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Friday, September 30, 2011

Solyndra is just the tip of the iceberg

As the entire Solyndra Energy Scandal is beginning to unravel, it seems that Energy Secretary Steven Chu is admitting that he allowed government money to flow to a financially shaky solar panel firm after it had defaulted on it's loans...

"Energy Secretary Steven Chu acknowledged Thursday making the final decision to allow a struggling solar company to continue receiving taxpayer money after it had technically defaulted on a $535 million federal loan guaranteed by his agency.

Chu spokesman Damien La­Vera said in a statement that the secretary approved the restructuring agreement for Solyndra because it gave the company “the best possible chance to succeed in a very competitive marketplace and put the company in a better position to repay the loan.”

Also Thursday, a law enforcement official confirmed that the criminal probe of Solyndra is focused on whether the company and its officers misrepresented the firm’s finances to the government in seeking the loan or engaged in accounting fraud. The official spoke on the condition of anonymity because of the sensitivity of the probe."

I wish I could say that this is where it ends, but apparently it that isn't the case here. The more one examines the current regime, the more corrupt it appears. Now the Daily Caller is showcasing just how corrupt this regime actually is...

"A Daily Caller investigation has found that in addition to the failed company Solyndra, at least four other solar panel manufacturing companies receiving in excess of $500 million in loan guarantees from the Obama administration employ executives or board members who have donated large sums of money to Democratic campaigns.

And as questions swirl around possible connections between political donations and these preferential financing arrangements, the Obama White House suddenly began deflecting The Daily Caller’s questions on Wednesday to the Democratic National Committee.

Asked Wednesday to comment on the connection between large Democratic donors and Obama administration loan guarantees to the companies they represent, the White House responded to TheDC with a single sentence: “We refer your question to the Democratic National Committee.”

These clowns make Watergate look like peanuts in comparison. Where are Woodward and Bernstein when you need them?

""The Energy Department announced Wednesday that is has finalized more than $1 billion in loan guarantees for two separate solar energy projects." That's the news we had about 50 minutes left in the show. "DOE announced a $737 million loan guarantee to help finance construction of the Crescent Dunes Solar Energy Project, a 110-megawatt solar-power-generating facility in Nye County, Nev. The project is sponsored by Tonopah Solar, a subsidiary of California-based SolarReserve. The Energy Department said the project will result in 600 construction jobs and 45 permanent jobs."

That works out to $16.3 million per permanent job. If you roll in the ancillary jobs, like the construction jobs, that's how you get each job costing $200,000. But the actual permanent jobs in the solar industry will cost between 16 and 23 million dollars each. And I'll tell you what's happening out there. Who was the first person that you can recall characterizing the stimulus bill and all of these things as Obama's slush fund? That's right. It was I, your host, El Rushbo. And now, depending on where you go in the blogosphere, in the media, you will see other people now concluding that all this is is a giant Obama slush fund. This is federal taxpayer dollars being sent to Obama campaign bundlers, donors, and contributors. And then the money comes back, a portion of it comes back to Obama as campaign donations again.
" Rush Limbaugh September 29th, 2011 Link

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