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Politics : The Obama - Clinton Disaster -- Ignore unavailable to you. Want to Upgrade?

To: GROUND ZERO™ who wrote (56945)	9/17/2011 8:55:30 AM
From: Hope Praytochange	1 Recommendation Respond to of 103300

Complicating the politics of the situation for the Obama administration, the other lender was Argonaut, the investment company backed by George Kaiser, an Oklahoma oil billionaire who is an Obama campaign contributor. Argonaut was already heavily invested in Solyndra, and provided another $69 million in cash in exchange for taking over $75 million that Solyndra was owed by its customers. The Energy Department’s approval was required for Solyndra to borrow any new funds, because if the loan was consummated, the federal government would have to surrender its status as the most senior lender, in favor of the new lender. The House Energy and Commerce Committee, which has been investigating the circumstances of the government loans to Solyndra, released an e-mail written at the time by a staff employee of the Office of Management and Budget reflecting on the wisdom of approving the new loan. Because no new government money was involved, that office did not have to officially sign off on the deal. But the employee, whose name was redacted, argued that the impression created by a potential bankruptcy would be bad whether it occurred at the time — in February — or if it were postponed until later. “If Solyndra defaults down the road, the optics will arguably be worse later than they would be today,” the staff member wrote. He suggested that the question of whether to keep helping Solyndra be taken to the energy secretary, Steven Chu, so he would be “fully informed and accountable for the decision.” http://www.nytimes.com/2011/09/17/us/politics/queries-over-government-letting-another-lender-aid-solyndra.html?_r=1&hp