Truth Before Dishonor

I would rather be right than popular

First Solyndra, Then LightSquared, Now This

Posted by John Hitchcock on 2011/09/29


Solyndra got a half a billion dollar taxpayer-financed loan despite all the agencies and auditors warning against it. The Obama Administration tried to bully an Air Force 4-star General into changing his testimony regarding LightSquared in an attempt to deceive Congress. Both Solyndra and LightSquared have strong ties to Democrat donors and fund-raisers.

Hot Air has news concerning more, recent, Department of Energy loans to economically unfeasible companies with strong ties to Democrats. And the numbers are ugly. And the corruption and crony capitalism and pay-to-play is so strikingly obvious.

Here’s a bit of a run-down from Hot Air:
SolarReserve gets a 737 million dollar loan guarantee for a Nevada solar project from the Department of Energy.
SolarReserve has ties to George Kaiser.
George Kaiser raised 53,000 for Obama in 2008.
Kaiser is majority owner of Solyndra.
Kaiser’s firm votes on SolarReserve’s board.
Ron Pelosi has ties to SolarReserve.
James McDermott is a SolarReserve boardmember.
James McDermott contributed over 61,000 dollars to Democrat campaigns since 2008, including over 30,000 to Barack Obama.
James McDermott has ties with Harry Reid.
Lee Bailey is a SolarReserve boardmember.
Lee Bailey has donated over 21,000 dollars to Democrat campaigns since 2008. Beneficiaries include Obama, Reid, Boxer, Hillary.

First Solar got over 2 billion dollars in loan guarantees.
First Solar’s stock has fallen roughly 60 percent since February.
Michael Ahearn was an investor in First Solar but apparently got out while the gettin’ was good last month.
Michael Ahearn has contributed in excess of 100,000 to Democrats over the last several years.

SunPower got over 1 billion dollars in loan guarantees.
SunPower’s stock has fallen over 50 percent since April.
SunPower paid a lobbyist who has very close ties to Harry Reid in excess of 290,000 since 2009 to lobby for it.
SunPower contributed over 15,000 dollars to Democrats last year, with Harry Reid getting 4,000.
SunPower is predicted to lose money over the next couple years because their costs are too high for the market.

All in all, this “green jobs” slush fund the Obama Department of Energy is throwing around is greatly benefiting people who support Democrats — at the cost of harming the nation’s bottom line. Oh, by the way, SolarReserve’s loan guarantees came after Solyndra and LightSquared broke. Talk about Obama doing an “in your face” to the American people.

2 Responses to “First Solyndra, Then LightSquared, Now This”

  1. […] Solyndra, LightSquared, SolarReserve, First Solar, SunPower, the 5 billion dollars in Federal Loan guarantees going out on the very last day of operation, benefiting the Obama campaign contributors and bundlers. And we’re just scratching the surface with these. […]

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  2. […] Solyndra, LightSquared, SolarReserve, First Solar, SunPower, the 5 billion dollars in Federal Loan guarantees going out on the very last day of operation, benefiting the Obama campaign contributors and bundlers. And we’re just scratching the surface with these. […]

    Like

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