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September 13, 2011

Democrats: The Solyndra Scandal Touches Republicans, Too, Because In 2006 They Applied to Loans From The Bush Administration, Which... Rejected The Application

1, even if Bush did cough up loans, how does that help Obama?

2, he didn't cough up loans, so....

The Democrats’ main defense against accusations of administration cronyism is that Solyndra applied for the Energy Department loan as part of a program created by the Bush administration. Memos prepared by the Republican and Democratic staffs of the House Energy and Commerce committee said Solyndra first applied for an Energy Department loan in 2006. Its plan to build a factory to manufacture a new kind of solar technology was one of 16 projects chosen from about 140.

In January 2009, shortly before President Obama took office, Energy officials reviewed the application. They said that “the project appears to have merit” but did not approve the loan, requesting additional information, including an independent market analysis of the company’s long-term prospects, according to the Republican staff memo.

Um.

Okay.

And then Obama poured $535 million into it, which by the way is now gone, poof!, and at extremely low interest rates, despite the fact that the business plan never made sense.

Loans? Loans are something you expect might be repaid. So, let's call it what it was: a half-billion plus gift from the American taxpayer to Obama's "green" energy donors.

More: White House was all over this, from the get-go.

Newly uncovered emails show the White House closely monitored the Energy Department's deliberations over a $535 million government loan to Solyndra, the politically-connected solar energy firm that recently went bankrupt and is now the subject of a criminal investigation.

The company's solar panel factory was heralded as a centerpiece of the president's green energy plan -- billed as a way to jump start a promising new industry. And internal emails uncovered by investigators for the House Energy and Commerce Committee that were shared exclusively with ABC News show the Obama administration was keenly monitoring the progress of the loan, even as analysts were voicing serious concerns about the risk involved. "This deal is NOT ready for prime time," one White House budget analyst wrote in a March 10, 2009 email, nine days before the administration formally announced the loan.

"If you guys think this is a bad idea, I need to unwind the W[est] W[ing] QUICKLY," wrote Ronald A. Klain, who was chief of staff to Vice President Joe Biden, in another email sent March 7, 2009. The "West Wing" is the portion of the White House complex that holds the offices of the president and his top staffers. Klain declined comment to ABC News.

I always take "declined comment" to be a reassuring sign, don't you?

As federal authorities examine whether Solyndra misled the government about its true financial state, the Obama White House is fielding fresh questions over why it pushed so hard for Solyndra. Officials with DOE and the Office of Management and Budget are expected to testify Wednesday. Executives with Solyndra, invited to appear as witnesses, will not attend Wednesday's hearing but have told the House committee they will voluntarily appear next week.

Thanks to diggrbiii and TopSecretK9.


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posted by Ace at 06:53 PM

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