Linswritings

Solyndra green jobs scandal getting more interesting

Posted on: October 14, 2011

According to Fox News, Obama adviser David Prend sent an email to a White House aide encouraging the president to publicly embrace Solyndra, a solar panel manufacturer. But interestingly, Prend’s investment firm at that time partly owned the company.

David Prend, a co-founder of the Boston-based venture capital firm Rockport Capital, who used his role as a green energy adviser to
the Obama administration pushed for a half-billion-dollar subsidized loan for Solyndra even though his company was a major investor in the solar-panel manufacturer. Hmm, is this ethical? I don’t think so.

The other inside man on the Solyndra loan was Steve Spinner, a former NBC executive who became a green energy guru who helped steer energy and environmental policy for the administration starting in the 2008 transition team. Spinner pushed for Solyndra to get the loan even though his wife was the lawyer for the now defunct solar firm. Hmm, more connections here.

But the best friend Solyndra had was George Kaiser, whose family foundation was the largest investor in the firm. Kaiser made 16 trips to the White House between March 2009 and April 2011 to consult with officials. Kaiser, a billionaire devoted to liberal causes who donated $53,500 to Obama’s 2008 campaign and raised many times more, has said that he didn’t lobby for the government loan. But the frequent presence of such an important patron who was visibly attached to Solyndra would have been an  encouragement of its own.

But the Obama team was willing to go along with Prend, Skinner and Kaiser for one simple reason: The president had a plan to make
carbon costly.

Emails from senior Energy Department advisers Matt Rogers and Rod O’Connor from May of 2010 make it clear that as the company was starting to go down, the last hope was for the Democratically dominated Congress to finally push through a global warming bill that would make traditional energy sources more expensive and drive up demand for less efficient but less polluting solar cells. Do you think some Democrats had a stake in the green jobs economy?

Whatever the flaws in the Solyndra business model, the president likely saw only upside in siding with his donors and key advisers on
Solyndra. Remember that in February 2009, no one in Washington would have doubted that Obama would succeed in imposing his plan to require businesses to purchase transferable credits for the right to emit carbon dioxide, or at least something that would have made energy more expensive.

However, a handful of moderate Senate Democrats stopped the president’s plan. But had he succeeded, higher energy costs and the chance for companies to earn extra credits for the right to use other, more efficient energy sources by buying solar panels would have made Solynrda profitable, however bad its original business plan had been.

Stay tuned, I’m sure there is more twists and turns to this story.

Advertisements

1 Response to "Solyndra green jobs scandal getting more interesting"

Dems are all liars. It is part of their whole situation ethics mentality to morality. If lying can be excused for the greater good then there is no sin. BULLSHIT!
John Wilder

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: