Daily Bell
Adrian Krieg
Really stupid people repeat the same failed process over and over ad infinitum. Please pay attention, Dr. Chu! Einstein said it was the proof of insanity.
Case in point is the Obama administration's solar power loan guarantee program. Not one of the loans made since 2009 have proven successful. The most costly failure, as of now, is Solyndra at $535 million. After Solyndra received its loan it laid off 1100 workers and filed for bankruptcy, in which it had the government (Department of Energy) restructure the loan to put the taxpayers behind the bus, losing US taxpayers $535 million.
Before that, Spectrawatt went belly up and we lost $500,000. Spectrawatt was one of 13 companies given grants. How many are still in business is anyone's guess. We can't even find a list on the Internet.
All this has not satisfied the Obama energy department headed up by Dr. Chu. On the last days of availability he doled out another $4 billion. The question now is, is it even possible to run printing presses fast enough to keep up with Obama's insane spending? More astutely, how did Solyndra wind up with all that money? Seems that a review of the George Kaiser Family Foundation shows it was the grantor of $10,000 to the Urban Health Initiative at the University of Chicago Medical Center, the very place where Michelle Obama was employed, at a salary of almost a quarter-million dollars per year, after her husband became a federal senator and had siphoned a massive federal grant to the same institution.
Kaiser was a frequent White House visitor and the principal in an investment vehicle called GKFF Investment Company that is involved in Solyndra. While the payola by investors in Solyndra is not large, there is a pattern within this administration where donors become winners and taxpayers become the losers. Just so we don't upset anyone by leaving them out, we should mention that Valerie Jarrett and David Axelrod were both also employed at the University of Chicago Medical Center and employee Michelle's hubby, Barack, was a lecturer at the University of Chicago. Oh, and I almost forgot good old George Kaiser, who in the weeks before Solyndra got its loan guarantee, visited the White House and gave the president's 2008 campaign a little gift of $53,500.
Newly released information indicates that the California Democratic Party was a major stockholder in Solyndra and is one of the creditors that will be bailed out while the taxpayers are left holding the bag. Now, we can all understand why the loan guarantee was renegotiated in favor of the stockholders over the government (taxpayers) at the last moment before filing for bankruptcy. And just by the way, Solyndra donated $7,500 to the Democratic Party of California, before the stock purchase or the loan guarantee, in October 2010.
Sadly, many lobbyists will now be looking for new jobs, which is not good for the president's jobs initiative. Seems that Solyndra had scores of DC-insider lobbyists and contractors working on their behalf, including, among others, McAllister & Quinn, McBee Strategic, Sen. Alfonse D'Amato (R-NY ret.), Senator Maria Cantwell (R-NY), Nancy Pelosi and Rice Hadley Group, whose principal is Condoleezza Rice.
New loans include $737 million to Tonopah Solar Energy on September 28 and then $646 million to AV Solar Ranch on the 30th. Total loans now outstanding to solar energy projects are $6.5 billion; projected cost per job created is $23 million. How much of the entire $1.383 billion in new loans will be used to manufacture the products in Mexico is unreported. But at least one of the companies built a plant in Mexico. One can only be amazed that no one in the administration has looked at Spain!
One can only guess that when these go belly up, this administration will find some more campaign donors looking for a handout. This administration has become the sleaziest, most corrupt and least transparent in my memory. Consider now: Operation Gunrunner, Fast and Furious, Solyndra, LightSquared, Chrysler – the list gets longer every day. There is so much dirt just on Operation Fast and Furious and Solyndra that the others don't even make the news. The fact of the matter is companies who are unable to secure loans in the private sector either have bad technology or a poor business plan. I have looked over the plan for Tonopah as well as Solar Power and know exactly why the private sector is not investing in these boondoggles.
Adrian Krieg
Case in point is the Obama administration's solar power loan guarantee program. Not one of the loans made since 2009 have proven successful. The most costly failure, as of now, is Solyndra at $535 million. After Solyndra received its loan it laid off 1100 workers and filed for bankruptcy, in which it had the government (Department of Energy) restructure the loan to put the taxpayers behind the bus, losing US taxpayers $535 million.
Before that, Spectrawatt went belly up and we lost $500,000. Spectrawatt was one of 13 companies given grants. How many are still in business is anyone's guess. We can't even find a list on the Internet.
All this has not satisfied the Obama energy department headed up by Dr. Chu. On the last days of availability he doled out another $4 billion. The question now is, is it even possible to run printing presses fast enough to keep up with Obama's insane spending? More astutely, how did Solyndra wind up with all that money? Seems that a review of the George Kaiser Family Foundation shows it was the grantor of $10,000 to the Urban Health Initiative at the University of Chicago Medical Center, the very place where Michelle Obama was employed, at a salary of almost a quarter-million dollars per year, after her husband became a federal senator and had siphoned a massive federal grant to the same institution.
Kaiser was a frequent White House visitor and the principal in an investment vehicle called GKFF Investment Company that is involved in Solyndra. While the payola by investors in Solyndra is not large, there is a pattern within this administration where donors become winners and taxpayers become the losers. Just so we don't upset anyone by leaving them out, we should mention that Valerie Jarrett and David Axelrod were both also employed at the University of Chicago Medical Center and employee Michelle's hubby, Barack, was a lecturer at the University of Chicago. Oh, and I almost forgot good old George Kaiser, who in the weeks before Solyndra got its loan guarantee, visited the White House and gave the president's 2008 campaign a little gift of $53,500.
Newly released information indicates that the California Democratic Party was a major stockholder in Solyndra and is one of the creditors that will be bailed out while the taxpayers are left holding the bag. Now, we can all understand why the loan guarantee was renegotiated in favor of the stockholders over the government (taxpayers) at the last moment before filing for bankruptcy. And just by the way, Solyndra donated $7,500 to the Democratic Party of California, before the stock purchase or the loan guarantee, in October 2010.
Sadly, many lobbyists will now be looking for new jobs, which is not good for the president's jobs initiative. Seems that Solyndra had scores of DC-insider lobbyists and contractors working on their behalf, including, among others, McAllister & Quinn, McBee Strategic, Sen. Alfonse D'Amato (R-NY ret.), Senator Maria Cantwell (R-NY), Nancy Pelosi and Rice Hadley Group, whose principal is Condoleezza Rice.
New loans include $737 million to Tonopah Solar Energy on September 28 and then $646 million to AV Solar Ranch on the 30th. Total loans now outstanding to solar energy projects are $6.5 billion; projected cost per job created is $23 million. How much of the entire $1.383 billion in new loans will be used to manufacture the products in Mexico is unreported. But at least one of the companies built a plant in Mexico. One can only be amazed that no one in the administration has looked at Spain!
One can only guess that when these go belly up, this administration will find some more campaign donors looking for a handout. This administration has become the sleaziest, most corrupt and least transparent in my memory. Consider now: Operation Gunrunner, Fast and Furious, Solyndra, LightSquared, Chrysler – the list gets longer every day. There is so much dirt just on Operation Fast and Furious and Solyndra that the others don't even make the news. The fact of the matter is companies who are unable to secure loans in the private sector either have bad technology or a poor business plan. I have looked over the plan for Tonopah as well as Solar Power and know exactly why the private sector is not investing in these boondoggles.
Posts
