HeadlinesWe pick, you click.

NYT

Revealed: Intense lobbying, “alarming” negligence in loan approvals led to Solyndra loan

While no evidence has emerged that political favoritism played a role in what administration officials assert were merit-based decisions, Solyndra drew plenty of high-level attention. Its lobbyists corresponded frequently and met at least three times with an aide to a top White House official, Valerie B. Jarrett, to push for loans, tax breaks and other government assistance…

But industry analysts and government auditors fault the Obama administration for failing to properly evaluate the business proposals or take note of troubling signs already evident in the solar energy marketplace.

“It was alarming,” said Frank Rusco, a program director at the Government Accountability Office, which found that Energy Department preliminary loan approvals — including the one for Solyndra — were granted at times before officials had completed mandatory evaluations of the financial and engineering viability of the projects. “They can’t really evaluate the risks without following the rules.”

The Energy Department’s senior staff has acknowledged in interviews the intense pressure from top Obama administration officials to rush stimulus spending out the door…

“There was just too much misplaced zeal at the Department of Energy for this company,” Mr. Mehta said.

Read the Article

Blowback

Note from Hot Air management: This section is for comments from Hot Air's community of registered readers. Please don't assume that Hot Air management agrees with or otherwise endorses any particular comment just because we let it stand. A reminder: Anyone who fails to comply with our terms of use may lose their posting privilege.

Trackbacks/Pings

Trackback URL

Comments

Yes, yes, by all means, lets’s talk about Solyndra again. Thank you, Lord.

cynccook on September 23, 2011 at 12:24 AM

Again, Barack will say he knew nothing.

SouthernGent on September 23, 2011 at 12:27 AM

50 bankruptcy lawyer jobs saved or created.

Ted Torgerson on September 23, 2011 at 12:27 AM

The meltdown continues. More popcorn please. Oh and lets get that House of Reps investigation up and running.

Tacitus on September 23, 2011 at 12:27 AM

Intense lobbying, “alarming” negligence….so Fannie Mae and Freddie Mac were behing this loan?

cynccook on September 23, 2011 at 12:27 AM

There was just too much misplaced zeal at the Department of Energy for this company,

they’ll characterize themselves as investors who just happen to sometimes make bad investments. Nevermind the fact that investors usually do so with their OWN MONEY….not a half a bill of everyone elses.

ted c on September 23, 2011 at 12:29 AM

Typical for government work!

lorien1973 on September 23, 2011 at 12:29 AM

Wait, I’m confused.

Wasn’t this President elected on a “fight the lobbyists and special interests” platform?

Opposite Day on September 23, 2011 at 12:30 AM

what did Val Jarrett and everyone who works for her know, and when did they know it?

ted c on September 23, 2011 at 12:30 AM

Not one question on the corruption tonight…

Obama is the luckiest man and they say Fox is a rightie outfit.

Schadenfreude on September 23, 2011 at 12:30 AM

Wait, I’m confused.

Wasn’t this President elected on a “fight the lobbyists and special interests” platform?

Opposite Day on September 23, 2011 at 12:30 AM

Hmmm….no. It was a “I’m not George W. Bush and also did you notice that I am practically black” platform.

cynccook on September 23, 2011 at 12:33 AM

Heck, hardly any room on page 1 for birth certificate news anymore!!!

1. Fast and Furious/Gunrunner – this is much more newsworthy that Iran/Contra ever was. That was done for a good cause (rescuing tortured CIA agents) and no one was killed except maybe some Commies in Nicaragua, and no lobbyists involved.

2. SolarGate – large and growing by the second.

3. Lightsquared – bribing Generals, endangering our GPS system, payoffs, etc.

4. 2 familial illegal aliens breaking laws left and right, and at least one totally on the public dole

So many scandals, so little time. Issa better clone himself.

fred5678 on September 23, 2011 at 12:40 AM

While no evidence has emerged that political favoritism played a role

bs

John the Libertarian on September 23, 2011 at 12:42 AM

From the Perry thread:

Drudge is reporting that the White House is doing a Solyndra “limited hangout” with the NYTimes.

J_Crater on September 23, 2011 at 12:04 AM

I think he’s right. This is the NYT remember, and there’s not anything here that’s a shocking new revelation.

(If you’re not familiar with the term, a limited hangout is a propaganda technique that lets some info “hangout” so people will think they now know the entire story. Here’s more on it.).

INC on September 23, 2011 at 12:55 AM

Wait, how can there be no evidence of political favoritism when two bundlers not only got the loan but then had it renegotiated so they would get the most back in the case of default? What exactly would constitute favoritism for the NYT?

Cindy Munford on September 23, 2011 at 1:00 AM

The illegal part is that the hedge funds get paid and the tax payers were put behind them in line, losing all.

Someone should go to jail.

Schadenfreude on September 23, 2011 at 1:05 AM

NYT snow job. No politics involved. Just heavy lobbying and a few bad decisions way down the food chain. There that’s taken care of,…now for Fast & Furious.

a capella on September 23, 2011 at 1:17 AM

Someone should go to jail.

Schadenfreude on September 23, 2011 at 1:05 AM

But they won’t.

cynccook on September 23, 2011 at 1:18 AM

While no evidence has emerged that political favoritism played a role in what administration officials assert were merit-based decisions,

Ya know the NYT just doesn’t have the same intrepid investigators they used to have. Maybe they need to go to clue school.

arnold ziffel on September 23, 2011 at 1:40 AM

All in all, a pretty soft piece.

Why was the loan guarantee restructured? How often do loans get restructured to make the government get paid last? Did any of the other solar companies get their loans restructured this way? Were any of those WH visitors the ones who got their money back before the government?

Come on, NYT. Pretend Bush is still in office.

hepcat on September 23, 2011 at 1:47 AM

“I intend to tell the corporate lobbyists that their days of setting the agenda in Washington are over, ”

Obama 2008

“I’m not in this race to continue the special-interest-driven politics of the last eight years. I’m in this race to end it. I’ve been taking on lobbyists throughout my career in Illinois.”

(Sen. Barack Obama, Remarks At A Town Hall Meeting, Billings, MT, 5/19/08)

….Hope and Change.

Baxter Greene on September 23, 2011 at 1:59 AM

While no evidence has emerged that political favoritism played a role in what administration officials assert were merit-based decisions

The white house shepherded this thing through the process and made calls to “inquire” about it’s progress. The NYT covering for Zero is not going to work. Only the Ozombies are buying these road apples.

dogsoldier on September 23, 2011 at 6:10 AM

(If you’re not familiar with the term, a limited hangout is a propaganda technique that lets some info “hangout” so people will think they now know the entire story. Here’s more on it.).

INC on September 23, 2011 at 12:55 AM

thanks for that. I never knew that before but had heard the phrase.

ted c on September 23, 2011 at 6:55 AM

bs

John the Libertarian on September 23, 2011 at 12:42 AM

exactamundo

just covering for dear leader

cmsinaz on September 23, 2011 at 6:57 AM

cmsinaz on September 23, 2011 at 6:57 AM

you and i were on the same wavelenght yesterday with the “Golden One” clip– i laughed when i saw your post on it.

ted c on September 23, 2011 at 7:02 AM

ted c on September 23, 2011 at 7:02 AM

great minds :)

cmsinaz on September 23, 2011 at 7:08 AM

Basic fluff piece that does no investigative reporting or asks any tough questions. Running cover for Obama.

albill on September 23, 2011 at 7:50 AM

Its lobbyists corresponded frequently and met at least three times with an aide to a top White House official, Valerie B. Jarrett, to push for loans, tax breaks and other government assistance…

No favoritism? Who is the NYT kidding? Jarrett is the 21st century Rasputin.

BuckeyeSam on September 23, 2011 at 8:03 AM

See..this can be directly blamed on Bush. If his admin woulda just given these crooks their money in the first place, Obama wouldn’t have to be worrying about this and could swing his laser-like focus back on jobs!!!

*gag*

BigWyo on September 23, 2011 at 8:33 AM

While no evidence has emerged that political favoritism played a role in what administration officials assert were merit-based decisions

uh huh. and those flames and smoke probably have no relation to the empty gas can and pack of matches laying next to the burning building.

DrW on September 23, 2011 at 9:50 AM

Why was the loan guarantee restructured? How often do loans get restructured to make the government get paid last? Did any of the other solar companies get their loans restructured this way? Were any of those WH visitors the ones who got their money back before the government?

Come on, NYT. Pretend Bush is still in office.

hepcat on September 23, 2011 at 1:47 AM

+1000

I’ve handled dozens of subordinations and what the DOE allowed in January of 2011 was loan fraud, plain and simple. You don’t take the word of the borrower; you look at the financials, the bank statements, the work in progress, receivables and inventory. By all objective measures, this firm was not viable and yet the DOE still allowed new money to take a senior lien position. The person who signed to allow the subordination is going to jail. Mark my words.

DrW on September 23, 2011 at 9:54 AM