Barack Obama’s budget analysts had to know that Solyndra, manufactured solar panels for $6 each, sold them for $3 each, while competing against China selling comparable panels for $1.50 each – a sure prediction of doom. All concerned had to know any glimmer of glory days for Solyndra would be short, and the $535 Million taxpayer infusion into the company, might tarnish Obama’s reelection chances. In some astounding news today, we find that the Federal Government allowed Solyndra’s largest investor (other than taxpayers) and Obama donor and fundraiser, George Kaiser’s George Kaiser Family Fund (GKFF) and a second Kaiser entity, Argonaut Ventures, to be first in line for bankruptcy claims (linked below).
George Kaiser invested $337 Million in Solyndra, and hundreds of thousands into Barack Obama’s election. Kaiser says he wasn’t involved in the administration’s decision to support Solyndra, but White House visitor logs show that he and his investment interests were “responsible for 16 of the 20 meetings” shown on White House logs, with George Kaiser being in the White House on March 12th and 13th, 2011. Read the story of the bankruptcy and Kaiser’s White House visits at BatesLine.
When Solyndra was allowed to refinance in January 2011, there were emails from White House budget analysts warning that going forward with the restructuring might be detrimental to Obama’s reelection campaig, but the restructuring happened anyway. The White House budget director is calling limited-to-zero recovery of taxpayer investment in Solyndra “very unfortunate.” Read a solar industry expert’s analysis of Solyndra’s pricing here. More loans, possibly as unstable as Solyndra, are on the immediate horizon.
The White House is still trying to push the idea that the Bush administration started the Solyndra process, but the Bush administration decided there would be no government loan to the company. The Obama administration picked it up and ran with it. Maybe George Kaiser donations for 2012 elections were on the line.
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