Obama sticks his nose in Solyndra and gets his ass kicked.

[PHILIP SCHNEIDER]

You can't engineer 'Socialism' into an American corporation and expect a 'Capitalistic' result.

It didn't work when Obama tried to prop up GM.

Why should the federal government, at the direction of the Obama machine, spend OUR tax money to prop up ANY individual business enterprise including BANKS like a Goldman Sachs or a sunlight power Corporation?

No business is TOO big to fail.

No president's lie to clever to be revealed.

POLITICO

By DAN BERMAN | 10/7/11 4:53 PM EDT Updated: 10/7/11 6:16 PM EDT

When Solyndra hit the fan in August, White House energy adviser Heather Zichal may have summed it up best.

White House adviser on Solyndra: '*#~@ show'

"*#~@ show," Zichal wrote in an email Aug. 25.

 

Zichal’s email is one of dozens showing Obama administration officials were planning how to handle a Solyndra bankruptcy days before the solar company went under.

On Aug. 17, Dan Utech, an energy special assistant in the White House, wrote in an email that DOE had learned Solyndra was beginning to shut down operations.

“It’s unclear what that means in terms of how many people are involved at Solyndra, but we’re now in a place where this could break at any time. DOE communications will be reaching out to WH comms shortly to coordinate.”

The emails also show officials were staking out positions and assigning blame.

The White House and Office of Management and Budget were told by DOE on Aug. 11 — a full 20 days before Solyndra filed for bankruptcy — that the California solar company was “experiencing difficulties and that a bankruptcy or restructuring is imminent,” according to an internal OMB email.

“This issue could become public very quickly since Solyndra may already be unable to pay their suppliers,” the email states.

As of Aug. 11, all but $8.2 million of the $535 million loan guarantee had been handed out to Solyndra, and OMB wasn’t optimistic any of the taxpayer money would be seen again.

“Due to the restructuring this past March in which DOE subordinated its debt to Solyndra’s investors, recoveries for the U.S. government in the event of a default are likely to be minimal,” the memo states.

The OMB email also mentions previous concerns staff had with DOE’s restructuring of the Solyndra loan. “OMB staff specifically cited concerns about the company’s ability to meet their projections, subordination of the DOE loan, and the likelihood that Solyndra’s investors may not ultimately provide the additional capital the company required to continue operations.

“Unfortunately, the scenario which OMB staff feared has materialized,” the email adds.

In January, an OMB staffer wanted his superiors to warn the Department of Energy of the risks of giving taxpayer money to the beleaguered company, which had told the Obama administration that if it didn’t receive more cash, it would default. “The optics of a Solyndra default will be bad,” the OMB staffer wrote in a Jan. 31 email to a co-worker. “If Solyndra defaults down the road, the optics will be arguably worse later than they would be today.

… In addition, the timing will likely coincide with the 2012 campaign season heating up.”

Over at the Treasury Department, Mary J. Miller, assistant secretary for financial markets, was unhappy with information coming from the Energy Department.

“We are hearing increasingly dire news about Solyndra and have asked DOE for information on this with no response,” Miller wrote on Aug. 16.

The next day, Miller complained that DOE wasn’t providing enough information about what was happening at Solyndra.

“Since July of 2010 Treasury has asked DOE for briefings on Solyndra’s financial condition and any restructuring of terms,” Miller wrote in an email to Jeffrey Zients, deputy director for management and chief performance officer at OMB.

“The only information we have received about this has been through OMB, as DOE has not responded to any requests for information about Solyndra. Our legal counsel believes that the statute and the DOE regulations both require that the guaranteed loan should not be subordinate to any loan or other debt obligation. The DOE regulations also state that DOE shall consult with OMB and Treasury before any ‘deviation’ is granted from the financial terms of the Loan Guarantee Agreement. In February we requested in writing that DOE seek the Department of Justice’s approval of any proposed restructuring. To our knowledge that has never happened.”

 

 House Republicans seized on Miller’s emails Friday evening, writing a letter to Treasury Secretary Timothy Geithner demanding information on Treasury’s role in the restructuring of the Solyndra loan guarantee.

Being a president is difficult enough trying to do it honestly, doing it the way Obama and the democrat machine is doing it seems impossible.