Just what are the full details of that “green jobs” loan to Solyndra? Inquiring minds want to know – and fortunately Bruce Krasting over at Zero Hedge has been digging around:
I wrote about the solar panel manufacturer Solyndra last week; “Government Investment Disaster in the Works” I highlighted all of the negatives that the company was facing.
It was pretty clear to me that that company was facing trouble. But I had no idea that they would file Chapter 11 the very next day. (Sometimes you just get lucky)
I also made note of some scuttlebutt that George Kaiser (Oklahoma oil billionaire) was involved with Solyndra. I have been looking for a confirmation of this. Kaiser is an important link in this story. He is also a very big fund-raiser for Obama. He is often referred to as a “Bundler”. In this case that means he encouraged/pushed others to put up money for the big O’s campaign…
Checking on that and Kaiser is, indeed, a bundler (per Open Secrets). Don’t know how much he’s done for Obama lately, but for the ’08 cycle he raked in 33,600.00 for Obama – not as much as some of the big boys, but a tidy sum, none the less. So, we have a big Obama donor who is heavily invested in a firm that Obama cares greatly about (remember, he used the firm as a backdrop for his efforts to convince the people that he’s doing good work as President) – that firm received a hefty loan from the government and has now gone bankrupt. All that is bad enough…but the Zero Hedge article goes on to claim that in February of this year, Solyndra’s debts were reorganized in such a way that the taxpayer loan went to the back of the bus as far as repayment in bankruptcy goes, while firms like Kaiser’s went to the front of the line. Convenient, huh? Imagine that – just six months before it goes belly up, the debt structure is changed to the unusual situation where debtors like Kaiser are at the head of the line. That is either stupendously good timing, or someone worked an inside deal…in this case, maybe a phone call to Barry or one of his minions from Kaiser?
We don’t know. Could be just the most amazing run of luck imaginable. But it is something we need to know…after all, quite a lot of money was passed out via stimulus and we should get answers to the following:
1. How many have failed?
2. How many are currently in danger of failing?
3. How many have investors people who were large donors to President Obama?
4. In all the failed and possibly failed firms, did any of them have their debts reworked to put taxpayers last and banksters first?
I suggest a House hearing in order to clear this up. Tens of billions of taxpayer dollars were doled out after the stimlus passed, and we need to ensure that it was all used properly…that no one used political connections to get the money nor used them to cover their losses for those firms which have failed.