Must-see Solyndra TV: Stearns leads new House hearing tomorrow

By Michelle Malkin  •  October 13, 2011 03:58 PM

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Logo credit: Sloane

Get ready for another Solyndra flare-up in Washington Friday morning. Just in from GOP Rep. Cliff Stearns’s office:

STEARNS HOLDING HEARING ON TREASURY’S ROLE IN REVIEWING SOLYNDRA LOAN GUARANTEE

TREASURY STAFF INDICATED IN EMAILS SUBORDINATION OF TAXPAYERS WAS ILLEGAL

WASHINGTON, OCT. 13, 2011 – “This investigation has learned that the Treasury Department was concerned that the Department of Energy’s (DOE’s) restructuring of the Solyndra Loan in early 2011 was in violation of the Energy Policy Act of 2005,” stated Rep. Cliff Stearns (R-FL), Chairman of the House Energy and Commerce Committee’s Subcommittee on Oversight and Investigations. “Ignoring this law, DOE allowed the $75 million from two hedge fund investors to be put ahead of taxpayers in the event of Solyndra’s bankruptcy. We need insight into Treasury’s role in reviewing this loan guarantee.”

The Subcommittee is holding a hearing entitled “Continuing Developments Regarding the Solyndra Loan Guarantee” on Friday, October 14th at 9:30 AM in Room 2123 RHOB. The two witnesses are Gary Grippo, Deputy Assistant Secretary for Fiscal Operations and Policy, U.S. Department of the Treasury; and Gary H. Burner, Chief Financial Officer, U.S. Department of the Treasury Federal Financing Bank.

Here was my segment on Solyndra and the spawn of Solyndra last night on Fox News Channel’s Hannity show:

***

Related:

Solyndra CEO resigns

Congressional hearing to focus restructuring of Solyndra’s debt

DOE employees bristled at fundraiser’s Solyndra push

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Comments


  1. #1
    On October 13th, 2011 at 4:02 pm, fred5676 said:

    As bad as Solyndra is, it is just the tip of the iceberg of political payoffs and criminal activities of “picking winners and losers’ by government.

    For every winner, there are two classes of losers: all the competitors of the “winner” and all the taxpayers.

  2. #2
    On October 13th, 2011 at 4:05 pm, Gorebot said:

    “Solyndra” is about to become “SoiledLaundry”.

    Excellent; it’s what the bastards deserve.

  3. #3
    On October 13th, 2011 at 4:21 pm, peteee said:

    do we really want to hear them say i don’t recall, or i do not remember over and over? perhaps watching the meeting should be while playing a drinking game. shot for do not recall, chug a beer for i do not remember, and fifth of liquor for it was the bush administration’s fault.

  4. #4
    On October 13th, 2011 at 4:23 pm, air to ground said:

    The congressional testimony begins with: “Its the Chicago way. That is why Chicago and Illinois are in such good fiscal shape.”…end of congressional testimony.

  5. #5
    On October 13th, 2011 at 4:25 pm, Dexter Alarius said:

    Is it too late to get in on the boodle?
    For $90 on LegalZoom (plus filing fees) I can incorporate as SolarScam, LLC., then apply for a few hundred million, right?

  6. #6
    On October 13th, 2011 at 4:28 pm, Freddy said:

    So earlier today we got the report that the Solyndra CEO, the one that took the 5th in front of congress, had finally resigned.

    If you are wondering who allowed the people that admitted they had a fraud to hide, as they CLEARLY stated their right to NOT INCRIMINATE themselves, look no farther than the OBAMA BUNDLERS on the board of directors!

    PS: Those same bundlers are overseeing the activities of billions more in federal taxpayer money. Not the least of which is the last minute 1.2 billion give away to SunPower!

    But do not worry, they also have the congressman’s son on their board to make sure the money flows into the ‘right’ pockets!

  7. #7
    On October 13th, 2011 at 4:32 pm, Pasadena Phil said:

    Yeah, sure, this deal was rife with illegal activity but if you run it through the same baloney alchemist machine that magically transformed subprime mortgages into triple-A securities, it all works out. It’s settles science. Time for talk is over.

  8. #8
    On October 13th, 2011 at 4:33 pm, Pasadena Phil said:

    SettleD science.

  9. #9
    On October 13th, 2011 at 4:40 pm, Flyoverman said:

    What you will see in those hearings is mass amnesia.

  10. #10
    On October 13th, 2011 at 4:41 pm, Pasadena Phil said:

    WOT but how desperate IS Rick Perry? His wife whining about him being “brutalized” over his religious beliefs? Is Anita Nancy Pelosi’s sister or something? This is like Pelosi’s trumped up charges about the Tea Party “spitting” her and shouting out racial epithets during her bizarre and provocative walk through the TP crowd in DC last year.

  11. #11
    On October 13th, 2011 at 4:47 pm, love2rumba said:

    PP, I thought Perry was finished several weeks ago…Doesn’t he understand that yet?

  12. #12
    On October 13th, 2011 at 5:01 pm, conservative hispanic said:

    petee:

    Thanks for the drinking game idea. I’m running to get a bottle Gentleman Jack for tomorrow. Heck, if I’m gonna get drunk, might as well do it with the good stuff.

  13. #13
    On October 13th, 2011 at 5:08 pm, Pasadena Phil said:

    On October 13th, 2011 at 4:47 pm, love2rumba said:

    PP, I thought Perry was finished several weeks ago…Doesn’t he understand that yet?

    He should talk to Haley Barbour who predicted a few minutes ago that Cain would sweep the South against Obama.
    Perry isn’t showing up in the NH polls and has dropped to almost “margin of error” levels nationally (even I can argue than I’m a contender since zero is within that margin).

  14. #14
    On October 13th, 2011 at 5:19 pm, Truesoldier said:

    On October 13th, 2011 at 4:21 pm, peteee said:
    do we really want to hear them say i don’t recall, or i do not remember over and over?

    From my understanding it will be pretty hard for them to do that seeing as Congress has obtained emails stating the concerns of Treasury department officials to include stonewalling of these issues by DOE officials.

  15. #15
    On October 13th, 2011 at 5:20 pm, FirstSkirt said:

    I’m thrilled that hearings will commence on this Solyndra mess. It needs to be kept in the news, right up to Nov 12. This crooked administration is up to its eyebrows in this and the F&F disaster – let’s keep the spotlight on them.

  16. #16
    On October 13th, 2011 at 5:21 pm, babiesgrandma said:

    Gorebot said:
    “Solyndra” is about to become “SoiledLaundry”.

    Excellent; it’s what the bastards deserve.

    Makes me think of this song:

    I make my living off the evening news
    Just give me something, something I can use
    People love it when you lose,
    they love dirty laundry

    Kick ‘em when they’re up, kick ‘em when they’re down
    Kick ‘em when they’re up, kick ‘em when they’re down
    Kick ‘em when they’re up, kick ‘em when they’re down
    Kick ‘em when they’re up, kick ‘em all around

  17. #17
    On October 13th, 2011 at 5:35 pm, DonkeyHoatie said:

    So this President’s got scandals surrounding him, called LightSquared, Solyndra, Fast & Felonious, SunPower, and who knows what else is out there that hasn’t seen the cleansing sunlight yet.

    But he spends his time campaigning for more money for his re-election and for the Son of Stimulus, and blaming republicans for all his troubles.

    To use the TOTUS analogy, the wheels on his car have fallen off, it’s skidded off the road and is in a ditch. The police investigation shows he was asleep at the wheel, driving 120mph in 35mph zone, and he didn’t have a drivers license in the first place. But his defense is that someone else is at fault?

  18. #18
    On October 13th, 2011 at 5:38 pm, babiesgrandma said:

    Ya gotta think that Algore must have his dirty fat hands in this, as well. Probably lobbying for these “green” energy companies so he can get carbon credits ($$$) for his scam on the world.

  19. #19
    On October 13th, 2011 at 5:39 pm, Rogue Cheddar said:

    On October 13, 2011 at 04:40 pm, Flyoverman said:

    What you will see in those hearings is mass amnesia.

    Obviously the result of mindblowing sex, or so I’ve heard.

  20. #20
    On October 13th, 2011 at 5:39 pm, Flyoverman said:

    He should talk to Haley Barbour who predicted a few minutes ago that Cain would sweep the South against Obama.

    Phil, Cain will beat Obama like a drum, if he gets the nod. And the public will see first hand who the REAL racists are.

    The Left will not be able to stop themselves. The vile will just spew out.

  21. #21
    On October 13th, 2011 at 5:41 pm, rocketman said:

    ***
    Solyndra is just openers. Another $2 Billion of taxpayer guaranteed loans went to other solar and wind power scams. The 2 solar plants will generate 110 MW. and 150 MW.–far less than the 600 MW. most nuclear plants put out. The solar power will cost much more, and the nuke plant power will be far cheaper.
    ***
    The nuke plant doesn’t need Gubmint subsidies or loan guarantees to operate. And it works 24/7 for 30 years or more–rain or shine, at night, during dust storms, etc.
    ***
    It’s criminal to waste our money this way. While Comrade Obama and His Department of (little) Energy and Environmental (greenie) Protection Agency shut down 8000 MW. of cheaper reliable coal power plants. While wanting to plug in millions of electric vehicles to the soon to be under powered grid.
    ***
    The Luddites would be proud of the Good Comrade and His Ilk. Buy stock in candle companies.
    ***
    John Bibb
    ***

  22. #22
    On October 13th, 2011 at 5:42 pm, Flyoverman said:

    On October 13th, 2011 at 5:39 pm, Rogue Cheddar said:

    Flyoverman said:
    What you will see in those hearings is mass amnesia.

    Obviously the result of mindblowing sex, or so I’ve heard.

    Since this bunch obviously “screwed the pooch” on Solyndra, your analysis is spot on. ;)

    Did I say, Spot? Wooof!

  23. #23
    On October 13th, 2011 at 5:43 pm, Marshall_Will said:

    MM said:

    Solyndra and the spawn of Solyndra

    Oh reminds me! The latest re-make of The Thing is coming out tomorrow. Check your local theater for showtimes!

    “This investigation has learned that the Treasury Department was concerned that the Department of Energy’s (DOE’s) restructuring of the Solyndra Loan in early 2011 was in violation of the Energy Policy Act of 2005,”

    Screw the Energy Policy Act of blah blah. The taxpayer should always be the Government’s first consideration. That is covered under any Blue Sky Laws and/or Prudent Man rule.

  24. #24
    On October 13th, 2011 at 5:58 pm, Truesoldier said:

    Here is something interesting as well:

    During the 1980s bust in the oil industry in Oklahoma and Texas, Kaiser bought up struggling energy companies whose losses provided him with tax deductions that effectively hid his own income.

    As an example, Allison points to Kaiser’s purchase of Waterford Energy, “which had all of $7 million in assets and some $151 million in losses on its books. The losses were valuable–under the Internal Revenue Code, a company can use past losses as credits, known as net operating losses, to reduce their tax burden in profitable years.”

  25. #25
    On October 13th, 2011 at 6:00 pm, Marshall_Will said:

    The paltry sum ‘fronted’ by the hedge funds is a Red Herring. So much salting the barrel. They never INTENDED to place that liquidity at risk!

    And since when do the Lead Underwriters ( read taxpayers ) in a syndicate play 2nd fiddle to junior partners?

  26. #26
    On October 13th, 2011 at 6:16 pm, Peter Hughes said:

    I’m still waiting for Oblablah and/or his minions to throw the “race card” into the mix.

    It’s the only weapon they have left.

    Regards,
    Peter H.

  27. #27
    On October 13th, 2011 at 6:18 pm, Truesoldier said:

    On October 13th, 2011 at 6:16 pm, Peter Hughes said:
    I’m still waiting for Oblablah and/or his minions to throw the “race card” into the mix.

    Wait no more

  28. #28
    On October 13th, 2011 at 6:32 pm, hawkeye54 said:

    On October 13th, 2011 at 6:16 pm, Peter Hughes said:
    I’m still waiting for Oblablah and/or his minions to throw the “race card” into the mix.
    Wait no more

    Expected. When they have nothing substantial to use for defense. Which is frequently. That card has worn quite thin.

  29. #29
    On October 13th, 2011 at 6:50 pm, letget said:

    I don’t know about y’all, but I way way sick of my taxes going to pay to fund a d or r for what they want to give to a few they like and can help them in elections. This is just the tip of the iceberg in the bho and teams crud. Thank God, someone is sorta looking out for us. Tomorrow is Friday, what oh what will the Friday dump be? Can any one of you imagine the amount of money that is going down the drain to fund bho we are paying for? Sure makes you want to send in a check April 15?
    L

  30. #30
    On October 13th, 2011 at 7:53 pm, babiesgrandma said:

    Truesoldier said:

    On October 13th, 2011 at 6:16 pm, Peter Hughes said:
    I’m still waiting for Oblablah and/or his minions to throw the “race card” into the mix.

    Wait no more

    So how come we don’t hear from somebody who challenges what Oblamo says? What? We Repubs don’t want people to succeed? How utterly childish, from the child-prince.

  31. #31
    On October 13th, 2011 at 8:33 pm, John Deaux said:

    On October 13th, 2011 at 5:39 pm, Flyoverman said:

    Phil, Cain will beat Obama like a drum, if he gets the nod. And the public will see first hand who the REAL racists are.

    The Left will not be able to stop themselves. The vile will just spew out.

    I’m just wondering how the media is going to blame us for it.

    Just look at the anti-semitism in the OWS crowd and how little attention the media pays it.

  32. #32
    On October 13th, 2011 at 9:18 pm, Flyoverman said:

    On October 13th, 2011 at 8:33 pm, John Deaux said:

    Just look at the anti-semitism in the OWS crowd and how little attention much the media pays supports it.

    That’s why John.

  33. #33
    On October 13th, 2011 at 9:36 pm, sonerai32645 said:

    there is not a jail large enough to hold all these people

  34. #34
    On October 13th, 2011 at 9:41 pm, rightisright said:

    can’t stand Hannity, here he equivocating …”both parties are guilty but we’ve never seen it to the extent as it’s happening.” So, he’s justifying wrong doing done by Repukes? Wrong is wrong, I was taught.

  35. #35
    On October 14th, 2011 at 4:02 am, kwrxxx said:

    I found that most Congress hearings R like watching paint dry. ;-)

  36. #36
    On October 14th, 2011 at 9:08 am, Rogue Cheddar said:

    Solyndra? Isn’t that the stuff they were putting in potato chips that gave you wicked stomach cramps? Oh wait, that was Olestra. But how come I’m still getting stomach cramps?!

  37. #37
    On October 14th, 2011 at 10:51 am, NavyGal said:

    Not only stomach cramps, but the ‘anal seepage’, too. For most folks in DC, that wouldn’t be a problem, their skulls are doing a pretty good job at plugging the hole.

  38. #38
    On October 14th, 2011 at 11:42 am, 1ConcernedMom said:

    On October 13th, 2011 at 5:35 pm, DonkeyHoatie said:

    To use the TOTUS analogy, the wheels on his car have fallen off, it’s skidded off the road and is in a ditch. The police investigation shows he was asleep at the wheel, driving 120mph in 35mph zone, and he didn’t have a drivers license in the first place. But his defense is that someone else is at fault?

    Are you sure he was asleep at the wheel rather than driving under the influence (of socialism)?

  39. #39
    On October 14th, 2011 at 2:05 pm, NJ-Aviator said:

    Again…. if this were the Bush administration, you’d see headline and endless news stories in the Government-run MSM.

    But this is about the Obama administrations’ malfeasance…. so you there will be no discussion of any of it.

    At a tense hearing on Capitol Hill, two Treasury officials acknowledged that the government’s restructuring of the loan earlier this year was unusual, if not unprecedented. Through that process, Solyndra investors, not taxpayers, were put at the front of the line for recovering money in case of bankruptcy.

    Gary Burner, chief financial officer of the Treasury Federal Financing Bank responsible for the loan and a 28-year veteran of the Treasury Department, said he’s never heard of a case where private money was prioritized ahead of taxpayer money in a loan.

  40. #40
    On October 14th, 2011 at 2:09 pm, Hiraghm said:

    On October 13th, 2011 at 5:35 pm, DonkeyHoatie said:

    To use the TOTUS analogy, the wheels on his car have fallen off, it’s skidded off the road and is in a ditch. The police investigation shows he was asleep at the wheel, driving 120mph in 35mph zone, and he didn’t have a drivers license in the first place. But his defense is that someone else is at fault?

    No, his defense is that the guy he bought the car from (Booosh) failed to have the oil changed in a timely fashion.

  41. #41
    On October 14th, 2011 at 3:42 pm, Freddy said:

    The clear revelation I heard was the one treasury fellow pointing out to a Federal statute regarding any shifting in the use of money in excess of $100,000. That dollar amount apparently triggers a requirement of a mandatory review by the Justice department. This was mentioned in both an email and in a phone meeting to the people in the energy department.

    WHY the people in the energy department IGNORED that point has yet to be resolved.

    The other point I heard was from Rep Dingle (D-Mich). He clearly stated the goal of the entire energy program was to create US jobs. He said clearly that the energy department was working feverishly to help make batteries in the US. He stated that the new Chevy Volt needs to use batteries and that those batteries should be made in the US.

    Unfortunatly, I guess he did not realize this hearing was about a loan guarantee for one particular company, Solyndra, and it’s apparently illegal loan restructuring.

    I wonder if Dingle realizes that the 1.2 billion guarantee for SunPower, from this same program, is to setup a new factory in Mexicali, Mexico? I wonder if the money that Sunpower alledgedly got from a third party after the federal loan subordinates the federal government loan guarantee? Someone needs to investigate that aspect PRONTO!

    Meanwhile, the treasury guys just sat behind the ‘I just do my job and do not care if the entire country burns to the ground around me’ defense that ALL government workers resort to when confronted with the abject failure of their efforts.

  42. #42
    On October 18th, 2011 at 3:39 pm, stacman said:

    The Culture of Corruption is going to wim this one too. The administration is already stonewalling any possibility of an investigation since they’re refusing to release any of the documents requested. This administration can literally do whatever they want, and it doesn’t matter who likes it. If there ever was a smoking gun for Obozo’s direct involvement, I would suspect it’s in the information they won’t turn over. Laws only apply to us little people…

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