In Today’s Solyndra Hearing, Treasury Department Official Admits He’s Never Heard Of Putting Taxpayers Behind Private Investors In A Loan Guarantee....

OBAMA ALLOWED TAXPAYERS TO TAKE BACKSEAT TO PRIVATE INVESTORS

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Rep. Cliff Stearns (R-FL): “So in your experience of 28 years, plus being the chief financial officer, can - have you ever heard of taxpayer money being subordinate to outside commercial firms?”

Treasury Department Federal Financing Bank CFO Gary Burner: “No sir, I have not.”

Rep. Stearns: “Never, in your entire - that’s 28 plus 5 so that would be 33 years..”

Burner: “I’m involved in a limited supply but yes, sir.”

Rep. Stearns: “So 33 years experience - in your-”

Burner: “It’s 28 total, not 33.”

Rep. Stearns: “28, total. In 28 years total, you have never seen taxpayer money subordinated?”

Burner: “No, sir.”(Committee On Energy And Commerce, Hearing, 10/14/11) 
In January 2011, Obama’s Energy Department Allowed Taxpayers To Take A Backseat To Private Investors When It Came To Recouping Their Losses. “And as part of the deal, the Energy Department agreed that if the company went bust, private investors could recoup their losses before the government.” (Ronnie Greene And Matthew Mosk, “Obama Officials Sat In On Solyndra Meetings,” iWatch And ABC News, 9/9/11)

Obama’s Department Of Energy Made The Decision To “Waive Its Privilege As First Creditor” In Solyndra Loan. “That decision in February gave Solyndra a temporary reprieve and a chance to survive, but it also forced the government to waive its privilege as first creditor in the event of a bankruptcy — which then occurred at the end of August.” (Matthew L. Wald, “Questions Raised Over Letting Another Lender Help A Failing Solar Company,” The New York Times, 9/16/11)

· Allowing Taxpayers To Take Back Seat To An Investment Company Backed By An Obama Donor. “Complicating the politics of the situation for the Obama administration, part of the new loan came from Argonaut, the investment company backed by George Kaiser, an Oklahoma oil billionaire who is an Obama campaign contributor. Argonaut was already heavily invested in Solyndra, and provided another $69 million in cash in exchange for taking over $75 million that Solyndra was owed by its customers.” (Matthew L. Wald, “Questions Raised Over Letting Another Lender Help A Failing Solar Company,” The New York Times, 9/16/11)

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