Quotes of the day

posted at 10:40 pm on September 16, 2011 by Allahpundit

“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…

“An Associated Press review of regulatory filings shows that Solyndra was hemorrhaging hundreds of millions of dollars for years before the Obama administration signed off on the original $535 million loan guarantee in September 2009. The company eventually got $528 million…

“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.”

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“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…

“The next day, Jan. 13, 2009, [Bush energy official Lachlan] Seward sent his email to Energy Department colleagues saying it was time to stop engaging with Solyndra officials.

“Later that day, Seward received an email from a colleague who mentioned that a USA Today article noted there was a ‘glut of roof top solar systems,’ so perhaps Solyndra might not be able to carve out a market.”

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“The Energy Department, under fire over its management of a program that offers loan guarantees to clean-technology companies, has been finalizing additional multimillion-dollar loan guarantees in the program at a rate of more than one a week since the beginning of August. It now has just two weeks left to commit the program’s remaining $9.3 billion.

“The push to finalize deals for the lucrative federal financing before the program expires at the end of the fiscal year is drawing fire from Republicans and government watchdogs. They say haste led to costly mistakes in the decision to back Solyndra, a solar-panel maker that collapsed two weeks ago, leaving taxpayers liable for a half-billion-dollar federal loan…

“‘We are just days from the program expiring, yet more than half of the guarantees, over $10 billion worth, have yet to be awarded,’ [Rep. Cliff] Stearns said in a statement. ‘The last thing we can afford from the Obama administration are more of the same sloppy, poor investments in the final rush to get the cash out the door.’”

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“No wonder many Democratic strategists predicted their party’s 2008 landslide win would usher in a generation of political dominance. Obamanomics, essentially, would divert taxpayer dollars to the Green Lobby – and then into the campaign coffers of the Democratic Party. This is what crony capitalism is really all about: politicians enriching favored businesses, who then return the favor. Or maybe it’s the other way around, Who cares, really. It’s an endless, profitable loop for both.

“And Obama almost pulled it off. The Great Recession conveniently allowed the president to start the spendathon under the guise of economic stimulus. (‘You never want a serious crisis to go to waste. And what I mean by that is an opportunity to do things you think you could not do before.’ – White House Chief of Staff Rahm Emanuel, 2009). As it turns out, the $38.6 billion loan program for clean energy firms that Solyndra benefited from has created just 3,545 permanent new jobs after parceling out half its dough. That works out to around $5 million a job…

“That’s not how the private sector makes investment decision. But it’s routine for government where the stakeholders are politicians, bureaucrats, lobbyists and favored constituencies. The takers, not the makers. That’s whose side Obamanomics is on.”

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“No wonder many Democratic strategists predicted their party’s 2008 landslide win would usher in a generation of political dominance. Obamanomics, essentially, would divert taxpayer dollars to the Green Lobby – and then into the campaign coffers of the Democratic Party. This is what crony capitalism is really all about: politicians enriching favored businesses, who then return the favor. Or maybe it’s the other way around, Who cares, really. It’s an endless, profitable loop for both.

The Pethokoukis article nails it, almost as if Maha Rushie himself had written it. Obamanomics is a perpetual funding scheme, using unions and the crony capitalist Green Lobby to launder public funds for Dem coffers.

petefrt on September 17, 2011 at 8:52 AM

ted c on September 17, 2011 at 8:13 AM
That is gonna leave a mark

txmomof6 on September 17, 2011 at 8:54 AM

That works out to around $5 million a job…

Obama promised us 5 million new green jobs. At $5 million dollars per job, that comes to a mere $25 trillion. A little more stimulus, anyone?

topdog on September 17, 2011 at 9:00 AM

This administration will go down as the most corrupt and scandalous in history. If Sheriff Joe Arpaio ran federal prisons they’d end up wearing pink underwear, eating green bologna and working in chain gangs. There is a connection to everything Obama does or says. Even the Darden Restaurants owner, who coincidentally is a lunch buddy of Obama’s and just announced big menu changes in support of Michelle’s no fries for us, received an Obamacare waiver. With Lightsquared, Solyndra and Fast and Furious, the wheels are starting to come off his Canadian made bus.

GrannySunni on September 17, 2011 at 9:03 AM

This is way too complicated for the average Joe to make sense out of and figure out that the govt and the Won are behind an Enron type fraud and are spending our money to keep themselves in power. Govt money needs to be changed to taxpayer or our money before anyone gets it that they’re the big losers in this deal.

Kissmygrits on September 17, 2011 at 9:11 AM

Who said this?

“President Obama has his sights set on raising $1 billion for his reelection campaign. Raising that money won’t be easy. But if you can hand out other people’s money to friends, it must get a whole lot easier. This crony capitalism and government waste is at the heart of our economic problems. It will destroy us if we don’t root it out. It’s not just a Democrat problem or a Republican problem. It’s a problem of our permanent political class. This won’t stop until “we the people” say enough is enough, and we retire the permanent political class that votes for this.”

Then there is Perry’s crony capitalism -
His Texas Emereging Technology Fund awards which Perry’s office
controls and he has to sign off on awarded the following to his
campaign contributors:

Convergen Lifesciences $4.5 million
Terrabon $2.75 million
Nat Inst for Renewable Energy $2 million
Seno Medical Instruments $2 million
ThromboVision $1.5 million
Carbon Nanotechnologies $975,000
OrthoAccel Technologies $750,000

Rick Perry received approximately $1.5 million dollars in
campaign contributions from either the CEO’s or corporations above.

Amjean on September 17, 2011 at 9:26 AM

How many welfare businesses have been used to scam us

MJBrutus on September 17, 2011 at 8:01 AM

To be fair, Merck should be included as well. The TARP/bank bailouts were a bipartisan fleecing of the American people, and the the tune of over a trillion $. We could also throw in the hundreds of billions doled out to failing entities known as foreign countries over the decades.

Oh, and the government contracts to private concerns with built-in cost overruns, shoddy workmanship…oh, and the failed weapon systems or even the ones that did work that the generals decided down the road we didn’t really need after all. If we have something really, really big to fly somewhere, we have to pay the Russians to do it with their Antonov 225 because we can’t. Funny that is, as the Russians are supposed to be a failed, backwards society and we’re the greatest-at least they can fly all of their $–t where they need to themselves.

The political game is to focus on the huge budget line items such as SS, Medicare, Medicaid on the national level, and education on the state level (the Leftists historically focus on DOD spending), while ignoring the leaking $ from a dozen Congressional committees and Federal departments. That’s where the majority of the Dollars are sprouting wings and flying off to banks in the Cayman Islands, Switzerland and various PACs of both parties.

Now, if you, dear American Citizen, are behind a lousy $1000 on your income taxes, the ba$tards will come after you, your wages and your property. Pi$$ away a few hundred million, or a few billion and you’re one of their buddies, you might get even more! Go figure.

Dr. ZhivBlago on September 17, 2011 at 9:27 AM

This garbage needs to stop and right now…

If there is $10 billion in unallocated stimulus funds, so be it!

Khun Joe on September 17, 2011 at 10:41 AM

You know what is so stupid, or rather, infuriating, about these kinds of “deals” is that in this day and age with bloggers and investigative reporting by BigGovernment, etc., the odds of their “crony capitalism” activities being exposed are pretty good. And they don’t care! It’s just business as usual. We haven’t heard any explanation from the CEOs of Solyndra, much less an apology. We’ll certainly never hear Mr. President on his “jobs” tour apologize for squandering $5 million each on a few thousand jobs. He could care less, apparently. In some countries failng the people is a shameful act, here it makes a leader wealthy and keeps him in office.

scalleywag on September 17, 2011 at 10:43 AM

This is nothing but a smear, Bob Beckel says so.
And. . .
Thank you President Obama! Are you related in any way to Josh McDaniels?

jdkchem on September 17, 2011 at 11:12 AM

BTW, Where IS that White House solar setup?

golfmann on September 17, 2011 at 11:16 AM

I’m worried about those who wrote the story. They could be in fiscal or physical danger.

tomas on September 17, 2011 at 12:18 PM

This is nothing but a smear, Bob Beckel says so.

Peter Griffin says, “there’s your smear campaign right there“.

LA Conservative on September 17, 2011 at 12:35 PM

“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.”

Democrats are corrupt. Period.

They make Nixon look like a Cub Scout.

mankai on September 17, 2011 at 2:37 PM

The end result to all of this should probably be a larger federal government with even more powers of oversight. The government is not large enough to cope with all these complex problems!

MikeM on September 18, 2011 at 12:28 AM

We don’t need a new word for this: the old word is GRAFT, and it fits perfectly!!!

landlines on September 19, 2011 at 1:13 AM

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