For Half A Billion Dollars You Simply Can’t Beat Another Fucking Screw Up ……… Business 101 Courtesy of A Now Bankrupt US Government …………
OK so someone please explain to me how it is that the government can somehow sink $500 million (half a billion dollars) into a now defunct Fremont , California based company Solyndra that was trumpeted by President Barack Obama and Vice President Joe Biden as the wave of the future in the country’s commitment to energy conservation _____ the specific use of this technology with regard solar panel and cylinders in creating energy efficient usage and products . Now comes what might be unbelievable , the company filed for bankruptcy ( Chapter 11) in the US Federal Court in the state of Delaware . Once again , more taxpayers’ monies simply sank without a trace and there being no one within the administration much less from the President’s own staff readily available to issue a formal statement . Jay Carney , White House Press Secretary , usually available to take the press’ questions on numerous public issues , himself , a well known journalist has yet to make any formal statement on the bankruptcy filing that leaves the taxpayer on the hook for this debt .
Slide show for your perusal .
It has been one thing for the government to use the TARP facade in assisting their paymasters (major financial institutions) in placing Obama and select GOP and Democrats in the Congress and Senate . It is now one thing to watch the eight Republican nominees seeking that party’s blessing as the opponent to Barack Obama in 2012 but it is equally idiotic to hear them each opine on the economy , with little knowledge of what’s actually happening in the real world.
Barack Obama will have a hard time explaining another misstep by this administration and even more so from Treasury Secretary— Tim Geithner whose department it is to oversee the government’s spending while the country’s economic monetary policy itself is dealt with by the Federal Reserve under the auspices of Ben Bernanke as its chairman. Clearly with all of the divergence in thought , ideology being placed ahead of bipartisanship and doing what’s best for the country , we are now seeing this administration and both legislative chambers simply throwing fecal matter up against the wall just to see what sticks and then using that as a legislative policy and statute. If that’s not completely fucked up then what is ?
With the none partisan Office of Management & Budget having forewarned both the House Appropriations Committee and Senate Finance Committee as to the irregularities and the guaranteeing of this $500 million loan to Solyndra it appears those warnings went unheeded with legislators such as Nancy Pelosi (D-Ca) championing the loan ___ stating that it would be of great benefit to the her home state of California and for the employment prospects of the residents within in the state . Well this white elephant, of all of three years has gone up in a cloud of smoke and there is simply no one willing to answer questions as to what went wrong . When the US government seeks to become a venture capitalist it speaks as to its very arrogance and their use of the taxpayers’ monies in such a case ! Now with the FBI and attorneys from the Justice Department having removed countless documents from the Fremont , California based company in the last 24 hours it remains to be seen whether or not there will be any senior executives of Solyndra indicted by the Justice Department in possibly perpetrating a felonious and larcenous act against the US taxpayer !
Courtesy of the Los Angeles Times
By Neela Banerjee & Jim Puzzanghera of the Los Angeles Times
The solar equipment maker’s executives cite the demands of a complicated bankruptcy and a federal investigation they now face.
Reporting from Washington—
Executives of beleaguered solar equipment maker Solyndra Inc. canceled their Wednesday appearance before a congressional investigative committee at the last minute, citing the demands of a complicated bankruptcy and a federal investigation they face.
Solyndra got a $535-million loan as part of the U.S. stimulus package in late 2009 and was held up by the Obama administration as a powerful example of the kind of innovative manufacturing that would revive the economy. But in the last few weeks, the Fremont, Calif., company has closed shop, laid off most of its 1,100 workers, filed for Chapter 11 bankruptcy protection and had its offices and executives’ homes raided by the FBI.
The House Energy and Commerce Committee will hear testimony from administration officials about the government’s loans to Solyndra. The company said in a statement that its executives were busy with the bankruptcy and were discussing a new hearing date with the committee.
The events surrounding Solyndra’s government backing and now bankruptcy have become a political hot potato in Washington.
Click on link provided to read this article in full .
It is good to see that while the President is doing the rounds trying to sell the country on his latest posturing on jobs and the economy , he has been evasive on answering questions raised with regard to the bankruptcy filing of Solyndra . Bear in mind also that this has been the fourth such company in the past eighteen months to have filed bankruptcy proceedings due to their failure . What is it , that is said to be remiss about this all , other than a clear case of mismanagement and an over eagerness to delve into an industry still in its infancy and without there being any real due diligence being used by a number of the entrepreneurs in question ? At the same time countries such as China , Brazil and the UK , all seem to be prospering somehow but with there being accountability and clear oversight by the respective governments in question. regard to the Congress itself rather the continued asinine and infantile behavior we now see repeatedly from both sides of the political aisle . Lack of leadership ? Yes ! Lack of integrity ? Certainly ! But overall , a total lack of respect for the electorate , their wishes at large and neither of the two political parties actually seem to give a damn ! For them , it now has become all about ideology and how much money can be made at the expense of the taxpayer !
As this whole picture unravels you can be sure that the executives of this company will simply hide behind their litany of lawyers not wanting to make any formal statements on this issue . And with Congress now wishing to enact a speedy hearing to ascertain what these executives may or may not have known as to the financial well being of their company . Is anyone at all surprised to see the government once again with egg on its face ? After all these are the very same imbeciles who made sure that this deal essentially went through without much scrutiny by anyone that mattered . Certainly they failed to heed the warnings raised by senior officials not only from within the OMB but also the CBO ( Congressional Budget Office ). Once again we’re back to the same damn issue ……..” follow the fucking money trail ” and you can who made sure that things simply went ahead smoothly without there said to be any problems arising !
Picture gallery for your perusal .
What now awaits , is where the apportioned blame will be placed and who seeks to gain from this all . We may each have our own thoughts on this matter but it is clear to see that once again the government has failed the electorate and populace with its gross stupidity and naivete’ . Care to guess as to how this shit will be spun by the parties concerned ? Chime in with your comments as you deem fit and thanks as always for the continued support as it is greatly appreciated !
Alan aka tophatal ………. https://tophatal.wordpress.com
Picture and slide show details below .
(1) Executives of solar equipment maker Solyndra Inc. canceled their appearance before a congressional committee . Above, Solyndra headquarters in Fremont, Calif. Paul Sakuma / Associated Press ….
(2) An FBI agent walks inside the Solyndra headquarters building in Fremont, Calif., Thursday, Sept. 8, 2011. The FBI are executing search warrants at the headquarters of California solar firm Solyndra that received a $535 million loan from the federal government . AP Photo/Paul Sakuma ……
(3) FREMONT, CA – MAY 26: Ben Bierman (left) and Chris Gronet (right) explain solar technology to U.S. President Barack Obama on a tour of the Solyndra solar panel company May 26, 2010 in Fremont, California. President Obama toured Solyndra Inc., a growing solar power equipment facility that is adding jobs as they expand their operation . The $535 million loan provided by the Department of Energy is now lost with the company having filed for bankruptcy. (Photo by Paul Chinn/Getty Images …
(4) President Barack Obama is seen here with both Chris Gronet and Ben Bierman at Solyndra’s plant and headquarters in Fremont , California . Getty Images / Paul Chinn ……
(5) Former Director of the National Economic Council Lawrence Summers (L), Chairman of the Council of Economic Advisers Dr. Christina Romer (2L), Secretary of the Treasury Timothy F. Geithner (C) and Federal Reserve Chairman Ben S. Bernanke (R) listen as President Barack Obama (2R) speaks after a daily economic briefing in the Roosevelt Room of the White House March 23, 2009 in Washington, DC. Obama said the administration’s plan to purchase toxic assets from banks is a move in the “right direction” to unlock credit markets. Both Romer and Summers no longer sit on the board of the Council of Economic Advisers . Getty Images North America / Brendan Smialowski ……
(6) U.S. President Barack Obama (C) walks into the White House briefing room while flanked by White House White House Press Secretary Jay Carney (R) and White House Chief of Staff William Daley (L) on April 5, 2011 in Washington, DC. President Obama addressed the media about his meeting with Congressional leaders in hopes of coming to a agreement on funding the Government to avoid a shut down. Getty Images North America / Mark Wilson ……..