Obama fundraiser linked to loan for failed solar firm

Obama fundraiser linked to loan for failed solar firm

Matea Gold and Stuart Pfeifer
Los Angeles Times
Sept. 17, 2011

WASHINGTON - The White House is facing mounting political complications as a second top fundraiser for President Obama is linked to a federal loan guarantee program that backed a now-bankrupt Silicon Valley solar energy company.

Steve Spinner, who helped monitor the Energy Department's issuance of $25 billion in government-backed loans to renewable energy projects, was one of Obama's top fundraisers in 2008 and is raising money for the president's 2012 campaign.

Spinner did not have any role in the selection of applicants for the loan program and, in fact, was recused from the decision to grant a $535 million loan guarantee to Solyndra Inc. because his wife's law firm represented the company, administration officials said Friday.

But Spinner's role as a top official in the Energy Department program is likely to spur new inquiries into whether political influence played a role in the handling of the "green" energy fund. Solyndra faces a congressional probe, a criminal investigation and separate internal inquiries at the Energy and Treasury departments.

In an interview, Stanley Brand, an ethics lawyer who has served as general counsel to the U.S. House of Representatives, said that nothing so far suggest any laws had been broken. "It's embarrassing, it's ham-handed, it looks bad, but so far all we have is the White House trying to advantage itself in a political way with a loan," he said.

The largest investments in Solyndra were funds operated on behalf of the family foundation of billionaire George Kaiser, another major fundraiser for Obama in 2008. Kaiser has denied investing in the solar energy company or talking to White House officials about the loan.

Some Republicans charge that the White House pushed to get the loan approved for political reasons, which the White House denies.

Other "green energy" companies that were promoted by this administration (First Solar, Evergreen Solar) have also filed bankruptcy this summer. Now they want to dump an additional $10 billion into this green boondoggle prior to Sept. 30 (when the "stimulus" ends).

There's no viable business plan whatsoever in these "green" companies. It's all smoke and mirrors..... and taxpayer money for projects that are guaranteed to fail rapidly. But then what can you expect from a president that based his entire political career on smoke and mirrors?

This is what Obama is all about. Donors (including unions) fund his campaign with millions and he funnels sweet deals and gov't spending bills that send money back their way. The gov't auto bailouts weren't needed. They could've done like thousands of other businesses have done.... filed chapter 11 and survived. But under chapter 11, the unions would've had to make contract concessions. Can't have that happen to big Obama campaign donors. So instead, the unions get a sweet deal and part ownership. The gov't still owns somewhere between 25 and 33% of GM. Borrow hundreds of billions to bailout out state govt's to save pubic union employee jobs in the name of "stimulus." Not only did it not stimulate, the tax payers lost big time.

So in the end, we have green job money for donors, infrastructure money for donors, state money for public union donors, a mountain of new regulations, mandates and taxes. Then we have endless lectures for businesses who aren't donors. Economy and jobs..... going nowhere fast.

End rant.

An outstanding rant Tex, and right on the money! I couldn't have said it better myself.

And now the UAW has a new contact pending with even more goodies... while the rest of working America does without.

I hate unions.... and I was in one at one time.

TexasBlue wrote:And now the UAW has a new contact pending with even more goodies... while the rest of working America does without.

I hate unions.... and I was in one at one time.

I have nothing but contempt for unions. They are an anachronism in the 21st century and the behavior of far too many union leaders and members is thuggish, if not outright criminal, and is more befitting the late 19th early 20th centuries. And government unions should be outlawed entirely! They represent a criminal abuse of taxpayer dollars - OUR dollars being spent to elect Democrats enmasse.

I don't have a problem with their existence in the private sector. But I hate them all the same. But I agree with you on the gov't sector.