« Mystery Solved: Chris Matthews' Brain Abducted By Robots | Main | Overnight Open Thread »
September 14, 2011

Actual Surprise: ABCNews Covers Solyndra, Top of the Show

I tried to goad @jaketapper the other day, saying his network would cover it for thirty seconds, with twenty seconds of that "context" about Enron.

Not what they did though.

Not the longest report, but the questions were properly framed -- "Did the White House rush a half billion of your dollars to a company certain to fail?"

And more at Hot Air, as Mark Levin interviews an employee who said everyone knew Solyndra was going to fail.

From an ABCNews print article:

Department of Energy officials said the rates for all of its green energy loans were set by the bank using a formula, and Solyndra’s favorable terms were not the result of special treatment.

“All borrowers under the [government loan guarantee] program receive the same treatment,” Energy Department spokesman Damien LaVera wrote to iWatch and ABC News in response to questions.

Um, no. What happens is that all borrowers in equivalent situations with equivalent risk and equivalent likelihood of repayment may get the same treatment.

But the whole point of analyzing these companies is to define them, categorize them in terms of risk and such.

That's why it's important to know how these "models" came to the incorrect conclusion that Solyndra would be fantastically profitable.

Note in the below video, at 3:36, Congressman Morgan Griffith tries to find out why all the models predicted that Solyndra's profits would -- are you ready? -- double the year following the loan.

How did they come up with that? What detailed economic model suggested a doubling of profits (during a horrendous global economy, with a business model doomed to fail) in a year?

Why, they based it on... projections provided by Solyndra CEOs. Just accepted those claims, and then, based on this stuff, pushed through the loans at super-cheap rates (and they're not loans -- they're outright gifts, as there was never any plausible way they'd be paid back).

Maybe if analysts hadn't rushed to get the loans approved by the time of the photo-op they could have done a little more work, eh? Maybe come up with their own projections, rather than just plugging in the Solyndra CEOs "double profits in one year" claim into the formula, maybe?

digg this
posted by Ace at 08:43 PM

| Access Comments

Recent Comments
redbanzai the Southerner: "Suggested edit! Posted by: Commissar Hrothgar ..."

rickb223 [/s][/b][/i][/u]: "I've never seen even a picture of nutria. Just hea ..."

redbanzai the Southerner: " Utah Rep. Burgess Owens I am dissapoint. My ..."

Deplor4ble I4n G4lt: "rat dogs and flies ..."

Burnt Toast the Banned: " In defense of the NG, if they are actual security ..."

Commissar Hrothgar [/i][/b][/u][/s]: "They well sell us down the river for the illusion ..."

Taqiyyologist (bofa/deez): "Is London celebrating with fireworks again, too? ..."

Infidel: "Utah Rep. Burgess Owens I am dissapoint. My br ..."

davidt: "Upside down rat cake. ..."

rickb223 [/s][/b][/i][/u]: "Rat over easy. ..."

MAJ N Hassan [/i][/b][/u][/s]: "[i]It's almost like he solved the problem by simpl ..."

Count de Monet in exile at his Fortress of Solitude: "Rat nog ..."

Recent Entries

Polls! Polls! Polls!
Frequently Asked Questions
The (Almost) Complete Paul Anka Integrity Kick
Top Top Tens
Greatest Hitjobs

The Ace of Spades HQ Sex-for-Money Skankathon
A D&D Guide to the Democratic Candidates
Margaret Cho: Just Not Funny
More Margaret Cho Abuse
Margaret Cho: Still Not Funny
Iraqi Prisoner Claims He Was Raped... By Woman
Wonkette Announces "Morning Zoo" Format
John Kerry's "Plan" Causes Surrender of Moqtada al-Sadr's Militia
World Muslim Leaders Apologize for Nick Berg's Beheading
Michael Moore Goes on Lunchtime Manhattan Death-Spree
Milestone: Oliver Willis Posts 400th "Fake News Article" Referencing Britney Spears
Liberal Economists Rue a "New Decade of Greed"
Artificial Insouciance: Maureen Dowd's Word Processor Revolts Against Her Numbing Imbecility
Intelligence Officials Eye Blogs for Tips
They Done Found Us Out, Cletus: Intrepid Internet Detective Figures Out Our Master Plan
Shock: Josh Marshall Almost Mentions Sarin Discovery in Iraq
Leather-Clad Biker Freaks Terrorize Australian Town
When Clinton Was President, Torture Was Cool
What Wonkette Means When She Explains What Tina Brown Means
Wonkette's Stand-Up Act
Wankette HQ Gay-Rumors Du Jour
Here's What's Bugging Me: Goose and Slider
My Own Micah Wright Style Confession of Dishonesty
Outraged "Conservatives" React to the FMA
An On-Line Impression of Dennis Miller Having Sex with a Kodiak Bear
The Story the Rightwing Media Refuses to Report!
Our Lunch with David "Glengarry Glen Ross" Mamet
The House of Love: Paul Krugman
A Michael Moore Mystery (TM)
The Dowd-O-Matic!
Liberal Consistency and Other Myths
Kepler's Laws of Liberal Media Bias
John Kerry-- The Splunge! Candidate
"Divisive" Politics & "Attacks on Patriotism" (very long)
The Donkey ("The Raven" parody)
Powered by
Movable Type 2.64