Friday, September 16, 2011

Solyndra: A Case Study of Doomed Crony Socialist Venturism




Crony capitalism is alive and well in the Obama administration. For all of you Marxist out there who clapped and cheered for the worker utopian paradise promised by the Anointed One’s rhetorical mastery; guess what? You’ve been duped.

The hottest scandal is not the Fast and Furious program that also plagues this 2nd amendment hating regime. No, that can be forgiven by the socialist who support Obama. What cannot be forgiven is his hypocrisy on corporatism. And Solyndra is the fish tail slapping the face of all the capitalist hating ideologues in the Democratic Party.

Solyndra not only screwed the taxpayers out of a half billion dollars in Department of Energy guaranteed loans; it has come to alight that an additional $469 million was also promised by the DOE in an SEC filing by this bankrupt company:

A close look by LA Observed at the company's SEC filings shows that it also was seeking additional DOE loan guarantees of $469 million for Phase II of its so-called Fab 2 solar power manufacturing facility in Fremont. And, get this, DOE - according to Solyndra's Dec. 18, 2009 application for SEC approval to sell common stock - tentatively gave this 2nd loan application its approval. Here's the story right from Solyndra's own S-1:

"On September 11, 2009, we submitted Part 1 of an application for an approximately $469 million guaranteed loan to be utilized to finance the construction of Phase II. As with the financing facility for Phase I, the loan would be made by the Federal Financing Bank and guaranteed by the DOE. On November 4, 2009, we were notified by the DOE that our Part 1 application was complete and that Phase II was determined to be a Section 1703 eligible project and to have the credit subsidy cost for the project paid out of funds allocated under Section 1705. We submitted Part 2 of our loan guarantee application on November 17, 2009."

Solyndra is the gift that keeps on giving. Can you imagine how many other socialist venture programs that have been doomed to failure? And all at the expense of taxpayers.

Source: http://www.laobserved.com/intell/2011/09/solyndras_sec_filing_contains.php

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