Taxpayers won't be re-paid...Obama just blew $535 Million of your tax dollars. CHU SAID THAT TAXPAYERS
WON’T RECOVER MONEY FROM SOLYNDRA. What Chu Did And Didn’t Say
At Today’s Solyndra Hearing Energy Secretary Steven Chu Made A Number Of Statements, But It’s What He Didn’t Say That Is More Damning
But
Didn’t Say That It Was Because Of The Obama Administration’s Offering To Put
Taxpayers In The Backseat
Argonaut Private Equity’s Managing
Director, Steven Mitchell, Emails Reveal That The Restructuring Of Solyndra’s
Loan To Put Private Investors Ahead Of Taxpayers Was A Proposal Brought Up By
The DOE.(Ronnie Green, “Energy Dept. Offered To Put Private
Investors Ahead Of Taxpayers If Solyndra Went Bankrupt,” iWatch
News, 11/16/11)
Mitchell: Under DOE’s Proposal, Solyndra’s Investors Would
Receive “100 Percent Of The Liquidation Proceeds” And Taxpayers’ “95 Million Would
Stand Behind Us. (Ronnie Green, “Energy Dept. Offered To Put Private
Investors Ahead Of Taxpayers If Solyndra Went Bankrupt,” iWatch News, 11/16/11)
“A Preliminary
Estimate By The Office Of Management And Budget In January Showed That
Restructuring Solyndra Could Cost Taxpayers Up To $168 Million More Than
Liquidation.”(Carol
D. Leonning And Joe Stephens, “Lawmakers Question Solyndra Loan Decision,” The Washington Post, 9/14/11)
CHU
SAID HE DIDN’T SEE ANY RED FLAGS
CHU SAID HE DIDN’T KNOW
ABOUT POLITICAL PRESSURE ON SOLYNDRA TO DELAY ANNOUNCING
LAYOFFS
- Solyndra Investor Advisor In An October 2010 Email: “They did push very hard for us to hold our announcement of the consolidation to employees and vendors to Nov. 3rd – oddly they didn‘t give a reason for that date.” (Carol Leonnig, “Solyndra: Department Of Energy ‘Pushed Hard’ For Company Not To Announce Layoffs Until After 2010 Mid-Term Elections,” The Washington Post, 11/15/11)
CHU SAID KNOWING WHAT HE
KNOWS TODAY HE WOULD NOT MAKE SOLYNDRA LOAN
But
Didn’t Say That The Obama Administration Knew All Along That This Loan Should
Not Have Been Made
Obama’s Energy Department Knew In August
Of 2009 That Solyndra Would Run Out Of Money In September 2011, Leaving
Taxpayers On The Hook. “On August 20, 2009, an Energy Department
staffer examining a pending loan to a California clean energy start-up came to a
startling conclusion: The company would run out of money by September 2011. The
government would, in effect, be placing taxpayers on the hook for a business
likely to founder.”
(Ronnie Greene And Matthew Mosk, “Obama
Administration Agreed To Solyndra Loan Days After Insiders Foresaw Firm's
Failure,” iWatch
News, 9/14/11)
- “Still, Things Moved – And Fast.” (Ronnie Greene And Matthew Mosk, “Obama Administration Agreed To Solyndra Loan Days After Insiders Foresaw Firm's Failure,” iWatch News, 9/14/11)
- Fifteen Days After The Warning, The Obama Administration Announced Solyndra’s Loan Guarantee. “Only 15 days after the staffer’s warning, the Obama administration announced its commitment to lend Solyndra Inc., a California manufacturer of rooftop solar panels, $535 million as part of the stimulus program to spark the nation’s sagging economy and put Americans back to work.” (Ronnie Greene And Matthew Mosk, “Obama Administration Agreed To Solyndra Loan Days After Insiders Foresaw Firm's Failure,” iWatch News, 9/14/11)
WHAT CHU DIDN’T SAY: I
APOLOGIZE
Rep. Fred Upton (R-MI): “Last question on my time has expired;
based on what you know, and what’s happened, who is to apologize for the half a
billion dollars that has been out the door?”
Sec. Chu: “Well, it is – “
Rep. Upton: “DOE?”
Sec. Chu: “It is extremely unfortunate what has
happened with Solyndra, but if you go back and look at the time the decision was
being made, was there incompetence? Was there, undue, any influence of a
political nature? And I would have to say no.
Rep. Upton: “So no apology?”
Sec. Chu: “Well, it is extremely unfortunate what
has happened to Solyndra and I think you and I both feel the same. But when the
bottom of a market falls out and the price of solar decreases by 70% in 2 1/2
years, that was totally unexpected not only by us, if the- if you look at the -
the range of predictions that were being made by financial analysts the last
quarter of 2008, 2009, the average- there are some outliers- but the average of
those were not expecting these prices to plummet. And so fundamentally, this
company and several others got caught in a very, very bad tsunami, if you
will.” (House Energy and Commerce Subcommittee,
U.S. House Of Representatives, Hearing,
11/17/11)
Source: www.gop.com
