Archive of posts tagged loan guarantee

Obama’s New $1.2 Billion SunPower Loan Scandal – Twice As Big As Solyndra

Obama's New $1.2 Billion SunPower Loan Scandal - Twice as big as Solyndra

Obama's New $1.2 Billion SunPower Loan Scandal - Twice as big as Solyndra

The Obama administration gave another obviously failing California solar company $1.2 billion in federal loan guarantees, even though the company had only weeks earlier announced that they would be building a new manufacturing plant in Mexicali, Mexico to manufacturer the solar panels.

So much for American jobs, as well as so much for the billions of our tax dollars the Obama administration flushed down the toilet, as payouts to their friends and supporters.

The Obama administration – Corruption and Crony Capitalism at it’s finest.

How did a failing California solar company, buffeted by short sellers and shareholder lawsuits, receive a $1.2 billion federal loan guarantee for a photovoltaic electricity ranch project—three weeks after it announced it was building new manufacturing plant in Mexicali, Mexico, to build the panels for the project.

The company, SunPower (SPWR-NASDAQ), now carries $820 million in debt, an amount $20 million greater than its market capitalization. If SunPower was a bank, the feds would shut it down. Instead, it received a lifeline twice

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Obama Admin Planned Additional $469 Million for Solyndra As Financial Troubles Worsened

Now we are learning that, even as Solyndra’s financial situation grew worse and worse, the Obama administration still planned on approving an additional $469 million loan to the now bankrupt solar panel manufacturer, which would have increased the total loss to the American People to over $1 billion.

Obama Admin Planned Additional $469 Million for Solyndra As Financial Troubles Worsened

Obama Admin Planned Additional $469 Million for Solyndra As Financial Troubles Worsened

We would think that Obama administration has their head stuck up their butts, but were pretty sure that the Obama administration knew exactly what they were doing when they gave the $ billions in loans to a failing company, which was run by Obama friends and supporters.

In reality, it’s becoming more clear that Obama really just gave a half billion dollars of our money to his friends and supporters, as a “Thank You” for their support of Obama.

The Obama administration’s Department of Energy was poised last summer to give Solyndra a second major taxpayer loan of $469 million, even as the company’s financial situation was growing more dire.

The Energy Department was actively pushing to provide the second

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Obama Crony Capitalism Continues: Nancy Pelosi’s Brother-In-Law Receives $737 Million Guarantee

Removing Obama and the rest of the cancer that is destroying our nation from the inside, is the only way to start cleaning up our government’s out-of-control corruption, and put our country back on track to recovery.

As long as Obama is in office, the Democrat’s failed policies, inept leadership, and corruption will continue keeping our nation’s economy from recovering, and if Obama and the Democrats have their way, the economy will never recover, and we will all become dependent on the government for the things we need to survive.

Our nation may not be able to survive another 4 years of Obama. – Put an end to Obama’s failed policies, corruption, crony capitalism, and lies by removing him from office in 2012!

Despite the growing Solyndra scandal, yesterday the Department of Energy approved $1 billion in new loans to green energy companies — including a $737 million loan guarantee to a company known as SolarReserve:

SolarReserve LLC, a closely held renewable energy developer, received a $737 million U.S. Energy Department loan guarantee to build a solar-thermal project in Nevada.

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More Solar Companies Receiving Federal Loans Tied to Democratic Donors

Very soon we will all see very clearly that the Obama administration used their loan guarantee power as a means to pay back the people who helped the Obama administration – either with political support (Nancy Pelosi – Tonopah Solar) or with cash donations (George Kaiser – Solyndra Scandal).

In the past 2 years, the brash Obama administration may have been able to pull off this type of scandal without taking much heat, but the American People have awoken from their teleprompter-induced trance, and are now paying close attention to the actions of the Obama administration.

A Daily Caller investigation has found that in addition to the failed company Solyndra, at least four other solar panel manufacturing companies receiving in excess of $500 million in loan guarantees from the Obama administration employ executives or board members who have donated large sums of money to Democratic campaigns.

And as questions swirl around possible connections between political donations and these preferential financing arrangements, the Obama White House suddenly began deflecting The Daily Caller’s questions on Wednesday to the Democratic National Committee.

Asked

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Obama’s Energy Department Approves Two More Solyndra-Like Loans

Meet the next two Solyndra-like Obama loan scandals that are sure to be in the news in the very new future.

The Obama administration’s Energy Department has just approved two more government-backed loan guarantees, worth more than $1 billion, for two more solar energy companies, similar to the loan they gave Solyndra.

  • Tonopah Solar – $737 million gov loan
  • Mesquite Solar – $337 million gov loan

Soon, we will also be learning about what friends and supporters of Obama’s are involved with the companies, and how much the companies have donated to Obama.

The Energy Department on Wednesday approved two loan guarantees worth more than $1 billion for solar energy projects in Nevada and Arizona, two days before the expiration date of a program that has become a rallying cry for Republican critics of the Obama administration’s green energy program.

Energy Secretary Steven Chu said the department has completed a $737 million loan guarantee to Tonopah Solar Energy for a 110 megawatt solar tower on federal land near Tonopah, Nev., and a $337 million guarantee for Mesquite Solar 1 to

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Solyndra Execs Cover for Obama, Refuse To Answer Questions

The Democrats have started implementing the same spin-job they use when one of them gets caught not paying their taxes.
“Oh, it was just a mistake. We missed some signs that showed that there were problems with the company”

How do you miss the signs that a company is not deserving of a half billion dollar government loan, when just a few weeks earlier, the Bush administration rejected the exact same loan request. The corruption-filled Obama administration rushed to re-initiate the loan offer to Solyndra knowing full well that they were throwing the American People’s money right down the toilet, as a “Thank You” and a big wet kiss from Obama to one of Obama’s major donors, George Kaiser, and the other Solyndra executives and shareholders.

We heard Obama’s donor George Kaiser had invested $75 million into Solyndra, and after the Obama administration found out that the company was about to go bankrupt, the administration gave Solyndra an additional… $75 million. Was that extra $75 million a payback to Kaiser as well?

“This is not a debate about the virtues …

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Solyndra, Major Obama Donor, Declares Bankruptcy After Receiving $535 Million Federal Loan

So let’s get this straight. This is different than the very similar story of Evergreen Solar Inc, which also received millions of dollars from the Obama administration, before going bankrupt.

The Obama administration guaranteed a another failing company, Solyndra solar panel company, $535 million government backed loan, which seems more like a reward for the donations Steve Westley gave to the Obama campaign. The company then declares bankruptcy, lays off 1,100 employees, and bilks the U.S. People out of a half a billion dollars of taxpayer money. Then Obama goes off the deep end and names the donor, Steve Westley, to the President’s Energy Advisory Board.

This stinks like more corruption of the worst kind from the Obama administration.

Solyndra, a San Francisco based solar panel company that received a $535 million loan guarantee from the federal government has declared bankruptcy. Last year President Obama touted the company as “leading the way” in the green jobs future he envisions.

Just a few months ago, ABC News revealed that one of the major financial backers for Solyndra is also a

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