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Author Topic: "Obama donor gained nearly $1 billion in tax credits in Solyndra bankruptcy"  (Read 1022 times)
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WhiskeyGirl
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« on: September 19, 2013, 03:42:55 PM »

"Day 4: Obama donor gained nearly $1 billion in tax credits in Solyndra bankruptcy"

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Most people who follow the news are aware that President Obama invested $527 million in Solyndra, the now-bankrupt California-based solar panel manufacturing company.

What is much less well-known is that the federal government was legally required to cut its losses of tax dollars just months into the project, and that only an illegal loan modification made to benefit an Obama fundraiser led to taxpayers losing more than $500 million.

“The true engine of economic growth will always be companies like Solyndra,” Obama declared in May 2010, but even then, the company was burning through more than $10 million a month and headed towards bankruptcy.

By December 2010, Solyndra was so cash-poor that it missed a $5 million payment to an Equity Funding Account as required by the firm’s deal with the Energy Department.

About this series
On Nov. 16, 2010, just days after voters gave Republicans control of the House of Representatives, the progressive think tank Center for American Progress published a report titled "The Power of the President."

Obama-Biden Transition Project Chairman John Podesta introduced the report, writing that "in the aftermath of this month's midterm congressional elections, pundits and politicians across the ideological spectrum are focusing on how difficult it will be for President Barack Obama to advance his policy priorities through Congress."

"Some debate whether the administration should tack to the center and compromise with the new House leadership," Podesta continued.

"As a former White House chief of staff, I believe those to be the wrong preoccupations. President Obama's ability to govern the country as chief executive presents an opportunity to demonstrate strength, resolve, and a capacity to get things done," Podesta said.

Not only did Obama almost immediately embrace the report's call for maximizing executive power to achieve progressive ends without Congress, it even branded the effort "We Can't Wait," thus advertising the fact that Obama had abandoned all pretense of following the U.S. Constitution's carefully drawn separation-of-powers doctrine.

In this Washington Examiner series, Senior Writer Conn Carroll documents the many times Obama has flagrantly abused executive authority to advance his liberal agenda without congressional approval.

The top 10 instances will be examined over the next two weeks, and more will come later.

The DOE could have canceled the Solyndra loan then and cut the taxpayers’ losses at the $440 million previously disbursed to the company. Instead, DOE told Solyndra the government would “forbear” its right to cancel the contract as long as Solyndra complied with certain federal regulations on compensation for its employees.

read more here - http://washingtonexaminer.com/obama-donor-gained-nearly-1-billion-in-tax-credits-in-solyndra-bankruptcy/article/2536031?utm_campaign=Fox%20News&utm_source=foxnews.com&utm_medium=feed
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