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Say What? President Obama Finally Answers for Solyndra…

October 4, 2011

No Regrets? … Hindsight is Always 20/20? … It Went Through the Regular Review Process, and People Felt Like this Was a Good Bet?

View the video HERE.

Mr. President, the facts say otherwise on Solyndra…  Corners were cut and the alarm bells were coming from within your own administration in 2009.

Bush Administration: “(R)ecommendation for approval premature at this time.”

January 9, 2009, Solyndra DOE Credit Committee Recommendation

Bush Administration: “(I)t was the unanimous decision not to engage in further discussions with Solyndra..."
January 13, 2009, Email between DOE staff regarding “Solyndra meeting”

Obama Inaugurated – Solyndra back on track: "As we are approaching the beginning of the approval process for Solyndra again…"
January 26, 2009, Email between DOE staff regarding “Solyndra analysis”

Obama OMB: Solyndra  “deal is NOT ready for prime time."
March 10, 2009, Email between OMB staff regarding “Solar co loan announcement in northern california” 

DOE staff concerned Solyndra’s cash flow is major outstanding issue: "(W)e still have a major outstanding issue. … The issue of working capital assumptions has been a major issue repeatedly raised since December (2008)."
August 19, 2009, Email between DOE staff regarding “Solyndra”

DOE staff warns Solyndra will be out of cash in September 2011: "(T)he issue is cash balance… (T)he model runs out of cash in September 2011 even in the best case… (H)ow can we advance a project that hasn't funded working capital requirements…"
August 20, 2009, Email between DOE Staff regarding “Solyndra: Responses to Credit Analysis Questions”

Senior OMB staff feel jammed on Solyndra’s final credit subsidy cost: "(W)e also need to make sure they don't jam us on later deals so there isn't time to negotiate those, too."
August 27, 2009, Email between OMB staff regarding “Final Solyndra Credit Subsidy Cost”

Senior OMB staff warns, “Given the time pressure we are under to sign-off on Solyndra, we don’t have time to change the model…”
August 27, 2009, Email between OMB staff regarding “Final Solyndra Credit Subsidy Cost”

Senior OMB official tells Terrell McSweeny, Domestic Policy Advisor for VP Biden, “We have ended up in the situation of having to do rushed approvals on a couple of occasions (and we are worried about Solyndra at the end of the week). We would prefer to have sufficient time to do our due diligence reviews and have the approval set the date for the announcement rather than the other way around."
August 31, 2009, Email between OMB staff and Terrell McSweeney, Domestic Policy Advisor for VP Biden


The Obama Regular Review Process?

“Approval premature…,” “not ready for prime time…,” “how can we advance a project…,” “model runs out of cash…,” “we don’t have time…,” “rushed approvals…,” “worried about Solyndra… .” 

Is this what the President’s no-regrets, regular review process always looks like when billions of taxpayer dollars are on the line?

 

 

U.S. Representative Fred Upton

U.S. Representative Joe L. Barton

Congressman Fred Upton has represented the commonsense values of southwest Michigan since 1987. In 2010, Fred was selected by his House colleagues to serve as Chairman of the Committee on Energy and Commerce. Read More»;