Solargate: Solyndra is the Face of Obamanomics
“I Want Your Money”
(1) My political Photoshop satire and political satire tweets were inspired by recent news summarized in the following timeline:
The federal subsidized loan was Obama’s first loan guarantee (taxpayer backed financing) for a clean energy project to benefit Solyndra, a company whose prime financial backers include Oklahoma oil billionaire George Kaiser, the chairman of Kaiser-Francis Oil Company. Kaiser raised between $50,000 and $100,000 for Obama’s election effort in 2008 and the George Kaiser Family Foundation controls 35.7 percent of Solyndra.
Obama Bundler George Kaiser in 2009: It’s Time to Cash in on the Mother of All Government Handouts…
Solyndra investor and Obama bundler George Kaiser speaking about how he was trying to get as much of Obama’s giant stimulus payout as possible at a Rotary Club event in Tulsa, OK on July 8, 2009.
Both investors poured $75 million into the company when Solyndra nearly went bust in January.
Under the restructuring scheme, $150 million of government funds would be considered senior debt which means private creditors will be the first to be repaid before the taxpayers can recover the $385 million spent by Obama.
According to Rep. Steve Scalise (R-Louisana), the taxpayers became subordinate in the restructuring agreement in clear violation of the Energy Policy Act of 2005, which states taxpayer dollars must “not [be] subordinate to other financing.”
Solyndra became the third U.S. solar company to seek bankruptcy protection. Evergreen Solar Inc filed for Chapter 11 on Aug 15, 2011, and relocated its manufacturing to China.
SpectraWatt Inc, a private company that was backed by Intel Corp. and Goldman Sachs Group Inc., filed for Chapter 11 on Aug 19, 2011.
Ironically, Solyndra’s bankruptcy petition occurred two years after Energy Secretary Stephen Chu and Vice President Joseph R. Biden announced approval of $535 million in federal loans to Solyndra.
“This announcement today is part of the unprecedented investment this administration is making in renewable energy and exactly what the Recovery Act is all about,” Chief of Gaffe Biden said.
Unfortunately, California FBI spokesman Peter Lee said he could not reveal the details about the joint investigation yet, reporters believe the Justice Department and Inspector General are investigating Solyndra to find evidence that the company misled the government in 2009 as well as the details of their loan refinancing (restructuring) in 2011.
Obama Geico Parody: Who is Watching Government Spending?
Solyndra Silence is Golden to Obama’s Ears
Talking is cheap… people follow like sheep,
How could Americans tell Obama deceived them so well,
Pity the Kool-Aid Kids will be the last ones to know,
Silence is golden, but the Kool-Aid Kids’ eyes still sleep.
(2) My Photoshop satire was created from Solyndra’s photo of President Obama’s tour of the Solargate company on May 26, 2010 and muppet photos.
“I don’t know about you, but I’m not prepared to cede American leadership in this industry, because I’m not prepared to cede America’s leadership in the global economy.
So that’s why we’ve placed a big emphasis on clean energy. It’s the right thing to do for our environment, it’s the right thing to do for our national security, but it’s also the right thing to do for our economy.
And we can see the positive impacts right here at Solyndra. Less than a year ago, we were standing on what was an empty lot. But through the Recovery Act, this company received a loan to expand its operations. This new factory is the result of those loans.” –President Obama
(3) According to ‘The Daily Caller,’ Obama’s DOE stimulated four more Solar Power companies with loan guarantees in excess of $500 million to build solar power plants. Their report claims that the Solar Power companies also employed board members or executives who have donated money to Democratic campaigns.
On Sep 28, 2011, SolarReserve LLC received a $737 million loan guarantee to build a solar-thermal plant in Nevada. PCG Clean Energy & Technology Fund (East) LLC is a investment partner of SolarReserve and PCG’s number two is Ronald Pelosi, brother-in-law of Nancy Pelosi, the Minority Leader in the Swamp of Shame.
The estimated cost of constructing a Photovoltaic Solar power ($4751/kW) generating plant is more than 10 times of the advanced open cycle gas turbine power ($420/kW) generating plants. Due to expensive construction costs, there is no free market incentive to build Solar Energy plants unless one receives Obama’s Green light for his Stimulus Package.
Posted on September 27, 2011, in Humor, Political Humor, Political News, Political Satire, Presidential Phun, Satire and tagged Barack Hussein Obama, Joe Biden, Obamanomics, Political Humor, Political News, Political Satire, President Barack Hussein Obama, Presidential Phun, Recovery Act, Rep. Steve Scalise, Satire, Solargate, Solyndra, Stimulus Package, Vice President Joe Biden, Wordpress Political Blogs. Bookmark the permalink. Leave a comment.