Bankrupt "Abound Solar" Received Stimulus Money For Inherently Faulty Product

Posted by Brian

Another "green" boondoggle, paid for by taxpayers!
This time, the Obama administration gave millions to a solar company whose panels were literally bursting into flames (See video).
Meanwhile, cheap reliable energy companies are being shut down all over the country by the Obama administration, spearheaded by an EPA carrying out Obama's promise of making it "too expensive" to pay for the "Stalinist" regulations being foisted upon them.

Sources, documents suggest government-subsidized Abound Solar was selling faulty product Published: 11:50 AM 10/02/2012  
By Michael Bastasch

Seven months after calling themselves the “anti-Solyndra,” the Colorado-based solar panel manufacturer Abound Solar announced it was filing for chapter 7 bankruptcy liquidation, arguing that cheap Chinese solar panels flooding the market caused their demise.

“With over $30 billion in reported government subsidies, Chinese panel makers were able to sell below cost and put Abound out of business before we were big enough to pose a real competitive threat to China’s rapidly growing market share,” according to the prepared congressional testimony by Craig Witsoe, former CEO of Abound.

Abound Solar was given a $400 million loan guarantee by the Energy Department, and drew on about $70 million dollars of the guarantee before DOE cut them off in September 2011 — the same month the Solyndra scandal began.
Continue Reading

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Why Paul Krugman Is NOT To Be Taken Seriously

Mr. Wigglesworth says we need to spend one TRILLION dollars!

Nobel Prize winner Paul Krugman illustrates for us every time that he opens his mouth why the Nobel Prize for almost anything has become a giant joke.
In his latest foray into irrelevance, Krugman says that the over $500 million dollars of taxpayer money given to Solyndra by the Obama Administration, is but a "tiny misstep" and that everybody should quit ganging up on the President.
Yeah, it's a small amount comparative to the nearly $6 trillion of taxpayer money this administration has squandered.  But it's these "tiny missteps" that add up to the out of control spending we now have.  And Krugman says our problem is that the government hasn't spent enough!!  Oh yeah, and it's the Republican's fault, apparently forgetting that the Democrats held both the House and the Senate for the last two years of the Bush Presidency, and held the House, the Senate, AND the Oval Office in Obama's first two years.  But it's the Republicans' fault.
This is why we should not take this buffoon seriously.



Posted by Brian

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Obama: The Buck Stops Everywhere But With Me

Posted by Brian
If a naval vessel has an incident which leads to damage of the ship, it's personnel, or to another vessel, the responsibility will ultimately fall on the captain of the ship. The accident could happen in the middle of the night with the captain asleep in his stateroom. No matter. Ultimate responsibility for safety of ship falls on the captain.
Not so in Obamaworld. Anything, and everything is the fault of somebody else. Bush, Congress, Bush, foreign countries, Bush, natural disasters, the rich, Bush, corporations, Bush...
According to Barack Obama, the leader of the free world, he is completely powerless regarding the economy, gas prices, unemployment, and apparently anything having to do with the Middle East and Iran's nuclear program.  Imagine a CEO of a company telling his employees and shareholders that, 'yes the company is struggling, but I don't have any control over that'. That CEO would be looking for employment elsewhere.
So it should be with Barack Hussein Obama.

OBAMA ON SOLYNDRA LOAN: ‘THIS WAS NOT OUR PROGRAM’
BLAMES 'CONGRESS' AND 'THE CHINESE' FOR FIRM’S FAILURE
BY: Andrew Stiles - March 22, 2012 11:08 am

President Obama denied culpability for the failure of solar firm Solyndra in a radio interview on Tuesday, instead pinning the blame on Congress and the Chinese.  

The loans initiative used to finance Solyndra was “not our program,” he told American Public Media in response to question about Solyndra’s bankruptcy and subsequent controversy.

  “Understand, this was not our program per se,” Obama said. “Congress–Democrats and Republicans–put together a loan guarantee program…to help start-up companies get to scale.”

Read More at The Washington Free Beacon

Shazam!! Another Taxpayer Backed "Green Energy" Company Goes Belly Up

Posted by Brian

Second Energy Department-backed company goes bankrupt
By Ben Geman- 10/31/11 07:04 AM ET

A Massachusetts company that received a $43 million Energy Department loan guarantee last year filed for bankruptcy Sunday, a step certain to fuel criticism of federal green energy financing in the wake of the solar company Solyndra’s collapse.

Beacon Power Corp., which develops energy storage systems, filed for bankruptcy protection in the U.S. Bankruptcy Court in Delaware.
Read More at The Hill

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Solyndra Owes Taxpayers $500B, Throws Out Millions of Dollars Worth Of Parts

Posted by Brian

Bankrupt Solyndra Caught Destroying Brand New Parts

January 19, 2012 11:50 PM

FREMONT (CBS 5) — After filing for bankruptcy last year, Fremont solar company Solyndra still owes American taxpayers half a billion dollars. But CBS 5 caught them destroying millions of dollars worth of parts.

At Solyndra’s sprawling complex in Fremont, workers in white jumpsuits were unwrapping brand new glass tubes used in solar panels last week. They are the latest, most cutting-edge solar technology, and they are being thrown into dumpsters.

Read More at CBS San Francisco

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Outrage!! Obama Forces Navy To Buy Jet Biofuel At 4X The Cost

Posted by Brian

H/T to Mark Levin

Jet Fuel-Gate Is Obama's New Solyndra

 Posted 12/13/2011 06:58 PM ET

Ecofanaticism: SolyndraGate was no isolated case of corrupt government misspending. The U.S. Navy was just forced to buy 450,000 gallons of biofuels from an Obama-connected firm at an outrageous $16 per gallon.

The massive Obama stimulus was supposed to generate millions of jobs, but the $535 million loan guarantee it gave to solar panel maker Solyndra on the eve of its Chapter 11 bankruptcy illustrated the fundamental incompetence of Obama's neo-Keynesian economic ideology.

Now we find the Navy partnering with the Agriculture Department to purchase hundreds of thousands of gallons of alternative biofuel in place of standard JP-5 fuel for Navy aircraft — the biggest federal purchase of biofuel ever.

It's part of the White House's "we can't wait for Congress" strategy as the 2012 election year looms. But JP-5 typically costs less than $4 a gallon. If a family on a budget started filling up with $16-a-gallon gas, it might want to adopt the motto, "we can't wait to go broke.

Read More at Investors Business Daily

Crony Capitalism - CH2M Hill Company is Solyndra On Steroids

Posted by Brian

The Case of CH2M Hill: $2 Billion in Crony Stimulation

Rusty Weiss  —   November 30, 2011

“Not very much.”

This was the answer that the Department of Energy Secretary, Steven Chu, recently provided when asked of the amount the federal government will be able to recover from the Solyndra bankruptcy.

“Not very much.”

The same could be said for the amount of research that the federal government has put into other companies involved in the Solyndra scandal. One such company, CH2M HILL, should be next on the House GOP radar, having used nearly $10 million in stimulus funding to design the elaborate Solyndra facility in Fremont, California. While CH2M HILL is in no danger of suffering the same bankruptcy plight, they also languish in a pool of mismanaged taxpayer funds. The firm has a history of fraud, kickbacks, violations, and cover-ups, not to mention one particular parallel with the Solyndra scandal—layoffs. This, despite receiving almost $2 billion in stimulus funding.

Why, having been awarded more than three times as much funding as Solyndra, has CH2M escaped serious scrutiny? Perhaps it is the significant donations and lobbying efforts they have doled out, targeting key Democrats in charge of the stimulus. Perhaps it is the no-bid contracts, the influence they had in shaping the stimulus, or the revolving door of employees and White House administrative positions that have allowed them to continue their dominance in procuring government funding.

More at Accuracy In Media

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Scandalous! What The Media Doesn't Report

Posted by Brian

The Scandal No One is Talking About

By Dan Gainor

Published November 11, 2011

| FoxNews.com

Barack Obama and John Corzine

If you've been following the news this week, you'd get the impression that America is a scandal-plagued nation. Scandals to the right of us, scandals to the left of us. 

Take your pick. There’s the media assault on GOP presidential candidate Herman Cain, the deadly "Fast and Furious" federal gun-running case, the Solyndra solar loan fiasco, the collapse of MF Global, led by former Democratic N.J. Gov. Jon Corzine and, of course, the deeply disturbing allegations of child sexual abuse at Penn State.

But the real scandal isn’t any one of those. It’s how journalists pick and choose which controversies to play up and which to play down. They are so inconsistent, you’d think they studied ethics at Penn State under Joe Paterno.

Heck, maybe he studied under them.

Read More at Fox News

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Emails Contradict White House Story On Solyndra

Posted by Brian


Emails show Obama donor discussed Solyndra with WH

Newly obtained emails released by House investigators suggest that George Kaiser, a billionaire Obama donor and chief investor in bankrupt solar panel manufacturer Solyndra, discussed the company with White House officials, directly contradicting earlier accounts.

In a letter to the White House, House Energy and Commerce committee Chairman Fred Upton, R-Mich, and oversight panel chair Rep. Cliff Stearns, R-Fla., disclosed the emails including one from March 5, 2010 between Kaiser and Steve Mitchell,Kaiser’s venture capital firm Argonaut.

"BTW, a couple of weeks ago, when Ken and I were visiting with a group of Administration folks in DC who are in charge of the stimulus process (White House, not DOE) and Solyndra came up, every one of them responded simultaneously about their thorough knowledge of the Solyndra story, suggesting it was one of their prime poster children."

Read More at The Washington Examiner

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Solyndra Investigation: What Is The White House Hiding?

Posted by Brian

WH rejects subpoena request for Solyndra docs

President Obama's attorney sent a letter to Congressional investigators on Friday, saying the White House would not cooperate with a subpoena requesting documents related to its doling out a $535 million loan guarantee to now bankrupt solar panel manufacturer Solyndra.

Read More at The Washington Examiner

byPhilip Klein Senior Editorial Writer

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Waxman: Committee Wants A "Confrontation" With The President

Posted by Brian

House subpoenas White House for Solyndra documents

GOP sees stonewalling across administration

Showing a growing frustration with the the Obama administration, congressional Republicans on Thursday authorized their second subpoena this week, demanding White House documents related to failed solar technology company Solyndra.

By a 14-9 party-line vote the Energy and Commerce Committee’s investigative subcommittee authorized issuing a subpoena for any White House documents related to Solyndra, which received renewable energy loan guarantees under President Obama’s stimulus program. The request for documents could include details of the president’s own travel and communications.

Read More at The Washington Times

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Solyndra and Crony Capitalism: The Obama Scandal That Wasn't

Image via CrunchBase

Posted by Brian
When is a scandal not a scandal?  Apparently when the Obama administration can be tied directly to it, and the media refuses to do any serious investigative reporting of it. While the gloriously unkempt masses are marching down on Wall Street against capitalism, this should be the poster child for the type of capitalism we should all be against.  This is "crony-capitalism" at it's worst.  The government, in this case Barack Obama and his administration personally, picking winners and losers in the private sector, using taxpayer dollars.  In Solyndra's case, there were red flags everywhere that this company was going to fail no matter what.  Obama and Congress gave a half a billion dollars to a company that had no - zero, zip, nada - chance of succeeding.  Even the employees of the company knew it. But Obama used this boondoggle to advance his "green" agenda.  And Solyndra was out of business within a year of receiving, let me say it again, a half BILLION dollars of taxpayer money.  Where did this money go?  Nobody is saying, and apparently Obama, the media, and Congress aren't interested in finding out.
What do you think the chances are that this money has been laundered into the pockets of Solyndra executives, the Democrat National Committee, and the Obama 2012 reelection campaign?
The American people want to know.  Hopefully there are some in Congress that are equally curious - and pissed off.  This whole deal stinks on ice and people should be going to jail.

A Green Whitewash

By L. Brent Bozell III

October 19, 2011

Walter Cronkite's longtime producer Leslie Midgley once wrote that, "News is what an editor decides it is." News today is what TV producers decide can help President Obama. News that hurts isn't news at all.
In the last week, network anchors like Brian Williams repeated endlessly that the Occupy Wall Street protests are "increasingly resonating." It's the story reporters will declare, "isn't going away" — and they're going to see to it. They are using their microphones like yellow Hi-liter pens to draw attention to it.
Don't you wish journalists would do the opposite on stories they want to drop down the memory hole? You'll never hear "This story has no resonance at all." That could have been said in the brief network attention paid so far to the Obama administration's Solyndra scandal.
Read Entire Story at CNS News

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