SandBoxBlogs: Red State "What the Mainstream Media Isn’t Reporting About Solyndra "

'repmorgangriffith' diary:"After just a short time in Congress, I find myself more keenly aware of the research and reporting failures of the modern mainstream media.  If a story gets more depth and attention than the typical 10 second sound bite, I admit, I’m surprised.  Solyndra is no different.

There are a number of facts surrounding the Solyndra story that don’t seem to be getting any attention.  A significant part of the public outrage regarding the bankrupt company isn’t centered on their failed business model or external factors; it’s the millions of taxpayer dollars that the Obama Administration lost on Solyndra after the business was doomed.

After Solyndra defaulted and they knew Solyndra was in real financial trouble, Secretary Steven Chu’s Department of Energy (DOE) staff made a decision by December 10, 2010, to subordinate $75 million of taxpayer money so more private capital could be injected into Solyndra.  Subordination means that outside private investors are given superiority over taxpayers in the event of bankruptcy.  At that point, $440 million of the $535 million loan guarantee already had been pumped into the company.

By law Secretary Chu wasn’t allowed to subordinate the taxpayers’ money.  The Energy Policy Act of 2005 specifically states that the loan guarantee “shall be subject to the condition that the obligation is not subordinate to other financing.”  It was the clear intention of Congress that taxpayers should be reimbursed first.

For a company that had already been declared in default and had a collapsed business model because the Chinese were selling their solar panels for less, one might question the sanity of private investors who gambled on Solyndra in December of 2010.  Were they after Solyndra’s intellectual property (IP) rights?

 As a private investor and the dominant financier, could Argonaut’s support of President Obama have helped them secure Solyndra’s IP assets?...."  (Read more? Click title)

"Unapologetic pursuit and tracking of patterns within the news others make since 2010."

SandBox Comments: Intellectual Conservative "More on the Great Green Energy Bust"

Terrific article from Gary Jason.  Somewhere out there on 'Intellectual Conservative'.  A blog that sees its fair share of lawyers with pens.

Love the way he closes off this piece:  "This is what comes of having an economically illiterate and morally corrupt affirmative action lawyer/community organizer take over energy policy." (Gary Jason)

lol.

Every day, here in America more and more voices are raised in protest.

just sayin...  

"Keystone would have created 20,000 high paying jobs–in the Regime’s terms, shovel ready jobs–compared to the risible 1,100 jobs Solyndra brought–and only temporarily at that!

More articles are reporting the Great Green Energy Bubble Bust, that is, the collapse of the dream of replacing fossil fuels by such sources as solar power, wind power, and bio-fuels.

The first reports that the Labor Department has announced that all of Solyndra’s 1,100 former employees are eligible now for federal aid such as “income assistance” and job retraining. These goodies are going to cost the U.S. Taxpayer about $13,000 per person (for a total of $14.3 million).

This is on top of the $528 million that this failed solar company will cost the taxpayer because of the sweetheart deal the Regime’s Department of Energy (DOE) gave the company, one primarily owned by a billionaire (George Kaiser) who had contributed heavily to Obama’s election campaign...."

(Gary Jason)

(Read more?  Click title.  Comment to start discussion)

"Truth goes through three stages. First it is ridiculed. Then it is violently opposed. Finally, it is accepted as self-evident."