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Home Front: Culture Wars
FBI raids Solyndra this morning
2011-09-08
At this moment, FBI agents are raiding the now-vacant Solyndra offices in Fremont, executing a Department of Energy and Office of Inspector General warrant in search of evidence about the plant's abrupt bankruptcy last week.

A beleaguered Solyndra spokesman took a wild guess at what the FBI might be looking for:

Solyndra spokesman Dave Miller said the search came as a surprise, but he emphasized the company is "fully cooperating" with federal officials. He said he did not know the purpose of the search, but he speculated it could have something to do with the $535 million in loan guarantees the Department of Energy awarded to Solyndra.

Ya think?

While the "Anybody seen $535 million around here?" quote in the headline is of course a joke, Business Insider adds some key context to the raid:

The Obama administration's relationship with the company has come under scrutiny since the bankruptcy was abruptly announced last week. The Daily Caller reported that between March 12, 2009, and April 14, 2011, "Solyndra officials and investors made no fewer than 20 trips to the West Wing."

Solargate?
Put in seedy politicians since the dhimocrats and Obumble were so in bed with this company. Hope and change, the Chicago way baby!
Posted by:DarthVader

#7  I hope the FBI remembered to turn the lights off when they left. I hate to see folks who are struggling get a big electric bill.
Posted by: airandee   2011-09-08 16:59  

#6  Guess their under the table campaign contribution wasn't large enough.

So much for the genius idea of using federal loan guarantees to make pay-offs. Hey, you don't suppose they were using illegal imported rosewood in those solar panels, do you?
Posted by: SteveS   2011-09-08 16:42  

#5  Link: Solyndra- The Obama connection
Posted by: Eohippus Phater7165   2011-09-08 15:47  

#4  Some very expensive (to taxpayers) funny business happened before the bankruptcy w/ the mega Obama donor Kaiser.

There is one very slippery fact that I am wondering about. It has to do with subordination. This a legal issue on who gets paid first in a bankruptcy. In all cases the equity is last on the list. But that is not the situation with Solyndra/Kaiser. From Bloomberg:

In February, Solyndra and its lenders reorganized the companyÂ’s debts, putting the U.S. loan behind $69.3 million owed to other lenders, including an affiliate of SolyndraÂ’s biggest shareholder, Argonaut Ventures.

This kind of stuff is not supposed to happen. The equity interest of the Kaiser family got a preference as to the right of repayment from Solyndra. Kaiser got in front of the line. He got in front of the US GovernmentÂ’s $528mm IOU from Solyndra. Kaiser got in front of the interests of the American taxpayer. There had to be some very serious arm-twisting going on in the background to achieve this feat.
Posted by: Eohippus Phater7165   2011-09-08 15:46  

#3  Lemme guess.
Huge pay packages for company officers- You gotta pay them that much to retain top "talent".

Lots of perks, parties, campaign donations, and of course big, BIG, bonuses.(at least for the executives)

Taxpayers, bond holders and stock owners pay for it all.

Now they run off with a lifetime's worth of money, cha CHING!!!!

The answer?
I know!
Let's de-regulate!
Free market and all that!

Posted by: bigjim-CA   2011-09-08 14:01  

#2  Covering @sses more like it - evidence???? what evidence????
Posted by: Yosemite Sam   2011-09-08 13:34  

#1  Guess their under the table campaign contribution wasn't large enough.
Posted by: Barbara   2011-09-08 12:13  

00:00