Republicans trying to turn this in to Obama’s whitewater… but facts suggests this was Bush’s!
It’s often claimed that the Solyndra loan guarantee was “rushed through” by the Obama administration for political reasons. In fact, the Solyndra loan guarantee was a multi-year process that the Bush administration launched in 2007.
You’d never know from the media coverage that:
The Bush team tried to conditionally approve the Solyndra loan just before President Obama took office.
The company’s backers included private investors who had diverse political interests.
The loan comprises just 1.3 percent of the Department of Energy’s (DOE) overall loan portfolio. To date, Solyndra is the only loan that’s known to be troubled.
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May 2005: Just as a global silicon shortage begins driving up prices of solar photovoltaics, Solyndra is founded to provide a cost-competitive alternative to silicon-based panels.
July 2005: The Bush administration signs the Energy Policy Act of 2005 into law, creating the 1703 loan guarantee program.
February 2006 – October 2006: In February, Solyndra raises its first round of venture financing, worth $ 10.6 million from CMEA Capital, Redpoint Ventures, and U.S. Venture Partners. In October, Argonaut Venture Capital, an investment arm of George Kaiser, invests $ 17 million into Solyndra. Madrone Capital Partners, an investment arm of the Walton family, invests $ 7 million. Those investments are part of a $ 78.2 million fund.
December 2006: Solyndra applies for a loan guarantee under the 1703 program.
Late 2007: Loan guarantee program is funded. Solyndra was one of 16 clean-tech companies deemed ready to move forward in the due diligence process. The Bush administration DOE moves forward to develop a conditional commitment.
October 2008: Then Solyndra CEO Chris Gronet touted reasons for building in Silicon Valley and noted that the “company’s second factory also will be built in Fremont, since a Department of Energy loan guarantee mandates a U.S. location.”
November 2008: Silicon prices remain very high on the spot market, making non-silicon based thin film technologies like Solyndra’s very attractive to investors. Solyndra also benefits from having very low installation costs. The company raises $ 144 million from ten different venture investors, including the Walton-family run Madrone Capital Partners. This brings total private investment to more than $ 450 million to date.
January 2009: In an effort to show it has done something to support renewable energy, the Bush administration tries to take Solyndra before a DOE credit review committee just one day before President Obama is inaugurated. The committee, consisting of career civil servants with financial expertise, remands the loan back to DOE because it wasn’t ready for conditional commitment.
http://www.grist.org/solar-power/2011-09-13-bush-admin-pushed-solyndra-loan-guarantee-for-two-years
More Pages:
- Solar Panel: WHY WAS SOLYNDRA OFFERED $535 MILLION LOAN GUARANTEE BY THE U.S. DEPARTMENT OF ENERGY? (11/6/2011)
- Solar Panel: Is The Number One Way To Decrease Our Dependence On Foreign Oil, To Fully Develop Our Own Oil Reserves? (8/12/2011)
- Solar Products: I Would Like To Know How To Find Capital To Finance A Scandinavian Company Within The Solar Energy Sector? (6/16/2011)
- Obama canceled America’s “Return to the Moon” program started by former president George Bush.?
- Solar Turbines: Have You Seen The Obama Fact Check On His Stimulus? (6/28/2011)
{ 17 comments… read them below or add one }
Nope.
So Bush gave it the ok and went there for a photo op, guess I missed that
This is ALL obammy
Here’s why you’re wasting your time: it doesn’t really matter who kicked it off. Obama has CLEARLY already stated his support for it via public appearances and quotes like “it was a good bet”.
But I’m fine with blaming Bush too.
The loan went through under Obama. Period.
Bush is not the president any more. Too bad Obama is not more like Harry Truman. At least Truman knew where the buck stopped. Obama and his supporters think it stops in Crawford, Texas.
In 2012, no one is going to believe “Its Bush’s fault”, you’ve been at the helm too long for anyone to believe that.
Go Obama!… just go…
HAHAHAHAHAHAHAHAHAHA!
Good one
Bush’s administration refused it and Obama’s accountants said it was going broke. I don’t know who blew you full of such a load of crap, but you’re really out there on this one.
The Obama administration worked it so even in default the Feds didn’t get 1st dibs on recovery, Obama’s bundler of donations did and even the Democratic Party of California was put down as a creditor, HOW THE HELL DID THAT HAPPEN?
Just another of Obama’s Organized crime deals.
CAN YOU SAY … MONEY LAUNDERING!
blah blah blah liberal garbage
The Bush administration was asked to back a loan for them, but all 5 people that looked at it said it was too risky to back, I have a feeling you know that but are trying to make the uninformed believe that “It`s Bush`s Fault”.
No. Obama and his energy industry killing appointee Stephen Chu are to blame.
The same reason Democrats are so desperate to pin Enron on Bush, even though it happened on Clinton’s watch.
roflcopter… you really should cut back on the keith oberman, that crap will rot your brain. the truth is that bush administration denied them and obama and his push for “green jobs” gave them the money… MY hard earned money. but rest easy i doubt you pay taxes so your money was not wasted.
not true. this is all obama. they rushed it through even though they knew it was bad. but the good news is, the investors, friends of obama, big contributors, are not going to lose their investment. we, the taxpayers get to absorb that plus the 532 million. they all knew about it. the usual blame bush is not going to work. read the links below, one from abc. there are even e-mails to back it up.
Its Obamas baby .
No spin Buddy Obama is wearing this one and it looks good on him…
Nice try dude. Bush said no and Obama said Yes Sirri Bob.
Obama deserves most of the blame, but Obama voters owe the country a huge apology.
As you point out..the loan was remanded back to DOE because it was not ready for conditional commitment. No matter if the loan was remanded 1 day or one year before obama was inaugurated. It was remanded on Bush’s watch and approved on Obamas watch.
Bush dropped it. For a reason.
The Stimulus Bill was rushed through. That is why it failed.