September 15, 2011

Not Serious About Solyndra

Obama White Houses Flimsy Excuses About Solyndra Dont Stand Up To The Facts
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EXCUSE #1 - Just Concern Over A Scheduling Matter

White House Press Secretary Jay Carney Says White House Emails With OMB Were Nothing More Than Concern Over A Scheduling Matter. Speaking to reporters on Air Force One Wednesday, Carney said the e-mails show nothing more than concern over a scheduling matter, in light of the fact the announcement event was already planned and would have to be pushed back if the loan was not approved on time. (Alexander Mooney, White House Beats Back Claim It Pressured Loan To Now-Bankrupt Company, CNNs The 1600 Report, 9/14/11)

Carney: What the e-mails, I believe, made clear is that there was urgency to make a decision about a scheduling matter. As you know, and you are familiar with it in a way that most Americans arent, it is a big proposition to move the President or to put on an event and that sort of thing, Carney said. So people were simply looking for answers about whether or not we could move forward - they could move forward with that. (Alexander Mooney, White House Beats Back Claim It Pressured Loan To Now-Bankrupt Company, CNNs The
1600 Report, 9/14/11)

But: Biden Made The Announcement Via Satellite, Not An In-Person Appearance. Secretary Chu will visit Solyndra, inc. In Fremont, California and Vice President Biden will deliver remarks via satellite for the event. (Vice President Biden, Secretary of Energy Chu to Make Major Recovery Act Announcement, Media Advisory, 9/3/09)

EXCUSE #2 - It Was Bushs Fault

Testifying Before Congress, The Obama Administration Said The Solyndra Loan Was Bushs Idea. After spending months touting the Obama administration's decision to loan $535 million to the California solar energy upstart Solyndra, top officials took a new tack Wednesday while testifying before Congress about the company's abrupt shut-down and bankruptcy: the loan, they said, was actually the Bush administration's idea. (Matthew Mosk & Brian Ross, Solyndra: Blame It On Bush, Say Obama Officials, ABC News, 9/14/11) But: January 9, 2009: Bush Energy Department Unanimously Decided To Not Offer A Loan Commitment To Solyndra. The results of the Congressional probe shared Tuesday with ABC News show that less than two weeks before President Bush left office, on January 9, 2009, the Energy Department's credit committee made a unanimous decision not to offer a loan commitment to Solyndra. (Matthew Mosk, Brian
Ross And Ronnie Greene, Emails: Obama White House Monitored Huge Loan to 'Connected' Firm, ABC News & iWatch News, 9/13/11)

Solyndra Was Central To Obamas Green Energy Strategy To The Point Where Obama Was Planning To Personally Announce The Loan In 2009. The Solyndra loan was so central to this
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strategy that the administration initially planned to have Obama personally announce it, and later sent the president to the company's solar panel manufacturing facility in Fremont, California to celebrate its work. (Matthew Mosk & Brian Ross, Solyndra: Blame It On Bush, Say Obama Officials, ABC News, 9/14/11) Biden On Solyndra Loan Guarantee: This Is Exactly What The Recovery Act Is All About. This announcement today is part of the unprecedented investment this Administration is making in renewable energy and exactly what the Recovery Act is all about, said Vice President Biden. (Office of the Vice President, Vice
President Biden Announces Finalized $535 Million Loan Guarantee for Solyndra, Press Release, 9/4/09)

EXCUSE #3 - It Was A High Risk High Reward Scenario

Carney Defends Loan To Solyndra And That Investment In Energy Companies Is High-Risk, HighReward. Carney also defended the loan itself, saying that investing in new energy companies like Solyndra is inherently a high-risk, high-reward venture. [I]t was vital to make these investments, Carney said. But the overall understanding of the need to make, to - in these potentially high-risk but high-reward industries, that require - get the seed money from the federal government, like, say, the Internet, you have to take these measures. The President and the administration remain committed to that. (Alexander Mooney, White House Beats Back
Claim It Pressured Loan To Now-Bankrupt Company, CNNs The 1600 Report, 9/14/11)

But: In 2008, Solyndra Received Non-Investment Grade Ratings From Outside Agencies Such As Fitch. First signs came in 2008, as Solyndra, then just three years old, pushed ahead with its application for government backing to build a new plant to produce its unique solar panels. An outside rating agency, Fitch, gave Solyndra a B+ credit rating that August. Two months earlier, in June 2008, Dun & Bradstreet issued a credit appraisal of the company. Its assessment: Fair. Those are not top of the line scores. Fitch Ratings spokeswoman Cindy Stoller said she could not discuss the Solyndra review specifically, but said of a B+ rating: Its a non-investment grade rating. (Ronnie Greene, Recurring Red Flags Failed To Slow Obama Administration's Race To Help
Solyndra, iWatch News, 9/13/11)

Industry Officials Say Solyndra Was A Bad Egg With A Bad Business Plan. Solar and wind industry officials insist Solyndra the recipient of $535 million in federal loan guarantees and a personal visit from President Barack Obama is just a bad egg with a bad business plan. (Darren
Samuelsohn, Solyndra Scandal A PR Nightmare, Politico, 9/12/11)

EXCUSE #4 - It Was DoEs Fault

WH Official: I Think That It Is Clear That Folks Understood At DOE That They Were Supposed To Make Their Decision On The Merits And Do Whatever They Were Supposed To Do To Kick The Tires On The Decision. White House officials said the email excerpts obtained Tuesday do show White House interest in the timing of the Solyndra decision but only because the president was considering announcing the decision himself while on the trip. One administration official, speaking on condition of anonymity because he was not authorized to speak publicly for the White House, said pressure did not play a part. I think that it is clear that folks understood at DOE that they were supposed to make their decision on the merits and do whatever they were supposed to do to kick the tires on the decision, the administration official told ABC News. Folks were interested in being updated as to whether the decision making process was completed. (Matthew Mosk And Ronnie Greene, White House Kept Close Tabs On Solyndra Loan, Internal Emails Show, iWatch News, 9/13/11) But: The White House Pressured OMB , Asking What Could Be Done To Help Speed Along The OMB Review. In one e-mail, an assistant to Rahm Emanuel, then White House chief of staff, wrote on Aug. 31, 2009, to OMB about the upcoming Biden announcement on Solyndra and asked whether there is anything we can help speed along on OMB side. An OMB staff member responded: I would prefer that this announcement be postponed. ... This is the first loan guarantee and we should have full review with all hands on deck to make sure we get it right.(Joe Stephens and Carol D. Leonnig, White House Pressed On $500 Million Loan To Solar
Company Now Under Investigation, The Washington Post, 9/13/11)

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