As mandated by the stimulus bill, the Obama administration has until September 30 to “spend” all the funds allocated for the Department of Energy loans program, which guaranteed a $535 million loan to the now defunct solar company Solyndra. The program has already allocated about $8 billion so far, but has an additional $10 billion worth of loans in the works that must be finalized before the end of the month or the money will be reclaimed. Republicans have called on the administration to put these loans on hold in light of the Solyndra situation. Meanwhile:
The Obama administration is moving to finalize as many as 15 loan guarantees for renewable energy companies before the stimulus program ends on Sept. 30, and Republicans are questioning whether that could lead to more failures like Solyndra Inc., a company that filed for bankruptcy and may leave taxpayers on the hook for a half-billion-dollar loan.
The loan guarantees essentially make it easier for the companies to get financing as the government guarantees repayment in the event of default. In Solyndra’s case, the loan came from the government itself, but private banks often provide the financing.
A spokesman for the Energy Department said the department won’t take any shortcuts during the approval process.
“We will only close the deals that are ready to close on Sept. 30,” said spokesman Damien LaVera.
That is, barring any “looming press events” that need attending.
More here.
I am sure that because of the Solyndra brouhaha, the DOE will follow strict "due diligence" guidelines to make sure all of these new loan guarantees are only going to really BIG donors to the Obama campaign! Then they will go ahead and flush the taxpayers dollars down the drain so they can say "we created Green jobs."
Reply to this commentLinkReport AbuseBarack Obama: Your solar sugar daddy.
Reply to this commentLinkReport AbuseA penny not spent makes him weep.
Reply to this commentLinkReport AbuseAre we now to refer to him as The Sun King?
Reply to this commentLinkReport AbuseStop this foolishness right now.
Reply to this commentLinkReport AbuseAh, yes, we have to make sure we flush all of the allocated funds down the toilet by the deadline ...
Reply to this commentLinkReport Abuse"A penny saved is a penny earned." - B. Franklin
"A penny saved is a penny burned." - B. Obama
Reply to this commentLinkReport AbuseSolyndra is the tip of the iceberg. The controversy here is that DOE lied about doing due diligence and passed Solyndra through while intentionally delaying others that competed with DOE's officers business interests. The DOE could have safely diversified its bets with 40 small america business applicants but they blew the money on a few inside special interest applicants who paid lobby money while freezing out those small American businesses and jobs. Subpeona's will show that Lachlan Seward, of the DOE, ordered staff and consultant's to change their review criteria and findings in order to manipulate winners and losers.
Look into the ones that didn't get in because they didn't bribe the right people.
The site: External Link
has the real truth about Solyndra and beyond...
It shows that: - Only campaign contributors received funding from the DOE ATVM and Loan programs and competitors to those interests were frozen out. - Key White House staff were informed of the misdeeds but they covered them up. - A criminally illegal protection investor money racket was being run by individuals in, and around, the DOE funding programs, Detroit and Goldman Sachs. - Detroit ordered all competing efforts killed off or permanently delayed. - Tesla is involved in the same influence-buying scam and financials fudging here Everybody knows about the site, above. Hundreds of thousands of people have seen it. Nobody can ignore the facts here. This was all pay-to-play.
(OK to Forward this)
Reply to this commentLinkReport AbuseGreen jobs in the Obama admin are not the environmental green jobs.. these jobs are green with all the money spent on rewarding the BIG donors. Pay to play the Chicago way is the Obama way...
Reply to this commentLinkReport AbuseI'm willing to bet that they're regretting taking their time with them up to this point...
Reply to this commentLinkReport Abuse