Treasury Opens New Front In Solyndra Investigation

iWatch News:

The Treasury Department's inspector general has opened a new front in the investigation of the government loan to Solyndra, the now bankrupt company that had been touted as a model of President Obama's ambitious green energy program, the Center for Public Integrity and ABC News have learned.

Read the whole story: iWatch News

Comments

[fireofenergy]

12:59 PM on 09/16/2011

How could he have not known that expensive little tubes was not the way to capture solar energy?
Even I knew that at that time!
Instead, he should have invested in robotic battery and solar factories, such as to make it so cheap that almost unlimited install jobs would have been created.

[bayonet division]

04:38 AM on 09/16/2011

Between this and Fast and Furious, POTUS has some potential problems...and most of you haven't even heard of his newly growing problem: LightSquared. Billionnaire Dem donar wants to create comm network that will potentially disrupt the DoD GPS system; congressional panel seeks answers from AF General William Shelton-- who tells them that the administration has pressured him to change his testimony to protect the business interests of a major Dem donor.

"The Pentagon has worried for months that a project backed by a prominent Democratic donor might interfere with military GPS. Now Congress wants to know if the White House pressured a general to change his testimony. ..."


http://www.thedailybeast.com/articles/2011/09/15/lightsquared-did-white-house-pressure-general-shelton-to-help-donor.html

[Thegr8stu]

09:36 PM on 09/14/2011

I heard someone call this "Solargate" today. I found that rather amusing. Not amused that Obama has once again found a way to waste over 500 million on a campaign contributor. I can only hope that this has the same outcome for Obama as Watergate had for Nixon.

[Genders]

06:27 PM on 09/19/2011

Bad investment = criminal invasion and crimes against humanity known as the drug war. funny balance you got there. 100MW or solar got installed, thousand got work instead of unemployment and the money was spent in the USA. better than war.

What percentage of new venture fail?

Are you proud to take your ignorance out on parade?

[Charles Queen]

06:57 PM on 09/19/2011

Ah yes.The drug war.It's the number one example of government waste with mega billions literaly being thrown away especially with them tryiong to stop marijuana use.Every year the yields get bigger and bigger and thats not even factoring in whats smuggled here from Mexico.If they used their empty heads and legalized it for adult use nation wide the majority of all of our financial problems we have going on right now would all be gone,including ever state as well within I'd say aroud 4-5 years for both the geov and the states.Legalization go's way beyond alllowing someone being allowed to use it legaly.The amount of positive aspects are way to many to list them all on here but it is a whole lot

[MayorsRevenge]

08:36 PM on 09/14/2011

Obama's solution for America? Flash that smile, read those nice sounding words and throw a ton of credit all over the place. Then we get the bill and the corrupt walk away with out future money.

When America DOES go broke and they come after you with much higher taxes I want you to remember this phrase, "NOT MY DEBT"

[PharmaCan]

08:35 PM on 09/14/2011

Well, just looking at the fancy building these guys erected, it's not that hard to see why this company failed. Someone should have explained to them how the concept of growth works.

Perhaps if they had leased some industrial space that matched their production capability with their sales, and settled for some rather basic office space instead of the seeming grandeur they opted for, they might just have made a success of their company.

Half a billion dollars seems like a lot of money, but it doesn't last long when you are spending it by the millions.

[bayonet division]

04:39 AM on 09/16/2011

Wouldn't have mattered if they had been operating out of a mud hut; their product cost too much, relative to Chinese product.

[Genders]

06:33 PM on 09/19/2011

Still better than war or unemployment checks, right? and we got 100MW of solar out it, and all that money went into the USA domestic economy. More new tech ventures fail. 50% of nuclear power companies fail.

[mikeVA]

08:30 PM on 09/14/2011

Once again Fox Propaganda and the right wing mob want the United States to lose. This program at the Department of Energy began in 2007. Republicans need to get their world straight - you want to modernize with a system of private-like investments or not. Interjecting politics into these start-ups is stupid. It just adds a new risk and barriers especially when groups like Madrone Capital (Waltons) invest. We pushed core competency and intellectual property in the private domain. We could have easily just focused a government set research and production.

It's just noise for the right wing mob - the let them die crowd is also the let China and Germany win crowd and some junky ex Washington Times reports gets his clicks for some junk Republican staffer.

[MayorsRevenge]

08:28 PM on 09/14/2011

Repeal the payroll tax. I see no reason why I am FORCED at gunpoint to contribute to the theft, waste and abuse. Enough. I do not want to fund Halliburton, KBR, Solyndra...none of them!

[PharmaCan]

08:35 PM on 09/14/2011

The payroll tax pays for your social security.

[Ladder 1]

08:42 PM on 09/14/2011

No. Your social security tax pays for your social security. Your medicare tax pays for your medicare. Your payroll tax pays for your FEDERAL tax.

[madSomnambulist]

08:25 PM on 09/14/2011

How would people explain that it was Obama's own DOE that looked into this? Wouldn't they be dying to cover this up if it's actually that incredibly damaging?

I'll wait for an investigation... the committee chairman had to admit today that he doesn't evidence that anything was politically motivated. Thus, investigating! This is what oversight committees are for.

If the loan originated under the Bush administration was subversively and/or illegally modified by the Obama administration? Well obviously people need to be held accountable. Oh, but reminder to all that this would be far from the first "favoritism payments" to a corporation... remember all those no-bid war contracts to Halliburton? I'd be pretty damn sure that all past administrations have had contracts out to this effect.

[GlamMom]

08:29 PM on 09/14/2011

'll wait for an investigat­ion... the committee chairman had to admit today that he doesn't evidence that anything was politicall­y motivated

Isn't he a dem?

[GlamMom]

08:25 PM on 09/14/2011

New talking points memo from SorosBots via MM and TProg: BUSH admin did it (They actually listened to the experts and passed on it..but you know..pesky facts and all)

[MayorsRevenge]

08:23 PM on 09/14/2011

I notice this article is pretty much at the bottom of page one. It should be a BANNER HEADLINE. THIS is PRECISELY why big gvmt is a disaster. Why? Because politicians aren't spending THEIR MONEY, they are spending someone else's (OURS)!

This is disgraceful and unacceptable.

AND MOST IMPORTANTLY, THE $500 MILLION IS NOW ON OUR DEBT TAB so while the money is now 'gone' we ALL NOW HAVE TO WORK TO PAY OFF $500 million plus interest.

Wake up partisans. Wake up....it is stuff like this that will end or amazing way of life.

FIFTEEN TRILLION in debt. TWO corrupt and abusive parties and unaffordable social programs and wars. The whole thing is a giant disater waiting to unfold.

[ModerateCentrist]

04:49 PM on 09/15/2011

I also noticed this story has been buried. i too am angry and disgusted about it.
and it's blatantly obvious why it's been buried. too big of an example of another fraudulant, worthless green stimulus project and waste of another half a billion.
all this administration knows how to do is borrow money and pi - - it away.

[Raygun2011]

08:20 PM on 09/14/2011

I wonder how many struggling homeowners could have been helped with that 535 million?.

[VikingQuest]

08:23 PM on 09/14/2011

None, because the money is gone . . .

Green jobs baby.

[jdfast]

08:18 PM on 09/14/2011

As much as the administration denies it, OMB was pressured to grant the loan so Biden could give a speech at their ground breaking and tell everyone how wonder the plant will be, we need more like this and here is you half a billion.

By the way the CEO was an Obama donor and a bundler for Obama also. Kind of cozy don't you think?

[kmichal2000]

08:17 PM on 09/14/2011

Time for Obama_to go to ja.il.

[VikingQuest]

08:14 PM on 09/14/2011

A $500 billion dollar loan backed by the tax payers?

Man, supporting and donating to Obama has it's benefits.

[tombartarm]

08:11 PM on 09/14/2011

In the past few days I've seen libs defending GE and their no tax paying job shipping away leader Immelt, the ever popular no tax paying Warren Buffet, and now Solyndra. WOW!

[gaubladt]

08:20 PM on 09/14/2011

No you haven't. Not libs: corps

[tb91006]

08:22 PM on 09/14/2011

Dont forget about the company he spoke at today. Weststar Precision that has just opened their manufacturing plant to Costa Rica.