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Politics : The Solyndra Scandal -- Ignore unavailable to you. Want to Upgrade?


To: chartseer who wrote (11)9/29/2011 1:38:25 PM
From: joseffy  Read Replies (1) | Respond to of 1400
 
Thought it couldn't get any worse than Solyndra?


Obama Commerce pick awarded $1.37 billion in 'stimulus funds' for another risky solar plant

September 26, 2011 By Aaron Klein
http://www.wnd.com/index.php?fa=PAGE.view&pageId=349101


President Obama's nominee for Commerce secretary
served as chairman of the board of a solar energy company that recently received a $1.37 billion federal loan guarantee – the largest the Department of Energy has ever given for a solar power project.

Now that company, BrightSource Energy, is attempting to build the world's largest solar power plant amid concerns such ventures may be too risky an investment for the federal government.

In June, BrightSource Chairman John Bryson was nominated by Obama to head the Commerce Department.

WND reported in June that Bryson co-founded an environmental activist group that is a member and funder of the controversial Apollo Alliance.

Read what we'll need to accomplish to restore America to greatness.

Apollo is run by a slew of socialists and radicals, including Jeff Jones, a founder of the Weather Underground domestic terrorist organization. Jones himself boasts of doing work for the environmental group founded by Bryson, the Natural Resources Defense Council.

Bryson served until June as co-chairman of the Pacific Council on International Policy, a globalist organization whose members can be found throughout the Obama administration.

The massive loan guarantee to BrightSource is meant to build an expensive California desert solar plant known as the Ivanpah Solar Electric Generating System.

The system will feature mirrors that reflect sun toward a massive central tower that is in turn heated to produce steam meant to spin turbines to produce electricity.

The size of the BrightSource plant is thought to produce enough power to meet the needs of hundreds of thousands of Californians.

During a national address last October, Obama mentioned the possible benefits of BrightSource Energy's "revolutionary new type of solar power plant."

However, some have doubted that the massive solar plant will actually work.

The Bay Citizen quoted Michael Boyd, president of the nonprofit Californians for Renewable Energy, as saying there is "no evidence" BrightSource's project will succeed.

Boyd complained most of the equipment used at the plant would be manufactured in China and Germany.

"Stimulus money isn't going to jobs here in the U.S. It's going to jobs overseas,"
he said.

Boyd's group last year reportedly filed an administrative complaint seeking to block the U.S. loan guarantee, alleging in the complaint the solar project "could have the unintended consequences of killing innovation if these projects fail."

In a briefing last month, BrightSource CEO John Woolard was confident his plant would significantly lower the costs of energy.

"We were able to drop costs down significantly," he said. "Ivanpah is the culmination of two and a half decades of work and thinking around solar."

However, the entire solar energy enterprise is now being questioned as overseas manufacturers, particularly China and Taiwan, have produced similar products and services at much lower prices.

Already, the cost of generating power with panels plunged about 37 percent in the past year, Bloomberg reported yesterday, as Chinese factories cut prices. The price slashes pushed three U.S. makers, including Solyndra, into bankruptcy protection in the past quarter.

The news media and lawmaker focus on the Obama administration's use of funds for solar energy could draw focus to Bryson himself, since he chaired the company that received the largest amount of funds.

Globalist, CO2 activist

Besides his position at BrightSource, which he vacated when he was selected as Obama's Commerce pick, Bryson is the former chairman, chief executive officer and president of Edison International, the parent company of Southern California Edison.

He serves on the U.N. secretary-general's advisory group on energy and climate change and as co-chairman of the globalist PCIP, a partner of the Council on Foreign Relations.

In 1970, Bryson co-founded the Natural Resources Defense Council, or NRDC, with a $400,000 seed grant from the Ford Foundation.

The group is also funded by the Tides Foundation, to which philanthropist George Soros has donated more than $7 million over the years. Tides itself is a major funder of leftist causes, including ACORN, whose founder and former chief organizer, Wade Rathke, is a Tides board member.

The NRDC is a major proponent of fighting so-called global warming. It recently endorsed a document called the Earth Charter, which, Discover the Networks notes, blames capitalism for many of the world's environmental, social and economic problems.

The charter maintains that "the dominant patterns of production and consumption are causing environmental devastation, the depletion of resources, and a massive extinction of species. The benefits of development are not shared equitably and the gap between rich and poor is widening."

The NRDC is a member of the Apollo Alliance. NRDC's president, Frances Beinecke, is on Apollo's board. The NRDC is also listed by Apollo as a funder of the group, having donated between $1,200 to $2,999 to become an Apollo "clean energy benefactor."

The NRDC endorses many Apollo initiatives.

Apollo's New York office is run by Jeff Jones, who founded the Weather Underground with terrorists Bill Ayers and radical Mark Rudd when the three signed an infamous statement calling for a revolution against the American government inside and outside the country to fight and defeat what the group called U.S. imperialism.

Jones currently boasts on his personal website that he has done consulting work for the NRDC.

Apollo has been credited by the Obama administration with helping craft portions of the $787-billion "stimulus" bill signed into law.

The Apollo Alliance has boasted in promotional material that it was behind several of the Obama administration's "green" initiatives, in addition to crafting "green" sections of the stimulus bill.

Among Apollo's board members are a group of extremists including:

•Van Jones, President Obama's controversial former "green jobs czar" who resigned in September 2009 after it was exposed he founded a communist revolutionary organization and signed a statement that accused the Bush administration of possible involvement in the 9/11 attacks. Jones also called for "resistance" against the U.S.

Jones himself described the Apollo Alliance's mission as "sort of a grand unified field theory for progressive left causes."

•Joel Rogers, a founder of the socialist New Party. WND reported evidence indicating Obama was a New Party member. In an interview with WND, New Party co-founder and Marxist activist Carl Davidson previously recounted Obama's participation with the New Party.
Following publicity of Apollo's radicalism, including scores of articles by WND and investigations by the Fox News Channel, Apollo announced it will merge with the BlueGreen Alliance, a collaboration of large environmental groups and unions.

Globalism

Meanwhile, Bryson is co-chairman of the PCIP, which was founded in 1995 in partnership with the Council on Foreign Relations.

The group says it is the "premier international affairs organization focused on policy issues of special resonance to the West Coast."

Its goals include "building our network of globally oriented business, civic, and government leaders." Also, the group aims to convene exchanges with global policy makers and opinion leaders while partnering with organizations around the world to "promote mutual understanding and coordinated action."

The PCIP is funded by the Ford Foundation, Bill and Melinda Gates Foundation, the Rockefeller Brothers Fund and the Rockefeller Foundation.

Obama's ambassador to France, Charles Rivkin, is a member of the PCIP. Last October, he invited a 29-member delegation from the PCIP to a conference in France for the stated purpose of discussing Arab and Islamic relations in the country.

Rivkin was at the center of a scandal when WikiLeaks released a cable in which he proposed the U.S. Embassy in France initiate a multipronged effort to "engage" and help to "empower" France's Muslim minorities.

Rivkin called the effort a "Minority Engagement Strategy," which was largely directed at Muslims in France.

Other PCIP members abound through the Obama administration, WND has learned.

James B. Steinberg, deputy secretary of state, serves on the PICP board of directors. He also serves on the science and security board of the Bulletin of Atomic Scientists, a journal that argued during the Cold War for the U.S. to hand its nuclear weapons to an international organization.

The Bulletin, as WND reported, was founded by scientists who were long accused of spying for the Soviets and passing along vital nuclear secrets.

Vilma S. Martinez, U.S. ambassador to Argentina, is the chairman of the PCIP's Mexico Study Group.

Former Utah Gov. Jon M. Huntsman Jr., a candidate for the Republican presidential nomination, was appointed by Obama as ambassador to China in August 2009. He is a PCIP founding director.

Jeffrey L. Bleich, Obama's appointment for U.S. ambassador to Australia, is a PCIP member.

Diana Farrell, deputy director of the National Economic Council, is a member of the PCIP as well as the Council on Foreign Relations and the Bretton Woods Committee. She is a frequent speaker on U.S. global engagement.

Byron Auguste, a member of Obama's White House Council for Community Solutions, serves on the PCIP board. He is also on the board of trustees of the Center for American Progress, which is funded by Soros and led by John Podesta, who served as co-chairman of Obama's transition team.

Last year, PCIP member Steven Myers joined the State Department's advisory committee on international economic policy.

John B. Emerson, appointee for Obama's advisory committee for trade policy and negotiations, is a member of both the PCIP and CFR.

In April, Obama nominated PCIP member Janet Yellen to serve as vice chairman of the Federal Reserve.

PCIP member Alan D. Bersin was appointed commissioner of U.S. Customs and Border Protection.

Last March, Obama appointed PCIP member Michael Camuñez to the position of assistant secretary for market access and compliance in the Department of Commerce.

Ernest James Wilson, a member of the PCIP board, was elected chairman of the Corporation for Public Broadcasting in September 2009. He served as a policy advisor on Obama's presidential transition team on matters of communication technology and public diplomacy.

Also on Obama's transition team was Jonathan Greenblat, chairman of the PCIP's energy and environment committee.

The PCIP has some ties to billionaire activist George Soros. Among PCIP fellows is Ahmed Rashid , a Pakistani journalist and writer who is a member of the advisory board of Eurasia Net of the Soros Foundation. He is also a scholar of the Davos World Economic Forum and a consultant for Human Rights Watch.

At the invitation of the then-U.N. Secretary-General Kofi Annan, he became the first journalist to address the U.N. General Assembly in New York in September 2002 and the first journalist to address NATO ambassadors in Brussels in September 2003.



To: chartseer who wrote (11)9/29/2011 1:48:28 PM
From: joseffy  Respond to of 1400
 
Heartwarming photo:


Obama admires solar panels during a trip to Florida.



To: chartseer who wrote (11)9/29/2011 5:46:24 PM
From: joseffy  Read Replies (1) | Respond to of 1400
 
The Solyndra Mess Gets Messier
....................................................................................
September 29, 2011 By Andrew Stiles
nationalreview.com

Yesterday, the Department of Energy announced that it had approved new loan guarantees worth more than $1 billion for two solar energy companies:

DOE announced a $737 million loan guarantee to help finance construction of the Crescent Dunes Solar Energy Project, a 110-megawatt solar-power-generating facility in Nye County, Nev. The project is sponsored by Tonopah Solar, a subsidiary of California-based SolarReserve.

The Energy Department said the project will result in 600 construction jobs and 45 permanent jobs…

The Energy Department also announced that it had finalized a separate $337 million loan guarantee to Sempra Energy for a 150-megawatt photovoltaic solar-generation project in Arizona.

The project will result in 300 construction jobs, DOE said.

Let’s see. Simple math, as the president would say, gives us a grand total of $1.074 billion spent to create, according to the DOE, just 45 permanent jobs. That’s about $24 million spent for every permanent job created. As far as the DOE’s “green” loans program is concerned, that’s par for the course. By any reasonable standard, it’s a horribly inefficient way to spend the taxpayers’ money.

With respect to Solyndra, the DOE shelled out $535 million to a company that happened to list a major Democratic fundraiser (George Kaiser) as a primary investor. Could there be a similar connection to any of these other companies? Of course there could.

As American Glob reports, Solar Reserve, the California-based enterprise at the heart of the $737 million loan guarantee mentioned above, is an “investment partner” with the Pacific Corporate Group. The executive director of PCG is Ron Pelosi, brother-in-law of House Minority Leader Nancy Pelosi (D., Calif.).

But that’s not all. Solar Reserve is also investment partners with Argonaut Private Equity, an arm of the (George) Kaiser Family Foundation that was a major investor in Solyndra and was involved in negotiations with the DOE to restructure the failed company’s loan agreement. That agreement would ultimately give Argonaut and other private investors priority status over the American taxpayer with respect to the first $75 million recovered in the event of Solyndra’s collapse. As Republicans argued at a recent House committee hearing, this arrangement was almost certainly a violation of federal statute.

Argonaut’s managing director, Steven Mitchell, served on Solyndra’s board when the restructuring took place, and reportedly still serves on the company’s board. He is also listed as a “board participant” at Solar Reserve:

Mitchell owes his position at Solyndra and Solar Reserve, apparently, to the fact that his primary employer, Argonaut Private Equity, invested in both companies. Mitchell holds the title of Managing Director for Argonaut Private Equity. After Solyndra declared bankruptcy, two Democratic members of the U.S. House asked that House Subcommittee call Mitchell to testify about Solyndra. Though he has not appeared before Congress, he has “been asked to provide documents to Congress” pertaining to Solyndra.

These connections certainly suggest that the Obama administration was not merely “ felony dumb,” in the words of Rep. Brian Bilbray (R., Calif.), in its handling of the DOE loan program, but consciously corrupt. And at the moment, there are far too many questions that remain unanswered.



To: chartseer who wrote (11)10/28/2011 10:36:55 PM
From: joseffy1 Recommendation  Respond to of 1400
 
Solyndra inquirers call for testimony of lawyers
........................................................................................
By Jim McElhatton Thursday, October 27, 2011

washingtontimes.com

If there is one fact that government witnesses testifying before Congress on the failed half-billion-dollar loans to bankrupt Solyndra LLC have made clear, it is that they have not passed the bar exam.

Often in response to tough legal questions on whether a loan restructuring to Solyndra broke the law, witnesses from the Energy and Treasury departments have repeatedly told House Energy and Commerce Committee members that they’re not lawyers.

“I’m not a lawyer, sir. I relied on counsel’s judgment on that,” former Department of Energy loans chief Jonathan Silver testified in one such exchange at a hearing last month.

But the “I’m not a lawyer” response, uttered by witnesses in one form or another at least nine times during two recent hearings, may not be heard next time. That’s because the committee is shifting its investigation to focus on the lawyers who reviewed the restructuring deal, which ultimately put the taxpayers’ $535 million loan guarantee in line behind $75 million from two private investors if the company collapsed.

Because Solyndra filed for bankruptcy protection last month, the restructuring deal means the investors will be paid before the government. The justification for the restructuring was outlined in a legal memo by Susan Richardson, chief counsel for the Energy Department’s loan program.

In comments during a C-SPAN interview Wednesday, Rep. Cliff Stearns, Florida Republican and chairman of the committee’s investigation panel, said he hoped Ms. Richardson would testify by next week.

“We appreciate Secretary Chu making himself available and look forward to hearing his testimony on [the Energy Department’s] involvement with the half-billion-dollar loan to Solyndra,” he said. “We hope he will finally provide answers about why [the Energy Department] consciously ignored the direct warnings from their own experts that Solyndra was doomed to fail and granted the loan to Solyndra.”

It’s clear that Ms. Richardson’s memo will figure prominently in any upcoming hearings, as Republicans say the legal opinion on the Solyndra loan restructuring clashed with the Energy Policy Act of 2005.

“Putting the taxpayers at the back of the line behind private investors in the event of a liquidation or bankruptcy is not only a deviation, it’s apparently unprecedented,” Rep. Fred Upton, Michigan Republican and chairman of the committee, said at a hearing this month.

Energy Department law states that government loans “shall be subject to the condition that the obligation is not subordinate to other financing.”

A copy of a Feb. 15 memo by Ms. Richardson that justified restructuring the Solyndra loan said the deal was permitted because the “subordination” applies to the issuance of the loan, not a restructuring.

“We do not believe it can reasonably be read either as a requirement that the guaranteed loan may never be subordinated, or as a requirement that the guaranteed loan may never be subordinated,” the memo states.

“A continuing prohibition would, in our view, be inconsistent with the statutory scheme as it would preclude the use of a common restructuring strategy for a financially distressed borrower,” the Richardson memo stated. “Investors are unlikely to make an equity investment in a distressed company on commercially acceptable terms.”

The memo cited statutory language that the loan agreement “shall contain such detailed terms and conditions as the Secretary determines appropriate to protect the United States in a default.”

Under the restructuring, two private investment groups infusing $75 million into Solyndra — one group with ties to Oklahoma billionaire George Kaiser, the other with ties to Wal-Mart’s Walton family — were given priority to be repaid before taxpayers if the company collapsed.

The memo was released after a hearing this month in which two Treasury Department officials were called to testify. Democrats on the committee criticized the fact that Energy Department officials had not been invited to testify at that hearing to explain the memo, which they called on Republicans to release.

During the hearing, Mr. Upton said he had not read the memo but that after consulting with the Republican counsel on the committee, “It is clear to me that this is a key memo.

“It is clear to me that the Department of Energy violated the law when they agreed to subordinate the taxpayers’ money to private investors, some of whom appear to have been heavy contributors to President Obama’s campaign,” Mr. Upton said.

Mr. Silver, who resigned after his testimony in a September hearing, had testified that officials viewed the restructuring as the best opportunity to keep Solyndra running so taxpayers could recoup their money. When asked about the restructuring and the legal opinion justifying it at last month’s congressional hearing, Mr. Silver said he wasn’t a lawyer.

“You didn’t have a very good lawyer,” replied Rep. Phil Gingrey, Georgia Republican. “And I think you got bad advice.”

According to the Energy Department’s website, Ms. Richardson joined the department as chief counsel to its loans office in 2009 from private practice at the Washington law firm of O’Melveny & Myers. From 1994 to 1998, she was associate general counsel for the Overseas Private Investment Corp.

Bob Rizzi, a Washington lawyer who worked with Ms. Richardson in private practice, described her in an interview Thursday as a “great corporate transactional lawyer.”

“I’ve worked closely with her on a number of corporate deals,” he said. “Some of the deals we have worked on involved restructuring and other complex corporate transactions.”