White House Orders Review of Energy Department Loans

By Doug Powers  •  October 28, 2011 04:49 PM

**Written by Doug Powers

What are the odds this review determines that there was indeed malfeasance during their watch?**

**The Rhetorical Question of the Day was brought to you by QuietRock soundproof doors. When you don’t want to hear the answer, make it QuietRock!

From Fox News:

The White House has ordered a review of the Energy Department’s loan guarantee program in the wake of a growing scandal over Solyndra, a California-based solar company that went bankrupt after receiving a $528 million federal loan.

Congressional Republicans have been investigating the bankruptcy of Solyndra Inc. amid revelations that federal officials were warned it had problems but nonetheless continued to support it. The House Energy and Commerce Committee could vote as early next week to subpoena White House records related to the loan.

White House chief of staff Bill Daley says the new independent review will assess the condition of other loan guarantees made by the Energy Department. There are more than two dozen of these to a variety of clean energy companies.

Daley said he’s tapping a former Treasury official to conduct the review.

Don’t even bother to ask Rahm Emanuel about it.

Solyndra is the big name in the Energy Department’s venture socialism program where taxpayers only get a piece of the action on the downside, but Solyndra is not alone. Today brought just the latest example of a DoE loan to an Obama fundraiser:

An investment firm whose vice chairman has been an adviser and fundraiser for President Obama saw one of its portfolio companies win approval this year for $50 million in loans from the administration’s clean-energy loan program.

Washington-based Perseus says its affiliation with James A. Johnson, a major fundraiser for Obama’s campaign, played no role in persuading the Energy Department to award the loan to Vehicle Production Group, a Miami start-up that is manufacturing wheelchair-accessible cars and taxis.

Johnson headed Obama’s vice presidential selection committee in 2008 and is the former chairman of housing mortgage giant Fannie Mae. He was listed as a campaign fundraising bundler for Obama in the 2008 race, according to the Center for Responsive Politics, and committed to raising $200,000 to $500,000 for the upcoming presidential race.

Energy Secretary Chu will testify before Congress next month. Sheriff Joe Biden, who was charged with monitoring every dollar of stimulus money to make sure it was accounted for and spent responsibly, would have also been asked to appear but I think he’s going to be busy filing for a restraining order against Jason Mattera.

**Written by Doug Powers

Twitter @ThePowersThatBe

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Comments


  1. #1
    On October 28th, 2011 at 4:52 pm, mondamay said:

    In other news: Fox orders security audit of hen house.

  2. #2
    On October 28th, 2011 at 4:52 pm, Rogue Cheddar said:

    (munching popcorn) More cheese Gromit!

  3. #3
    On October 28th, 2011 at 4:54 pm, NavyGal said:

    Get ALL of them before they have the chance to shred, burn or otherwise destroy the documents.

    “Documents? We don’t have any documents.”

  4. #4
    On October 28th, 2011 at 4:55 pm, Rogue Cheddar said:

    Daley said he’s tapping a former Treasury official to conduct the review.

    Who wants to bet it’s another Clintonista?

  5. #5
    On October 28th, 2011 at 4:58 pm, SkyePuppy said:

    MSM to start calling for an end to the Congressional investigation in light of the White House review, in 3…2…1…

  6. #6
    On October 28th, 2011 at 4:59 pm, tomg51 said:

    a review of the Energy Department’s loan guarantee program

    from January 2001 to January 2009

  7. #7
    On October 28th, 2011 at 5:15 pm, DonkeyHoatie said:

    “Lets see, there’s that one, and that one, and oh yeah, I remember that one… Okay, Mr. President, we’ve reviewed them.”

  8. #8
    On October 28th, 2011 at 5:16 pm, Yumpin Yoda said:

    I really, really feel confident that Daley will leave no rock or stone unturned in what is sure to be a thorough investigation.

    sarc/off

    What do you want to bet that the entire West Wing is now creating a bedtime story for all of us that will exonerate everyone?

    MM is so right – nothing but filth and corruption in the D.C. cesspool.

  9. #9
    On October 28th, 2011 at 5:24 pm, Hangfire said:

    On October 28th, 2011 at 4:52 pm, mondamay said:

    In other news: Fox orders security audit of hen house.

    I thought the White House hates Fox.

  10. #10
    On October 28th, 2011 at 5:35 pm, letget said:

    OK people, has anything that has ever come out the wh been truthful? Does any numbers of the weekly or monthly jobs numbers ever been truthful? Don’t they have to revise them everytime? Now, how can we believe on single word that come out of bho, team, or even(it seems) dc? Do y’all believe bho? Do y’all believe that this will get resolved? Are taxpayers still gonna get the shaft with bho’s eo to do his evil works? You bet we will!
    L

  11. #11
    On October 28th, 2011 at 5:49 pm, redgypsy said:

    …so, “resist we much!” and we’d better do it muchly.

  12. #12
    On October 28th, 2011 at 5:50 pm, Marshall_Will said:

    Problem? WHAT Problem!

    http://www.bloomberg.com/news/2011-10-27/obama-miracle-is-white-house-free-of-scandal-commentary-by-jonathan-alter.html

    According to John Alter, this is only a “scandal” on “right wing websites”. NOT… quite as keen on backing UP his claims as our own Michelle, but what the hell, it’s Friday and who couldn’t use a laugh?

  13. #13
    On October 28th, 2011 at 5:50 pm, redgypsy said:

    so squawk, bellow, whatever you must to be heard over the Quietrock doors installed at the MSM newsrooms…

  14. #14
    On October 28th, 2011 at 5:52 pm, PApatriot said:

    OK, I can’t watch anymore…I am going to be more than ill…someone, PLEASE nail this EVIL before we’re all swallowed up by the cesspool!!

  15. #15
    On October 28th, 2011 at 6:05 pm, WaterBoyz said:

    Another sham.

    IF any results come of this it will be too late and posted somewhere after the obits.

    Just a distraction.

  16. #16
    On October 28th, 2011 at 6:07 pm, WaterBoyz said:

    So is the “document drop” for this Friday?

  17. #17
    On October 28th, 2011 at 6:10 pm, Marshall_Will said:

    a Miami start-up that is manufacturing wheelchair-accessible cars and taxis.

    So you burn money and fell good about doing it!

    “Why say No when it feels so good to say YES!?” ( Bonus pts. for source )

  18. #18
    On October 28th, 2011 at 6:19 pm, walterc said:

    It reminds me of the scene in TOMBSTONE when the Erps were headed for the OK Corral. Sheriff Behan headed them off and said something along the lines of “I’ve disarmed the bad guys, nothing to do or see here”.

    You can cancel your Congressional hearings, Sheriff Joe Biden and his deputies are hot on the trail of this malfeasance. And they will find out who in the Republican party is responsible.

  19. #19
    On October 28th, 2011 at 6:20 pm, Hangfire said:

    On October 28th, 2011 at 6:10 pm, Marshall_Will said:
    “Why say No when it feels so good to say YES!?” ( Bonus pts. for source )

    1. Castro District?
    2. Krispy Kreme?
    3. Tommy Boy?

  20. #20
    On October 28th, 2011 at 6:27 pm, cabrerski said:

    Washington-based Perseus says its affiliation with James A. Johnson, a major fundraiser for Obama’s campaign, played no role in persuading the Energy Department to award the loan to Vehicle Production Group, a Miami start-up that is manufacturing wheelchair-accessible cars and taxis.

    And of course, right on time to influence the market

    I am sure it is all one big coincidence…

    Bring the hot tar and feathers now.

  21. #21
    On October 28th, 2011 at 6:44 pm, Collateral Damage said:

    That’s just great. The extremely corrupt investigating the absolutely corrupt. Does anyone in America actually believe the Jackass-In-Chief and his Jackass Party, are actually capable of a truthful word???

  22. #22
    On October 28th, 2011 at 6:51 pm, right_on said:

    White House chief of staff Bill Daley says the new independent review will assess the condition of other loan guarantees made by the Energy Department.

    Well, there we have it in black and white…the review will be anything but independent, as we understand the word independent to mean.

    The opposite of what they say is the reality. Here’s why: They like the program, and have stated how wonderful, and forward looking it is. Why would they now want to review a “successful” program that “works”, and that is so “forward looking?” They wouldn’t.

    Has anyone yet remarked: Here we go again!?

  23. #23
    On October 28th, 2011 at 6:53 pm, Marshall_Will said:

    1. Castro District?
    2. Krispy Kreme?
    3. Tommy Boy?

    Oh… he’s good. He’s real good…

    When it comes to Gubmint handouts, who doesn’t like a twofer? I’m working on solar-powered umbrellas for Acorn volunteers as we speak.

  24. #24
    On October 28th, 2011 at 6:59 pm, Marshall_Will said:

    You’d think the US Justice Department would have better things to do (what with its Fast & Furious scandal, Solyndra, Gitmo terrorists …) than micromanage New York City taxicab design.

    No such luck.

    The US attorney’s office in Manhattan just filed a 23-page court brief insisting that (get this!) all new taxis be built to accommodate wheelchairs.

    It claimed the city just doesn’t have enough such cabs right now, in violation of the Americans With Disabilities Act.

    Jeez Louise! Is there no matter too minute — or local — to concern the all-powerful Department of Justice of the United States of America? What will it try to dictate next — taxi tire-tread depths?

    cabreski, you’re stoning me man! Stoning me!

  25. #25
    On October 28th, 2011 at 7:38 pm, yaymm said:

    An article in the AZ Republic yesterday read that the CEO of our largest local solar energy company in AZ is resigning. I suspect with a huge severance check.

    They only got a half a billion in loans from us a couple of years ago. Their stock dropped by 25% last week for some reason. The VP will take over as CEO.I wonder how long before they go belly up?

    Solar panels are being built into new homes here now, so you’d think the market would be fairly good, except new homes sales are really slow now too.I suspect they over produced and are sitting on a huge inventory.

  26. #26
    On October 28th, 2011 at 7:50 pm, California Red said:

    In the 20′s and 30′s progressives built damns in the name of prosperity and clean energy. Now we are blowing those same dams to restore the rivers for fish I love how progressives fail to see the irony of their previous green energy failures and how even successful ventures over time turn out to be no good.

  27. #27
    On October 28th, 2011 at 8:07 pm, WaterBoyz said:

    So, where are the RNC and GOP in the media talking up this “review”?

    You would think that for such a medium issue like this that someone with cajones would step up in front of the camera?

    Oh wait, I’d rather listen to paint dry than Boehner.

    Well I can hope…..

  28. #28
    On October 28th, 2011 at 8:20 pm, Pasadena Phil said:

    A name we read about every single day: Debbie Wasserman-Schultz.

    A name we never EVER read about: Reince Priebus.

    We all know the sound of DW-S’s annoying voice but would anyone recognize Priebus’ voice? Does he EVER say anything?

    Why can’t we have our presidential candidates and GOP party leaders making a big stink about all of these scandals? I don’t mean gentlemanly protests about “I’m better than Obama” but specific, newsworthy attacks that get everyone’s attention? They haven’t been shy attacking the Tea Party and conservatives and throwing them under the bus when they attack Dems.

    The one party system. We keep voting for it so why should anything change?

  29. #29
    On October 28th, 2011 at 8:31 pm, FirstSkirt said:

    Ha! Seeing is believing. When I see a Solyndra executive, a Solyndra lobbyist, and Eric Holder in handcuffs, then I’ll start believing.

  30. #30
    On October 28th, 2011 at 9:03 pm, swede said:

    Pasadena Phil said:
    Why can’t we have our presidential candidates and GOP party leaders making a big stink about all of these scandals? I don’t mean gentlemanly protests about “I’m better than Obama” but specific, newsworthy attacks that get everyone’s attention?

    Why indeed, unless none have a cogent energy strategy to propose – or the guts to call out the Gorebull warming (wealth redistribution) fraud and put a stake through it’s heart once and for all.

    Why is the Dept. of Energy loaning money to ANYONE? We need all the coal, natural gas and oil the US can produce and we need it NOW – and DOE is throwing our money at infeasible, undeveloped, unmarketable technologies.

    Solyndra is of course only one rotten egg in this basket. $529 billion to Fisker to build $110,000 hybrids that no one in the US will buy built in Finland?? This “investigation” is a sham attempt by the WH to distance itself from the very fraud they perpetrated – and I’ll bet $1 to a dog pile there is a whole lot more crud in this sewer. Watch for it.

  31. #31
    On October 28th, 2011 at 9:11 pm, stuckinIL4now said:

    The WH is investigating the Energy Dept loans just NOW? Why not before they gave ‘em out? Oh, but then they do call it a loan guarantee program. But didn’t the Solyndra scandal break like a few months ago?

    Wait, wait, wait. I musta been so occupied with the Occupiers that I missed all the latest breaking maliciousness and evil-doing at the Big House.

  32. #32
    On October 28th, 2011 at 9:47 pm, WaterBoyz said:

    Why can’t we have our presidential candidates and GOP party leaders making a big stink about all of these scandals? I don’t mean gentlemanly protests about “I’m better than Obama” but specific, newsworthy attacks that get everyone’s attention? They haven’t been shy attacking the Tea Party and conservatives and throwing them under the bus when they attack Dems.

    The one party system. We keep voting for it so why should anything change?

    The Ds have always hit Rs below the belt.
    Rs have, almost never, hit a D. They usually only tap with kid’s gloves.
    Thus we are getting what we are paying for.

  33. #33
    On October 28th, 2011 at 10:26 pm, Whirled Peas said:

    ‘We have conducted a thorough investigation and have determined an investigation was unwarrented.’ Eric Holder.

    Back in the real world, I’m sure it’s already been mentioned but it bears repeating, The White House is demanding an investigation as a smoke screen to nullify the subpenas that are to be coming from the Oversight Committee. It’s just another stonewalling tactic to prevent sunlight being shown on more corruption. That’s all.

  34. #34
    On October 28th, 2011 at 11:18 pm, Flyoverman said:

    Hey Rube!!

    P.T. Barnum’s livelihood was dependent on people who think this investigation will uncover anything criminal.

    “Mistakes were made.”

  35. #35
    On October 28th, 2011 at 11:21 pm, Whirled Peas said:

    On October 28th, 2011 at 11:18 pm, Flyoverman said:

    Hey Rube!!

    P.T. Barnum’s livelihood was dependent on people who think this investigation will uncover anything criminal.

    “Mistakes were made.”

    It won’t? /sarc (the obligatory tag)

  36. #36
    On October 28th, 2011 at 11:53 pm, davebrown said:

    Swede…(#30)
    Since all I have to do is put up a dog pile, I call. Where do you want me to send it?

  37. #37
    On October 28th, 2011 at 11:56 pm, Flyoverman said:

    It won’t? /sarc (the obligatory tag)

    :-)

    How many times have we seen this crap? The classic Potomac Two Step!

  38. #38
    On October 29th, 2011 at 12:13 am, ent said:

    The purpose of the review is probably to identify the companies which will need still more loans to avoid going under before November 4th, 2012.

    After November 4th? No big deal.

  39. #39
    On October 29th, 2011 at 12:16 am, rocketman said:

    ***
    And in unrelated “News”–Fidel Castro held a news conference and appointed his brother Raul to investigate the claims that Cuban Dissidents are being abused and mistreated by security forces.
    ***
    Raul acted quickly and handed Fidel a two line report stating that “The investigation is complete and no problems were found. This matter is closed!” The loyal Cuban media stood up and applauded.
    ***
    Then the brothers left the news conference and departed for the beach for a few well deserved Cuba Libres and an excellent seafood dinner.
    ***
    John Bibb
    ***

  40. #40
    On October 29th, 2011 at 1:17 am, Marshall_Will said:

    Someone mention Sun Power? Another Greener fave:

    In his Sept. 26 column for SeekingAlpha.com, Stoyan Elitzen lists SunPower as the ninth-most-shorted solar stock in either the New York Stock Exchange or NASDAQ markets. Short sellers are betting that a stock price will go down, as opposed to those who buy long, who expect a stock price to up.

    Thanks for the “Investopedia” definition. We GOT it from here.

    SunPower is currently on track to become the second embarrassing failure in the DOE’s loan portfolio. It is deeply in debt, and company executives recently announced plans to lower its earnings projections for 2011 even further.

    Seeking ALPHA? Never heard of ‘em?

    Seeking Alpha. 35 million pageviews $4.2 million in revenue. Most content is written for free by contributors, but SA has added many editorial, sales, and business development staff. Expensive tech platform requires expensive maintainance. A $840,000 profit. Founder is not critical to ops. According to the site, it publishes 250 articles per day from more than 3,000 contributors.

  41. #41
    On October 29th, 2011 at 4:53 am, swede said:

    davebrown said:

    Swede…(#30)
    Since all I have to do is put up a dog pile, I call. Where do you want me to send it?

    1600 Pensylvania Ave
    Washingtoon DC
    Attn: ZERO

  42. #42
    On October 29th, 2011 at 6:30 am, MacEamonn said:

    **Written by Doug Powers

    What are the odds this review determines that there was indeed malfeasance during their watch?**

    **The Rhetorical Question of the Day was brought to you by QuietRock soundproof doors. When you don’t want to hear the answer, make it QuietRock!

    The literal answer to that rhetorical question is: Slim and none :!:

  43. #43
    On October 29th, 2011 at 6:42 am, sonerai32645 said:

    The Pres is a real con.

  44. #44
    On October 29th, 2011 at 9:21 am, JHSII said:

    …and in other news, the fox is reviewing the number of chickens in the henhouse. The count is …one…two…munch…three…

  45. #45
    On October 29th, 2011 at 9:39 am, BK said:

    This is how the White House reviews loans.

    crony: Yes
    crony: Yes
    crony: Yes
    crony: Yes
    crony: Yes
    crony: Yes
    non-crony: No

  46. #46
    On October 29th, 2011 at 11:13 am, babiesgrandma said:

    You guys are too smart on this board today. Loved reading thru all comments.

    Happyscrapper needs to bring all those skillets from the Skillet House (see her pic from another post), and hand them out as weapons of choice to all of the rest of us. We are going to need them.

  47. #47
    On October 29th, 2011 at 11:30 am, cabrerski said:

    On October 28th, 2011 at 6:59 pm, Marshall_Will said:
    cabreski, you’re stoning me man! Stoning me!

    Uh…er…uh…sorry?

  48. #48
    On October 29th, 2011 at 11:38 am, thejim said:

    Our problem with all of this is that we have no one looking out for “We the People”. The R-Clowns are avoiding any conflict or confrontation so as not to jeopardize their own careers. The D-Criminals have control of all of our safety networks. We are in serious trouble.

  49. #49
    On October 29th, 2011 at 12:28 pm, cabrerski said:

    I just can’t help but imagine Boehner and McConnell reading a favorable column in the WaPo or NYT and gushing their best Sally Field:

    “…I’ve wanted more than anything to have your respect. The first time I didn’t feel it, but this time I feel it, and I can’t deny the fact that you like me, right now, you like me!”

  50. #50
    On October 29th, 2011 at 1:12 pm, puhiawa said:

    Wrong headline:
    Obama orders cover up of energy loans. WH says there will be no further comment until Holder releases his findings.

  51. #51
    On October 29th, 2011 at 1:41 pm, right_on said:

    This purpose for this “so called” independent review can be summed up in two words:

    Window dressing.

    Does anyone, except those with half-a-brain (anally retentive liberals,) really believe the Obama administration is:

    1) concerned about any level of spending on any program they support, except the Defense Department programs?

    2) sincerely going to be transparent with anything remotely connected to Obama, much less the origins of his campaign donations, or the people connected to them?

    3) suddenly going to become honest, not perjure themselves, and open the books for anyone, save Jarrett or Axelrod?

    I didn’t think so…well, the token progresso-idiota, Ilovefingeringmysphincter believes it.

  52. #52
    On October 31st, 2011 at 11:10 am, orlandocajun said:

    White House Orders Review of Energy Department Loans

    I’m guessing that Obama wants to ensure that every loan is subordinated to his campaign contributors before its too late!

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