RunRyder RC
WATCH
 1 page 514 views POST REPLY
10-22-2014 11:05 AM  3 years agoPost 1
Noobyflyer

rrVeteran

Clearwater, FL

My Posts: All  Forum  Topic

---

PM  EMAIL  GALLERY  Attn:RR  Quote
10-22-2014 01:13 PM  3 years agoPost 2
albatross

rrApprentice

Texas, Houston area

My Posts: All  Forum  Topic

Ron Klain and Solyndra
http://www.nationalreview.com/artic...drew-c-mccarthy

Ron Klain is a sharp-elbowed Democratic political operative with no medical expertise. Tapping him as “Ebola czar” may not be the president’s best move when, as it is, no one can believe a word the Obama administration says. And that’s not just because Mr. Klain is yet another lobbyist recruited despite Mr. Obama’s vow that his administration would shun lobbyists.

Klain was also a central player in the president’s Solyndra fraud, which soaked taxpayers for over half a billion dollars for the benefit of Obama cronies.

In Faithless Execution, I recount the Solyndra fraud. It never got the attention it deserved — involving, as it did, potential felony fraud violations of federal law. Even for people who did give it attention at the time, Solyndra is so many Obama scandals ago that its unseemly details are tough to recall. The story is thus worth retelling. As our nerves fray over the Ebola crisis, it is a valuable window into the administration’s priorities and an indicator of the level of trust we can put in the new czar’s assurances.

Solyndra was a solar-energy company backed by the family foundation of George Kaiser, an Oklahoma oil magnate and major Obama fundraiser. Prior to Obama’s coming to power, Solyndra had sought government funding under the economically absurd 2005 Energy Policy Act. That law lets the government play venture capitalist, investing taxpayer money in private “green energy” boondoggles that cannot attract adequate market financing.

Notwithstanding the Bush administration’s zeal to hop on this politically correct bandwagon, it declined Solyndra’s application. As one private analyst later put it, the company was “an absolute complete disaster,” with operating expenses, including supply costs, nearly doubling its revenue — and that’s without factoring in high capital and other costs in an industry with low profit margins. Given that solar-panel competitors backed by China were producing energy at drastically lower prices, the chance that Solyndra would ever become profitable was practically nonexistent.

But in 2008, Americans elected as president a devotee of renewable-energy experiments who had enjoyed major support from Kaiser. Obviously, Solyndra backers were thrilled. The Department of Energy (DOE) continued to stiff-arm the company in the days just before Obama’s inauguration, citing unresolved concerns. Yet, within just a week of the new president’s taking office, a DOE staffer noted in an e-mail, “We are approaching the beginning of the approval process for Solyndra again.”

Company officers and investors reportedly visited the White House no fewer than 20 times while the loan guarantee was being considered and, later, revised. In short order, Obama made Solyndra the very first recipient of a public loan guarantee when the Energy Act program was beefed up with “stimulus” spending. The loans and credits eventually amounted to a staggering $535 million.

At the time, Ron Klain was chief of staff to Vice President Joe Biden. Hot to become the face of Obama-administration green initiatives, Biden planned to announce the Solyndra loan during a much-publicized September 2009 energy speech. Officials at DOE and the Office of Management and Budget (OMB) had major qualms: They realized that the company was hemorrhaging money; even with the loan, Solyndra would lack the necessary working capital to turn that equation around. Yet the loan was approved in time for Biden’s speech. A rueful OMB official lamented in an e-mail that the timing of the loan approval was driven by the politics of the announcement “rather than the other way around.”

Although Solyndra was a private company, it was using its government loans as a springboard to go public. That triggered the obligation to comply with Securities and Exchange Commission (SEC) rules. For an initial public offering of stock, SEC rules require the disclosure of a company’s financial condition.

In Solyndra’s case, outside auditors from PricewaterhouseCoopers (PWC) found that condition to be dire. “The company has suffered recurring losses from operations, negative cash flows since inception, and has a net stockholders’ deficit,” the PWC accountants concluded. Even with the gigantic loan, Solyndra was such a basket case that PWC found “substantial doubt about its ability to continue as a going concern.” I italicize “going concern” because it is a term of art. Auditors invoke it when there is an extraordinary need to protect themselves and the company from legal liability because that company is likely to fail.

With no alternative if they wanted to make a play for market financing, Solyndra’s backers disclosed the auditors’ bleak diagnosis in March 2010. The administration had thus been aware that the company was a basket case for two months when Obama came to Solyndra on May 26. The company was to be the backdrop to a big presidential speech on administration energy initiatives.

The administration was not only aware; it was worried. As ABC reports, just two days before Obama’s speech, his eminence grise, Valerie Jarrett, was warned by California businessman Steve Westly that visiting the company might “haunt [the president] in the next 18 months if Solyndra hits the wall and files for bankruptcy, etc.” Alarmed, Ms. Jarrett reached out to Mr. Klain, admonishing that “we clearly need to make sure that they are stable and solid.”

Klain, in turn, consulted with DOE before downplaying Solyndra’s problems in reporting back to Jarrett:

Sounds like there are some risk factors here — but that’s true of any innovative company that POTUS would visit. It looks OK to me, but if you feel otherwise, let me know.

Jarrett said she would rely on Klain’s assessment, notwithstanding that it conceded the very real possibility, if not likelihood, of catastrophe. As Klain elaborated in a follow-up e-mail to Jarrett:

The reality is that if POTUS visited 10 such places over the next 10 months, probably a few would be belly-up by election day 2012 — but that to me is the reality of saying that we want to help promote cutting edge, new economy industries.

I can hear him now: Ebola? There may be some risk factors, but hey, we’ll be promoting cutting-edge treatments . . .

...my handle backwards is how I feel about current world affairs...

PM  EMAIL  GALLERY  Attn:RR  Quote
10-22-2014 03:21 PM  3 years agoPost 3
rcmiket

rrVeteran

El Paso,Texas

My Posts: All  Forum  Topic

Doesn't he need to catch it first to know what it is?

Mike

"When Inverted down is up and up is expensive"

PM  EMAIL  GALLERY  Attn:RR  Quote
10-22-2014 03:40 PM  3 years agoPost 4
GREYEAGLE

rrElite Veteran

Flat Land's

My Posts: All  Forum  Topic

He is a sacrificial lamb to shield the Oval Office - Executive administration - SCAPE GOAT

A Pre Planned operative to Exit responsibility / guilt and accountability that may turn into a Global Disaster - also involving lives with in a Nation and many others.
\
They are shredding the country - from any direction.

They NEVER TELL THE TRUTH - THEY NEVER WILL - Just set up conditions to blame the other guy - KNOW THE CULTURE -

Not TRUTH TELL"ers - Should Expect another 911

greyeagle

PM  EMAIL  GALLERY  Attn:RR  Quote
10-22-2014 05:52 PM  3 years agoPost 5
dilberteinstein

rrNovice

texas - USA

My Posts: All  Forum  Topic

Everything President Obola does is associated with fraud...pure and simple.

90% of life is "showing up"

PM  EMAIL  GALLERY  Attn:RR  Quote
10-22-2014 06:41 PM  3 years agoPost 6
fla heli boy

rrElite Veteran

cape coral, florida

My Posts: All  Forum  Topic

promptly misses his first 2 meetings and THEN turns down an invite to appear in front of Congress to explain what he has planned.
Yep, he's a true Obama appointee alright.

PM  EMAIL  GALLERY  Attn:RR  Quote
10-22-2014 10:11 PM  3 years agoPost 7
Noobyflyer

rrVeteran

Clearwater, FL

My Posts: All  Forum  Topic

A possible case gets reported, he runs in, and then suddenly nope no Ebola here.... Until November 4th.

Hush man

PM  EMAIL  GALLERY  Attn:RR  Quote
10-22-2014 10:15 PM  3 years agoPost 8
spaceman spiff

rrKey Veteran

Tucson

My Posts: All  Forum  Topic

Doesn't he need to catch it first to know what it is?
Hmmm... (squinting at my screen) Where did that like button go?...

PM  EMAIL  GALLERY  Attn:RR  Quote
10-23-2014 12:58 PM  3 years agoPost 9
rcmiket

rrVeteran

El Paso,Texas

My Posts: All  Forum  Topic

Hmmm... (squinting at my screen) Where did that like button go?...
Finally.... Thought that one flew right over everyone's head.

Mike

"When Inverted down is up and up is expensive"

PM  EMAIL  GALLERY  Attn:RR  Quote
WATCH
 1 page 514 views POST REPLY
 Print TOPIC  Make Suggestion 

 4  Topic Subscribe

Tuesday, October 16 - 1:54 pm - Copyright © 2000-2018 RunRyder   EMAILEnable Cookies

The RC discussion world needs to consolidate. RR is now one choice for that. Its software is cutting edge. It hosts on-topic advertising. Help RR increase traffic buy making suggestions, posting in RR's new areas (sites) and by spreading the word.

The RunRyder Difference

• Category system to allow Rep/Vendor postings.
• Classifieds with sold (hidden) category.
• Classifieds with separate view new.
• Answer PMs offsite via email reply.
• Member gallery photos with advanced scripting.
• Gallery photo viewer integrated into postings.
• Highly refined search with advanced back end.
• Hosts its own high end fast response servers.
• Hosts thousands of HD event coverage videos.
• Rewrote entire code base with latest technology.
• No off-topic (annoying) click bait advertising.
Login Here
 New Subscriptions 
 Buddies Online