributed (and appreciate) your efforts.

The War Planner on September 7, 2011 at 4:35 PM

If they don’t have a legitimate explanation for these, then Congress may need to start issuing subpoenas to get answers, because right now it looks very much like Obama used taxpayer money to try to bail out a key campaign donor and left us all holding the bag.

They had better start issuing them – the most transparently corrupt administration in history has a habit of stonewalling these types of investigations.

For reference: see the Fast and Furious “Walkergate” scandal.

Chip on September 7, 2011 at 4:35 PM

The White House will never explain why they do what they do. They’d be tried for treason if they did.

lonestar1 on September 7, 2011 at 4:36 PM

He seems to enjoy it.

capejasmine on September 7, 2011 at 4:27 PM

It’s gotten evil.

John the Libertarian on September 7, 2011 at 4:36 PM

How stupid can close to 50% of this country still be to not see what’s going on with this administration? I mean, seriously…

We have a massive awareness campaign to complete, folks. No matter how lost some of your liberal friends may be, keep throwing example after example of Obama’s incompetence and cronyism in their faces. We won’t change all of their minds, but the message will get through to some.

14 months.

jondun5 on September 7, 2011 at 4:37 PM

Cash for Commies

faraway on September 7, 2011 at 4:38 PM

How did Solyndra get a sweetheart interest rate?

Graft is as Chicaogland as deep dish pizza…everybody does it.

Welcome to the new Amerikan way. — courtesy of the Great leader.

coldwarrior on September 7, 2011 at 4:38 PM

So,in Liberal Land,when you donate to Team Obama,say,
$53,500.00 bucks,that’ll get you 535 Million green backs!

Interesting!!
================

September 4, 2011
Bankrupt solar company donated to Obama, Democrats received half billion in government aid
*************************

Tulsa billionaire George Kaiser, a key Obama backer who raised between $50,000 and $100,000 for the president’s election campaign, is one of Solyndra’s primary investors. Kaiser himself donated $53,500 to Obama’s 2008 election campaign, split between the DSCC and Obama For America. Kaiser also made several visits to the White House and appeared at some White House events next to Obama officials.
(More…)

http://energydeals.wordpress.com/2011/09/04/bankrupt-solar-company-donated-to-obama-democrats-received-half-billion-in-government-aid/

canopfor on September 7, 2011 at 4:38 PM

And how did taxpayers take a back seat to an Obama bundler?

 
Shut up racist, that’s how.

rogerb on September 7, 2011 at 4:40 PM

Lots of blood on Obama’s hands. He seems to enjoy it.

capejasmine on September 7, 2011 at 4:27 PM

And he also seems to enjoy rubbing our noses in it.

Knucklehead on September 7, 2011 at 4:40 PM

Corporate Crony Capitalism (CCC)

http://www.youtube.com/watch?v=s8Pg_1i53_Y&feature=player_embedded

milemarker2020 on September 7, 2011 at 4:41 PM

Obama wasn’t there when _______________ (fill in the blank)

booter on September 7, 2011 at 4:46 PM

Wait. I’m pretty sure the bankruptcy laws can be bent whenever needed. I seem to recall first lien holders getting screwed out of what was owed to them just not so long ago.

ButterflyDragon on September 7, 2011 at 4:48 PM

Fake Scandal.

Del Dolemonte on September 7, 2011 at 4:50 PM

Oops,

So,where did all the loot go!!!!$$

canopfor on September 7, 2011 at 4:17 PM

Skittle pooping unicorns aren’t free, you know. Not only that, they need fairy gardens to frolic away the idyllic California afternoons and rainbow castles wherein they can rest their weary little hoofs.

Good to see you back. I was worried that you had gone for good.

Lily on September 7, 2011 at 4:50 PM

“If they don’t have a legitimate explanation for these, then Congress may need to start issuing subpoenas to get answers, because right now it looks very much like Obama used taxpayer money to try to bail out a key campaign donor and left us all holding the bag.”

Sounds like a green Teapot Dome Scandal. How does Warren G. Obama sound?

For those who don’t remember, President Warren G. Harding’s Secretary of Interior authorized the sale of vaulable oil reserve lands to cronies on a no bid basis. It was a kickback scheme and the most important political scandal until Watergate.

Corky Boyd on September 7, 2011 at 4:53 PM

Oops,

So,where did all the loot go!!!!$$

canopfor on September 7, 2011 at 4:17 PM
=========================================

Skittle pooping unicorns aren’t free, you know. Not only that, they need fairy gardens to frolic away the idyllic California afternoons and rainbow castles wherein they can rest their weary little hoofs.

Good to see you back. I was worried that you had gone for good.

Lily on September 7, 2011 at 4:50 PM

Lily:Thank-you,2 months too long,I had IP issues,I guess here in
Canada,they have a meter on the internet.

Our internet rate is about $50.00 a month,at 25 GB,and if
you go over that,its $2.00 per Gigga Bite thingy,so you
could rack up a house mortgage in one month.Its called
Useage Based Billing!!

Its nuts:)

canopfor on September 7, 2011 at 4:58 PM

The White House has to explain why it overruled the FFB’s auditors and ignored the warnings from appraisers while fast-tracking over half a billion dollars to a teetering company at loan rates far below what FFB charged other companies.

THEY NEEDED THE PHOTO OP!

GarandFan on September 7, 2011 at 5:00 PM

Does this really surprise anyone? Obama is going to ask for $300B tomorrow so that more of his cronies can feed off the government teat. This one would make a really good campaign ad if the GOP was paying attention.

TulsAmerican on September 7, 2011 at 5:05 PM

Our internet rate is about $50.00 a month,at 25 GB,and if
you go over that,its $2.00 per Gigga Bite thingy,so you
could rack up a house mortgage in one month.Its called
Useage Based Billing!!

Its nuts:)

canopfor on September 7, 2011 at 4:58 PM

But they have free healthcare!

Lily on September 7, 2011 at 5:07 PM

The White House has to explain why it overruled the FFB’s auditors and ignored the warnings from appraisers while fast-tracking over half a billion dollars to a teetering company at loan rates far below what FFB charged other companies

Sometimes Ed says the cutest things.

darwin-t on September 7, 2011 at 5:16 PM

Its called
Useage Based Billing!!

Its nuts:)

canopfor on September 7, 2011 at 4:58 PM

You need to stasy away from posting your evening music selection mate.
Welcome back C-for.

darwin-t on September 7, 2011 at 5:18 PM

Old view: I just cannot understand why the government gives dollar one to private businesses. Let them find their own investment money out in the market like everyone else.

New view: Obama’s investment returns suck! Let’s get a different portfolio manager, errrrr, I mean “President”!

MTF on September 7, 2011 at 5:23 PM

I think we finally get an answer for how Obama could square his supposed commitment to publicly financed elections with the 2008 campaign. By lining the pockets of his bundlers with federal money, he effectively financed his 2008 with borrowed money and repaid those loans with federal money, thereby making his campaign one that was publicly financed.

Selkirk on September 7, 2011 at 5:36 PM

Can you say kickbacks?

I knew you could.

hillbillyjim on September 7, 2011 at 5:36 PM

Everyone knows that tomorrow night Obama is going to hit us up all over again for 500 Billion in stimulus,shovel ready, slush fund for union support.

There’s the ticket Nan we can rename Stimulus – Slush Fund. Remember tomorrow night when the President is trying to sell his jobs plan, wink, wink. It’s a plan for him to keep his job, and he’s putting it on your tab. James Hoffa Jr., talks cheap, but he expects to get PAID.

Dr Evil on September 7, 2011 at 5:46 PM

Its called
Useage Based Billing!!

Its nuts:)

canopfor on September 7, 2011 at 4:58 PM

It’s good to see you back and commenting canopfor.

Dr Evil on September 7, 2011 at 5:48 PM

It’s gotten evil.

John the Libertarian on September 7, 2011 at 4:36 PM

Gotten?

chemman on September 7, 2011 at 5:49 PM

Start Here

You can’t hide the truth or the connections anymore, Barack, Valerie, Rahm, David, Mooch, Axle, Goolsby.

………..

View the map and just click the ” + ” signs and watch the web appear before your very eyes.

Key West Reader on September 7, 2011 at 5:50 PM

http://www.humanevents.com/article.php?id=46009

This has to do with the grounding of firefighting planes that would be useful in TX. An earlier poster piqued my interest.
Maybe soon Ed and AP might start calling this administration out for its criminal behavior. A few too many coincidences don’t you think?

arnold ziffel on September 7, 2011 at 5:54 PM

“Teach For America” connection to Solyndra.

Key West Reader on September 7, 2011 at 5:55 PM

How Obama protects the Teamsters, Michelle Malkin.

My column today sheds light on the longstanding bromance between Barack Obama and the Teamsters. I especially want you to have all this information handy when Obama complains on Thursday about all the infrastructure that’s still not getting built despite the $230 billion in porkulus money set aside for construction projects.

I’m not the only one who has noticed the purpose of Porkulus.

We would have won the U.S. Senate back in November 2010 if it wasn’t for the Unions blocking for specific Senate seats like Boxer in California and Reid in Nevada. Barney Frank in Massachusetts.

The Republicans in the house, better block any huge spending by the White House because they will funnel that money to the Unions to block Republican candidates in 2012. They have to know by know Big Labor is out to “Take Them Out” They are just waiting for their $$$. Which the President will ask for tomorrow night in the guise of a jobs plan.

Dr Evil on September 7, 2011 at 6:00 PM

Does this really surprise anyone? Obama is going to ask for $300B tomorrow so that more of his cronies can feed off the government teat. This one would make a really good campaign ad if the GOP was paying attention.
TulsAmerican on September 7, 2011 at 5:05 PM

He better not get it!

Is this crony capitalism in our faces obama’s plan to push We the People over the edge so he can “crack down”?

CCRWM on September 7, 2011 at 6:04 PM

Congress may need to start issuing subpoenas to get answers, because right now it looks very much like Obama used taxpayer money to try to bail out a key campaign donor and left us all holding the bag.

Right, I fully expect them to do just that, any day now. /

scalleywag on September 7, 2011 at 6:10 PM

A “Sister Solyndra” moment…

right2bright on September 7, 2011 at 7:36 PM

Seems like someone could be making a good point here about crony capitalism. There’s often a presumption that Republicans cozy up to big business and select corporations, but here’s a reminder that both sides of the aisle are fond of lining their pockets, and that businesses can make lots of money from being well-connected politically.

tom on September 7, 2011 at 7:57 PM

“How come everybody wanna keep it like the Kaiser? Give it away, give it away, give it away, now!” — Red Hot Chili Peppers

L.N. Smithee on September 7, 2011 at 8:47 PM

Jesus Christ – the idiot Obama and DOE, as $500 million dollar lenders, agreed to subordinate to a $75 million dollar loan from stockholders? The VCs had to be laughing their *sses off at the clowns in the DOE “negotiating” that deal. This deal alone justifies eliminating the DOE – nobody that dumb should be employed anywhere, even flipping burgers.

Over50 on September 8, 2011 at 12:15 AM

Be fair. Obama’s Green Energy Kaiser needs to be paid first!

He’s down to his last $10 BILLION (current net worth, Forbes Rich List 2011)…

Jack Bauer on September 8, 2011 at 6:01 AM

When will dem voters get it that they are just marks for their leaders? Green jobs – pfft.

Eh, don’t answer that.

perries on September 8, 2011 at 11:09 AM

Not dumb Over50. Criminal. And sure they will walk away leaving the nation screwed.

perries on September 8, 2011 at 11:10 AM

Comment pages: 1 2