Tag Archives: Solyndra

Is SoloPower the Next Solyndra?

solopower

solopowerShould the government be in the business to be in business? Can we afford to offer huge taxpayer backed loans to companies? If we are borrowing billions just to pay our own bills can we afford to be in the loan business?

Yet another solar company is headed for bankruptcy. This, just six months after receiving a government guaranteed 197 MILLION dollar taxpayer backed loan. In September 2012 Reuters reported on the similarities between this start-up company and the now well-known, and failed, Solyndra. Have we learned nothing?

In February SoloPower acknowledge that it was already restructuring through layoffs and selling off equipment.

In my neighborhood last summer a new restaurant opened with great fanfare. It was an all-you-can-eat buffet filled with fresh seafood. Located in the middle of the desert it offered a unique menu. Its opening took away business from several other area restaurants causing at least one to close. Their inexpensive meals caused some to wonder how they were managing to import seafood in a cost effective manner because we are not near the beach. Sad to say, in less than six months the doors were shuttered, first with a note of reorganization, then one of non-payment of rent. Their business plan did not pan out and investors lost their financing money. Still, they were privately owned. Only those willing to take a risk lost money.

So, why is the government putting up all this money to a business without a solid plan? One hundred and ninety-seven million dollars is not pocket change.  What government official approved this giant loan? Is our country in such a position that we can risk these huge amounts of money? It is expected that taxpayers will get only 19% of $142 million and virtually none of the remaining $385 million loan money from Solyndra.  Maybe it’s time that the government get out of the business of being in business and leave risky start-ups to those who can afford the loss.

Watch the latest update here:

 


 

Solyndra Lives On–As Modern Art

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Remember Solyndra? Shortly after taking more than $500MILLION taxpayer dollars (approved by Team Obama) they filed for bankruptcy? All that taxpayer money down the drain because nobody bought the company and few showed up for the bankruptcy auction.

End of story? No. Following the auction in January remaining employees were spotted trashing crate upon crate of the glass tubes used in solar panels. Millions of dollars worth. If you didn’t hear about this watch this video. Warning: you WILL become angry at the terrible waste. Guaranteed.

As the reporter tells you, it’s not that the glass tubes have much value when compared to the money owed by the company. But to this taxpayer, it’s certainly the principle of their actions. And frustrating that the tubes were not sold or even donated for the public good.

But wait, all is not lost. Some of the tubes were salvaged. Today they have been turned in to a modern art display. It’s called SOL Grotto and uses 1,368 of the Solyndra tubes (of the estimated 24 Million) and is located at the University of California Berkeley in their Botanical Garden display.  In case you don’t want to visit here’s a short video of these tubes, paid for by you the American taxpayer.

White House Tells Lies (Repeatedly) To Win

The White House re-election campaign has denied any knowledge of an abhorrent, misleading Super PAC ad that wrongly blames GOP challenger Mitt Romney for the death of a steelworker’s wife from cancer.

Campaign spokeswoman Jen Psaki responded by saying: “We have nothing, no involvement, with any ads that are done by Priorities USA.  We don’t have any knowledge of the story of the family.”  Deputy campaign manager Stephanie Cutter stated: “I don’t know the facts about when Mr. Soptic’s wife got sick, or the facts about his health insurance.”

The problem for the Oval Office and its hope for re-election is; Soptic told the story on May 14, 2012, in a conference call hosted by the Obama campaign.

http://news.yahoo.com/blogs/ticket/obama-camp-denies-knowledge-cancer-tale-told-may-195237581.html

This is from someone who condemned PAC attack ads running in favor of John Edwards during the 2008 campaign.  This is from a candidate who attacks Super PACs that are on Romney’s side, but never utters one peep about the PACs that are aligned with him, launching slanderous attacks against Romney on his behalf.

Apparently for “progressives”, civility remains a one way street.

Evidence shows how the White House’s assertion that political appointees were not involved in Energy Department loan decisions is a flat out lie.

Documents and sources knowledgeable of the situation show that disagreement between administration officials over approval of a $1.4 billion loan to another project was resolved by then-White House Chief of Staff Bill Daley.

Last summer the Oval Office occupier was briefed personally about a federal loan program aimed at helping clean-energy companies.   The briefing took place a mere two months before failure of the solar company Solyndra.  Solyndra was trumpeted by the White House as the poster child for solar power success in America.

http://www.washingtonpost.com/politics/energy-dept-e-mails-on-solyndra-provide-new-details-on-white-house-involvement/2012/08/08/668dc042-e162-11e1-a25e-15067bb31849_story.html

It is easy to understand why Romney and his supporters justifiably lament the cheap, two-bit, Chicago thug style, dirty, lying, lowlife, bottoms scraping, scumbag, “progressive”, Alinsky tactics being used daily by the current White House occupant’s re-election campaign.  But to remain stuck in lament or defense mode plays right into their hands.

The best option is to stick to the truth and use the abundant available evidence to successfully portray the current administration and its “progressive” political allies for what they are.  So incredibly inept at governing that their own failed leadership and flagrant incompetence has forced them to lie, cheat and resort to character assassination in order to misrepresent themselves and their opponent.

Then paint the portrait of a viable alternative to failure: A proven leader who has achieved the American dream through pursuit of happiness.

Follow that with a series of questions.

Who would you rather have leading the United States of America; someone so inexperienced, inept and incompetent that Americans are resorting to Welfare, Disability and Food Stamps for survival?  Someone who must resort to blatantly dishonest tactics in an attempt to salvage their own failed, sagging political career?

Or would you rather have America led by a competent, successful and experienced businessman of good moral character who has plans to revitalize the American private sector economy and put Americans back to work?

America deserves better than having an inexperienced, incompetent, inept liar as President of the United States.

You deserve better.

http://mjfellright.wordpress.com/2012/08/09/white-house-tells-lies-repeatedly-to-win/

Green Death

Eight regions of Spain have had their credit ratings cut as uneasy Spaniards moved their money overseas. Spooked by the questionable state of their banks, Spanish savers are now moving their money abroad faster than records have ever shown. Spain’s credit rating has been downgraded two notches and nearly 25% of Spaniards are unemployed

The Spanish newspaper La Gaceta ran a full-page article exposing the truth about Spain’s “green jobs” agenda, which just happens to have been cited many times by barack obama as the way “forward” for the United States. “Green energy” has now been exposed as a costly disaster that has undone Spain’s economy.

The Spanish Administration confessed “the increase of the electric bill is principally due to the cost of renewable energies.” It has now become officially recognized that the price of electricity, as well as increases in Spain’s debt are due to the extra cost of solar and wind energy. Additionally, the Spanish administration now admits that each green job that was created cost more than 2.2 traditional jobs in the private sector.

All evidence to the contrary, the obama administration insists on moving full speed ahead with its ill imagined, full frontal assault on the American energy industry, coupled with increased promotion of their “green jobs” fantasy.

Not only is coal America’s cheapest source of energy, the United States owns some the world’s largest coal deposits. Newly enacted EPA regulations now force a reduction in utility CO2 emissions to 1,000 pounds per megawatt of electricity. This regulation effectively bans construction of new coal-fired plants and will invariably lead to hikes in electricity costs. Since only natural gas meets the new emissions standard, the country’s electricity providers will be forced to pay the cost of converting to natural gas. One way or another, electricity prices will “necessarily skyrocket”.

Despite administration claims, obama’s hostility towards fossil fuels has led to reduced opportunities for domestic oil production. obama continues to call for the elimination of targeted tax breaks oil companies have been receiving for decades. The general public is largely unaware of the fact that those tax breaks are targeted chiefly for exploratory activities. Drilling for oil is an expensive, uncertain business venture. Even successful fields have limited lifespans. Besides, hiking taxes on new exploration is counter-intuitive to increasing production.

In addition to his open aggression towards traditional fuels, obama plans on “investing” more of American taxpayer money by doubling down on spending for wind farms, solar energy, homegrown biofuels and energy-efficient cars and buildings. The history of the administration’s “investment” strategy is fraught with peril.

Here are a few of the “green” “sustainable energy” failures that have already been supported by the current administration’s “investments”. Remember, all this financing was done using your tax dollars. Well, not exactly. It has been done with tax dollars to be re-paid to the Federal Reserve Bank and China by your grandchildren and great grandchildren. Plus interest:

Evergreen Energy-Which has filed for Chapter 7 bankruptcy, saying it’s “impossible to maintain operations” due to funding shortfalls. This announcement came after the company received $5.3 million in “stimulus” funds.

Amonix Inc.-A manufacturer of solar panels that received $5.9 million from the “stimulus”, laid off about 200 employees only seven months after opening a factory in Senate Majority Leader Harry Reid’s home State of Nevada.

Beacon Power Corp-Sought bankruptcy protection in 2010 after they received a $43 million loan guarantee from the Department of Energy.

Ener1 Electric-A car battery manufacturer, filed for bankruptcy three years after receiving a $118.5 million grant from the U.S. government.

These are all in addition to Solyndra-A solar panel maker that received a $535 million loan guarantee, then famously filed for Chapter 11 protection.

This is a mere taste of problems found when centrally planned big government intrudes into the free market. Not only is the spending inherently wasteful, the fact that these companies were in large part operated by big donors to obama’s political campaign points to the corruption involved when an ideologically captive, politically driven politician makes investment decisions based on cronyism. Two thirds of all energy loan guarantees or grants made by the obama administration’s Department of Energy have gone to his campaign donors or donation bundlers. Can you say quid quo pro?

All government energy subsidies should end. Energy companies should be free to compete without government interference. If and when “green” “sustainable energy” becomes a competitive solution, consumers will reward “green” companies that used private capital to successfully situate themselves in the market by purchasing their products. That’s how a free market works. That’s what’s made America the greatest economic success in the history of human civilization.

http://mjfellright.wordpress.com/2012/05/31/green-energy-death/

The RNC’s Latest “Solyndra” Ad

RNC Ad Solyndra Red Flags

This latest ad from the RNC treads familiar ground in calling President Obama out for the government backed loan guarantees that Solyndra received, but it does try to push a new angle.  It goes out of its way to suggest to viewers that Solyndra was an avoidable folly and one that had many red flags.  While some might say this exemplifies the President’s bad business sense or even a lack of leadership skills in general, this could also point toward the fact that he was going to reward his friends with tax payer money, whether the boondoggle would prove fruitful or not.

How effective do you think this ad will be?  So far, does Romney seems like a better or worse campaigner than you were expecting?

Mr. President: Stop Tanking America

Americans for Prosperity’s $6.1 million dollar media campaign has taken no prisoners concerning its message to President Obama to stop tanking America. It has forced the Obama campaign to respond to them twice this year concerning the administration’s record of wasteful spending, exporting jobs overseas and its nonsensical commitment to clean energy initiatives, which led to the Solyndra fiasco.

However, AFP isn’t just hitting the airwaves to spread their message. They have organized various town-hall events and rallies to energize the grassroots support and the conservative base of the Republican Party in key states like Virginia and Florida where energy issues are a highly salient issue. I was fortunate to attend the McLean rally last Wednesday night, despite the inclement weather, which was well attended with two great guest speakers, Robin Millican and Alexandra Liddy Bourne, from The Institute for Energy Research and The American Energy Freedom Center who detailed the failure of clean energy initiatives and the costs that are driving gas prices sky high.

Ms. Millican, Policy Director for the Institute for Energy Research, reiterated the administration’s policy of picking and choosing winners and losers in this economy. More disturbingly, were her comments about the Department of Defense that signed a $12 million dollar contract with two biofuel companies to produce 450,000 gallons of the advanced liquid. It comes out to $26 a gallon, but once blended with traditional fuel, it will be more like $15 a gallon. This ludicrous expenditure is grounded in the words of Navy Secretary Ray Mabus who said “We are doing this for one simple reason: It makes us better fighters…our use of fossil fuels is a very real threat to our national security and to the U.S. Navy ability to protect America and project power overseas.” I’m sure the environmental left wanted to give him a nice kiss on the cheek with a box of chocolates, but as Millican pointed out, the federal government has a portion of land in Alaska called the Naval Petroleum Reserve which is specifically set aside to meet the energy demands of the military. Yet, we are going to pay companies to make fuel for our armed forces that is four times more expensive than standard fuel.

Ms. Millican also delivered some remarks about the the $500 million dollar loan allocated to Solyndra. A company principally financed by George Kaiser who was also a huge bundler for the Obama campaign in 2008. In all, big government breed corruption, crony capitalism, and dependency. She aptly pointed out that these subsidies are not meant to better society, but are goodie bags to the politically connected. She says “look no further than a government funded program that relies on a stamp of approval from a group of unelected bureaucrats who have no technical experience.” The process in determining which system maximizes efficiency is not rigorous and comes down to nothing more than corporate welfare. Continuing on the waste this administration has incurred due to its quest for clean energy initiatives, Millican detailed the Section 1603 program that has allocated $20 billion dollars in cash payment, not loans that need to be repaid, to companies that install solar, wind and geothermal properties. Congress want to extend this program for an additional year at the tune of $3 billion dollars.

Relating to AFP’s media campaign, Ms. Millican discussed the $529 million dollar loan to Fisker which produced the $100,000 dollar Karma automobile that is principally made in Finland. Is this investing in America? Ms. Millican astutely pointed out that renewables only constitute 1.5% of our entire energy consumption, but get the majority share of the funds allocated from Congress. Wind is two times more expensive as traditional coal and solar is three times more expensive and dithering from this administration to accept more traditional forms of energy are hitting fixed and lower income households the most. Lastly, we should follow Europe on this front. Europe is desperate to cut subsidies for clean energy. In Spain, for every one green job created, 2.2 jobs were lost. Does that sound sustainable?

Alexandra Liddy Bourne of The American Energy Freedom Center detailed the paradoxes of American energy policy stating we’re the third largest producer of oil, yet we import 51% mainly to be utilized for transportation. She stated how the ethanol mandate has made gas prices increase due to the fact that our pipeline infrastructure cannot transport ethanol to every part of the country. We need to ship it or put in on trains to get it to their respective destinations. The current mandate, E10, states that gas must have 10% ethanol blended in the fuel. The EPA want to increase it to 15%, which has the oil and car companies going ballistic due to the fact that any car made before 2007 will be ruined since ethanol pulls all the dirt and impurities into the gasoline, therefore, destroying the engine. You’ll be spending more time in the garage than on the road if this mandate is enacted next year. Hence, Americans would have to buy a new car to accommodate the mandate. Is this looking after the middle class Mr. President?

Furthermore, Ms. Bourne refuted the claim that oil companies were the enemy in this fight. Ninety-five percent of the oil is owned by nation-states and gas companies only make a 9% profit at the end of the day. A vast majority of the cost does rest on the price of crude oil, but 14% of the cost rests with local, state and federal taxes on gasoline. This source of price creep that could be tackled immediately by reducing the taxes, but the administration has balked at that suggestion. The Obama administration has continued to fund money to subsidize solar, wind, and alternative fuels with their accompanying jobs being shipped to Mexico, China, and Finland.

In all, both speakers detailed the intransigent regulatory policy this administration is placing on our energy needs. From recommending new mandates, creating new federal boards for land oil exploration/fracking, and wasteful investments with less traditional forms of energy, the Obama administration is stalling our recovery. Ms. Bourne insightfully stated that the cornerstone of our recovery will rest with the ability for our businesses to transport goods and accumulate wealth. With high energy prices, that process is stunted. As a result, we have an anemic recovery.

Obama to Speed up Reviews of Great Lakes Wind Power Projects.. That Do Not Exist

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The campaigner-in-chief has really stepped in it this time. Barack Obama, facing the fact that due to a miserable economy and extremely high gas prices crushing middle class Americans, he will assuredly be a one and done President in November…  so now he wants the American people to believe he is really ramping up U.S. energy production … as in windmills. From Fox News comes this enlightening announcement:

The Obama administration announced an agreement with Great Lakes states on off-shore wind projects….and has signed a Memorandum of Understanding (MOU) with the  governors of Illinois, Michigan, Minnesota, New York and Pennsylvania to  streamline reviews of potential off-shore wind projects. (emphasis added)

 

 As in the Solyndra green energy scam that saw half a billion tax dollars funneled to Obama campaign bundlers and big donors, one can only guess which of Obama’s Democrat-crony-capitalists are standing in the windmill line to scam the taxpayers out of a few billion more tax dollars in exchange for big campaign donations. So far it’s pretty hush-hush, as can be seen by the fact that as of right now, these so-called soon to be expedited wind mill projects that Obama is bragging about…..do not currently exist!

However, when asked how much faster permits could get approved, White  House Council on Environmental Quality Chair Nancy  Sutley said, “There currently aren’t any projects seeking approval…”

This is a sign of a president who knows he can not run on his miserable failure of a record during his first term in office, so he turns to making announcements about speeding up reviews that do not exist. Of course there will be plenty of Obama donors lining up to rake in the cash while defrauding the American people through these green energy scams.. eventually. Meanwhile, American oil and gas production and permitting has been stopped dead in it’s tracks under Obama’s regime, including blocking the Keystone XL pipeline that would deliver hundreds of thousands of oil to U.S refineries the minute it was allowed to go online.

This is a man ( Barack Hussein Obama) who the people now see saying one thing in fluffy campaign speeches.. while doing just the opposite behind their backs.  Barack Obama just does not understand that when Americans can’t go on vacation because of $4.00 a gallon gasoline this summer, and seeing him stop U.S oil production while giving away billions of dollars to his campaign donors for failed green energy scams… they will say enough is enough and give him the boot in the November elections. He is in for a very harsh lesson in reality this November.

ABC News That’s Not So New

One of the breaking headline news stories online from ABC News just today, Tuesday, March 6, 2012 reads: Green Firms Get Fed Cash, Give Exec Bonuses, Fail.

Ronnie Greene and Matthew Mosk, for ABC News, aggressively reporting news with an edge, convey how companies like Solyndra, Ener1and Beacon Power took money from the Department of Energy, paid bonuses to executives, then proceeded to file for bankruptcy. How unfortunate for Greene, Mosk and ABC News, that that edge of theirs is so desperately in need of major sharpening. Conservative journalists have been writing about this very topic, reporting this information about these companies for months.

More disturbing is, even when ABC finally does report this story, they still fail to report that many of the executives who received bonuses were contributors to “progressive” political campaigns. For example: Beacon Power’s CEO F. William Capp contributed to the 2008 Democratic presidential campaign as well as the campaigns of two Massachusetts Democrats. George Kaiser a primary Solyndra investor, company executives and board members all contributed to the 2008 presidential election campaign.

Where has ABC News, that great bastion of investigative journalism been all these months? Where was this distinguished member of the Fourth Estate?

The truth is, ABC intentionally withholds this type of information because they’re under orders to avoid shedding negative light upon the “progressive” left’s Exalted Leader. ABC, CBS, NBC, CNN and especially MSNBC, along with a staggeringly high number of print publications were busy burying this story, along with other stories about Fast and Furious, the NDAA power grab, upwardly spiraling gasoline prices, high unemployment, rising inflation, ballooning deficits, exploding debt, or that it’s been years since “progressive” Democrats in the United States Senate followed the law and simply passed a budget. Additionally, since January 2011, under the leadership of “progressive” Democratic Senate Majority Leader Harry Reid of Nevada, the Senate has tabled the two dozen or so Bills concerning budgets, job creation and energy independence passed by Conservative Republican in the House of Representatives. ABC News et al knowingly fail to report that Senate “progressives” are doing so in order to enable the “progressive” administration to pound a “do nothing Congress” while on the campaign trail. In short, instead of doing a responsible job and reporting the news, ABC and the rest have chosen a side. They’re all card-carrying charter members of the institutionalized “progressive” left’s government controlled press club. This “progressive” Party Pravda has collaborated with Senior White House Aid Valerie Jarrett and Media Matters for America to intentionally steer public opinion in favor of the White House.

Hail to the Chief.

http://mjfellright.wordpress.com/2012/03/06/abc-news-thats-not-so-new/

Solyndra-Style DOE Loan Report Released

The Obama administration was caught red-handed giving a half-billion, taxpayer-funded green energy loan to a [now bankrupt] green energy company in what is now known as the Solyndra  pay-for-play scandal. While the media downplayed the event, thanks to citizen reporting and social media programs on the Internet, most concerned citizens are now aware of how the Obama administration and the DOE have been using Solyndra-style green energy loans to fill Democrat’s campaign coffers at taxpayer expense.

To add insult to injury, Solyndra employees were caught by a news crew effectively throwing away more taxpayer dollars, as can be seen here. As the public outcry about this taxpayer abuse became louder, Congress started holding hearings about just what went down at Solyndra. So what’s the White House to do under such scrutiny? They hire the former treasury official, Mr. Herb Allison, the former Treasury official who oversaw the TARP [fraud] program to spin up a “report” to try to paint the Solyndra scandal in a good light. This is nothing more than propaganda 101 folks, designed to sweep the Solyndra scandal under the rug. Nothing to see here folks, just move along.

The recently released, ” W/H ‘Independent’ Report on DOE Loans” can be read in it’s entirety here.  While the White House relies on the keywords “independent” and “outsider” in an attempt to make it appear as if this report was done by someone with no DC connections, as noted above it was, in fact, done by the former TARP overseer Mr. Allison. That would be the very same TARP program in which there was very little transparency in spending almost a trillion dollars of the people’s money, which has left most people wondering just where all that money went today.  In a quick response to the release of this report, Rep. James Sensenbrenner Jr. (R-Wis.) stated, “This is less a report than an umbrella to deflect the criticism that’s pouring down on the Administration,” In other words, file this report under the Obama-propaganda 101 category.

The Hill came out with an article on the DOE Energy Loan report that has some interesting factoids about this report: (emphasis added)

An outside review of the Energy Department’s embattled green energy loan program calls for several steps to improve oversight but also provides lower estimates of taxpayer risk than an earlier federal forecast.

The “reduced risk” to taxpayers odds of losing their hard-earned dollars, according to this report, has now went down from an estimated $5 billion dollars to a new and revised number of $3 billion tax dollars being put at rick of loss. Color the taxpayers happy and break out the champagne! Does that “reduced figure” of $3 billion lost taxpayer dollars contain the previously lost billions in several bankrupt green energy scams , including  Solyndra? No it doesn’t, and the Obama administration wants the citizenry to forget the lost/stolen/wasted, half a billion tax dollars for the Solyndra pay-for-play scandal, just like they are stonewalling Congressional investigations, lying and trying to cover up the Fast and Furious gunrunning scandal that got Brian Terry and thousands of other folks murdered by assault weapons sold by our very own government!

What is also a semi-hidden mind-massage that is being sent to Congress by this report, is that big government needs to get bigger.  Again this is in reference to The Hill article that states: “The report calls on the department to name a “Chief Risk Officer” who would head up a “Risk Management unit” charged with monitoring the loans.” A New Chief officer is now needed to head up a new risk management unit, all on the taxpayer dime because the current incompetents could not properly do their jobs in protecting the people from the taxpayer abuse described above.  Here is a serious hat tip: If the DOE is so incompetent that it can not properly protect the taxpayer from fraud and abuse, while doling out hundreds of billions of tax dollars, then abolish the whole frigging department immediately!

In summary, the recently-released so-called “W/H independent, outsider report is a bunch of bunk put out to allow the current administration to continue using the DOE green energy loan program as a reelect Barack Obama campaign and democrats slush fund, period. Let’s hope Congress is listening to this and takes action to stop any further green energy funding fraud that is designed to reelect Barack Obama and company. That must include no tax dollars to fund the new DOE loans Chief Risk Officer and his bureaucratic big government unit that this propaganda piece posing as an “independent report” is plotting towards starting.

 

 

 

Solyndra: At It Again, Wants To Pay Bonuses




In what has to be the most outrageous display of chutzpah, a proposal filed by Solyndra’s attorneys in U.S. Bankruptcy Court in Delaware proposes to pay bonuses of from $10,000 to $50,000 to persuade key employees to stay with Solyndra. Bankruptcy attorneys said the “key employee incentive plan” tries to keep important personnel from leaving the company. Proposed bonus recipients include nine equipment engineers, six general business and finance employees, and two information technology specialists. The largest bonus, $50,000, would go to a Solyndra employee whose job title is listed as a senior director with a base salary of $206,499 per year. Two senior managers will receive bonuses of $30,000 and $32,500.

Solyndra employed about 1,100 people before it went bankrupt in 2011. Today just 84 employees remain. Bankruptcy attorneys argued that the bonus money, ranging from 8 percent to 30 percent of employees’ base annual salaries, “will motivate the eligible employees to work as hard as possible” to achieve a Chapter 11 restructuring plan and sale.

More than 50 House Republicans are pressing President Barack Hussein Obama to oppose failed Solyndra’s proposal to give bonuses to its remaining employees. The lawmakers, in a letter, called on Obama to direct the Justice Department to oppose Solyndra’s bonus proposal in ongoing bankruptcy proceedings. The letter said (among other things): “No matter how we arrived at this moment and setting aside political disagreements concerning Solyndra, the simple fact is that American taxpayers should not be footing the bill for bonuses for employees of Solyndra.”

Bankruptcy documents show that more than a dozen senior executives at Solyndra were awarded quarterly bonuses of from $55,000 to $60,000 on April 15, 2011, and again on July 8, 2011.

Let’s see. First, pay big bonuses, then file for bankruptcy, then reward failure with more bonuses, all at taxpayer expense. That is, indeed, colossal chutzpah!

But that’s just my opinion.

Lazy, Good for Nothing Obama-Cronies Caught Red-Handed Burning the Taxpayers

Barack Obama and company pumped a half a billion taxpayer dollars into the failed Solar Panel company, Solyndra. Big-time Obama donors were put on the “we get paid first” list while the taxpayers were basically told to eat dirt.($500 million dollars worth of it) With Solyndra pleading bankruptcy, the remaining assets were ordered to be sold so that past debts can be paid, albeit for pennies on the dollar, if at all. So how can anyone justify the following video, where we see Solyndra employees  dumping millions of dollars worth of special glass tubes used in the manufacturing of solar panels into a dumpster?

 

In that video, courtesy of CBS5 in San Francisco, they filmed Solyndra employees throwing away thousands of these high-tech glass tubes, representing millions of dollars worth of materials that surely could have been sold? According to the CBS5 report it gets even worse:

 Solyndra paid at least $2 million for the specialized glass. A CBS 5 crew found one piece lying in the parking lot. Solyndra still owes the German company that made the tubes close to another $8 million.

Neither the Germans nor the U.S. taxpayers can expect any effort on the part of Obama’s Solyndra cronies to pay back what they owe them. This is proven right in that video.  CBS5  also blows the lid off the lies and excuses being told to justify this lunacy:

An employee for Heritage Global Partners, the company in charge of selling Solyndra’s assets, told CBS 5 they conducted an exhaustive search for buyers but no one wanted them. But how exhaustive was that search? The tubes were never included on the list of Solyndra assets put up for sale at two auctions last year.If they were, David Lucky told CBS 5 he would have bought them. “We certainly would have bid on them, yes,” Lucky said. Lucky owns several large warehouses near Las Vegas. He buys and then resells manufacturing equipment and components all the time.

Meanwhile President Obama has the audacity to brag about his grand solar panel investments on behalf of the taxpayers, in these Liberal Green energy failures. When asked by Liberal fluff-master and Obama’s favorite softball server,George Stephanopoulos if he regretted his promotion of the bankrupt Solyndra solar panel company, the teleprompter in chief simply stated, “No, I don’t.” $500 million hard-earned tax dollars were thrown in the dumpster with nothing to show for it, and Barack Hussein Obama doesn’t regret it one little bit. Yet today there are still 47% of the uninformed masses in America today saying they want four more years of this. (in the form of Obama’s approval rate) Go figure.

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