Friday, September 23, 2011

Solyndra Pivots, Now Manufacturing Stone Walls

With the solar industry in the tank and over $500 million of our dollars having disappeared, Obama's buddies at Solyndra have decided to create jobs by building stone walls.
The two top executives of the bankrupt solar power company Solyndra sat stone-faced before a Congressional committee today and invoked their Fifth Amendment rights, rather than explain how they blew through $535 million in taxpayer money.

"Let me just warn you and the other folks involved in this taxpayer rip-off," Energy and Commerce Chairman Fred Upton (R-Mich.) told the Solyndra executives. "We're not done. No we're not."

The decision of Solyndra CEO Brian Harrison and Chief Financial Officer W. G. Stover to repeatedly refuse to answer questions about Solyndra's Energy Department loan guarantee was the latest twist in an unfolding investigation into the failure of the California solar panel manufacturer, which just one year earlier had been touted as a model of President Obama's green jobs program.

The Obama administration had selected Solyndra as the first to receive a loan under a program designed to provide government support to companies that would create jobs while generating energy from cleaner sources, such as solar, wind and nuclear. President Obama personally visited the Solyndra complex, hailing it as a leader in this emerging field.
How bad is it for these thieves. Even Henry Waxman isn't buying their BS.
"When Mr. Harrison was in my office in July he said that Solyndra's future was bright, with sales and production booming," said Rep. Henry Waxman (D-Calif.). "I 'd like to know why he told me that in July and then filed for bankruptcy one month later. Unfortunately I will not get an answer today."
It's time for criminal charges.


Richard Butler said...

Henry Waxman (D-Calif.). "I 'd like to know why he told me that in July and then filed for bankruptcy one month later. Unfortunately I will not get an answer today."

Once again Waxman proves his (lack of) qualification for public office.

drfredc said...

What doesn't seem to be mentioned is how much did the leadership of Solyndra pack away in their own "untouchable" retirement accounts?  It's one thing for a business to go broke when it runs out of money, it's another to go broke when the leadership has parked away millions in their own golden parachute retirement plans, leaving nothing for the business to run on. 

Georg Felis said...

Well, to be honest these two turkeys know they're destined for the oven, and they're smart enough not to butter themselves up and stuff in the bread crumbs.

The big question is : How much did the Administration know about the true finances of the operation, and when did they know it.

If the answer is : Nothing, and just when it hit the papers, then Obama's scott free, being able to put forth the Incompetance Defense.

If the answer is : Everything and from the start, then a good Prosecution will be able to grant conditional immunity to the turkeys and follow the money chain right up to the White House.

Personally I would believe Incompetance.  It fits the Administrations historic profile just perfectly.  Darn.