Romney Campaign Press Release - President Obama's Political Payoffs Produced Middle-Class Layoffs At Solyndra

"Life in the Obama economy is difficult for millions of struggling middle-class Americans — but President Obama didn't make it any easier for more than a thousand workers at Solyndra. While the President's political allies reaped the benefits of half a billion dollars in taxpayer funds, American workers lost everything. Middle-class families deserve better from their president." —Andrea Saul, Romney Campaign Spokesperson

President Obama's First Political Payoff Was To Solyndra — Which Received Half A Billion Dollars Before Going Bankrupt And Laying Off Workers:

In March 2009, President Obama's Energy Department Awarded A $535 Million Loan Guarantee To Solyndra — The First Loan Approved By The Obama Administration. "Energy Secretary Steven Chu today offered a $535 million loan guarantee for Solyndra, Inc. to support the company's construction of a commercial-scale manufacturing plant for its proprietary cylindrical solar photovoltaic panels. The company expects to create thousands of new jobs in the U.S. while deploying its solar panels across the U.S. and around the world." (U.S. Department Of Energy, "Obama Administration Offers $535 Million Loan Guarantee To Solyndra, Inc.," Press Release, 3/20/09)

• The Obama Administration's Press Release Claimed Solyndra's Loan Would Create More Than 4,000 Jobs For American Workers. "Once finalized, the DOE loan guarantee will enable the company to build and operate its manufacturing processes at full commercial scale. Solyndra estimates that: The construction of this complex will employ approximately 3,000 people. The operation of the facility will create over 1,000 jobs in the United States. The installation of these panels will create hundreds of additional jobs in the United States." (U.S. Department Of Energy, "Obama Administration Offers $535 Million Loan Guarantee To Solyndra, Inc.," Press Release, 3/20/09)

Solyndra Went Bankrupt In 2011, Costing Taxpayers Hundreds Of Millions Of Dollars. "In a blow to the Obama administration's efforts to create green jobs, solar-cell maker Solyndra announced Wednesday that it will close its remaining Fremont factory, lay off its 1,100 employees and file for bankruptcy. The news marked an abrupt end for a company once considered among the most innovative in a fast-changing industry. The bankruptcy also represents a high-profile failure for a federal stimulus program that gives loan guarantees to green-tech manufacturers." (David R. Baker and Carolyn Said, "Solyndra Closes Fremont Plant - Stimulus Hopes Dim," San Francisco Chronicle, 9/1/11)

Solyndra's Bankruptcy Cost 1,861 Workers Their Jobs. "On the day it closed, Solyndra said it was laying off 1,100 full-time and temporary employees. But 1,861 workers lost their jobs as the solar panel manufacturer shut its doors, according to U.S. Labor Department documents provided to The Bay Citizen under the Freedom of Information Act." (Aaron Glantz, "Solyndra Layoffs Larger Than Previously Reported," The Bay Citizen, 6/13/12)

Who Did President Obama's Failed Solyndra Loan Benefit? His Political Allies And Family Members Of Administration Officials:

The Administration Restructured The Solyndra Loan "In Such A Way That Private Investors — Including A Fundraiser For President Barack Obama — Moved Ahead Of Taxpayers For Repayment..." "The Obama administration restructured a half-billion dollar federal loan to a troubled solar energy company in such a way that private investors — including a fundraiser for President Barack Obama — moved ahead of taxpayers for repayment in case of a default, government records show. ... Under terms of the February loan restructuring, two private investors — Argonaut Ventures I LLC and Madrone Partners LP — stand to be repaid before the U.S. government if the solar company is liquidated." (Matthew Daly, "Obama Admin Reworked Solyndra Loan To Favor Donor," The Associated Press, 9/16/11)

George Kaiser's Argonaut Ventures Is The "Single Largest Shareholder Of Solyndra." "Kaiser's Argonaut Ventures and its affiliates have been the single largest shareholder of Solyndra, according to SEC filings and other records. The company holds 39 percent of Solyndra's parent company, bankruptcy records filed Tuesday show." (Ronnie Greene And Matthew Mosk, "Obama Officials Sat In On Solyndra Meetings," iWatch And ABC News, 9/9/11)

During President Obama's 2008 Campaign, Kaiser Raised At Least $50,000 For The Obama Campaign. (Center For Responsive Politics, Accessed 7/13/12)

Kaiser Has Visited The White House On 16 Occasions. Three Times On March 12, 2009; March 13, 2009; May 7, 2009; Three Times On June 25, 2009; Twice On November 12, 2009; December 15, 2009; February 24, 2010 Twice On June 25, 2010; Twice On April 14, 2011; July 18, 2011. (Data.gov, Accessed 7/13/12)

Kaiser Met With White House Advisors The Same Month The Energy Department Gave Solyndra The Loan Guarantee. "His first recorded visit to the White House was March 12, 2009, when he met separately with Austan Goolsbee, a senior economic adviser to Obama, Pete Rouse, a senior adviser to the president, and Heather Higginbottom, deputy director of the Domestic Policy Council. The next day he met with Jason Furman, a member of Obama's National Economic Council. That month, the Energy Department awarded Solyndra the $535 million loan guarantee to commercialize its cylindrical solar panels." (Jim Snyder, "FBI Raids Bankrupt Solyndra As Lawmakers Question Panel Maker's Finances," Bloomberg, 9/9/11)

Steve Spinner — "An Elite Obama Fundraiser" — Presided Over The Energy Investment Program And "Pushed And Prodded" For Solyndra Loan Approval While His Wife's Law Firm Represented The Company. "An elite Obama fundraiser hired to help oversee the administration's energy loan program pushed and prodded career Department of Energy officials to move faster in approving a loan guarantee for Solyndra, even as his wife's law firm was representing the California solar company, according to internal emails made public late Friday." (Matthew Mosk, "Obama Fundraiser Pushed Solyndra Deal From Inside," ABC News, 10/7/11)

• Steven Spinner Raised Over $500,000 For President Obama's 2008 Campaign. "One of them was Steven J. Spinner, a high-tech consultant and investor in energy companies who raised at least $500,000 for Obama. He became one of Energy Secretary Steven Chu's key loan programs advisors while his wife's law firm represented a number of the companies that had applied for loans." (Ronnie Green And Matthew Mosk, "Bundlers On The Inside," iWatch, 9/29/11)

Steve Spinner's Wife Worked For Wilson Sonsini, Which Helped Its Clients Receive $2.75 Billion In DOE Grants And Financing. "The Energy Department came under criticism from Republicans earlier this year when agency e-mails raised questions about a possible conflict of interest involving Steven J. Spinner, a former department loan adviser who disclosed that his wife worked for Wilson Sonsini, a Silicon Valley law firm that handled funding applications for several clean-tech companies. Wilson Sonsini's clean-tech clients reaped $2.75 billion in Department of Energy grants and financing, the Post analysis found." (Carol D. Leonnig and Joe Stephens, "Venture Capitalists Play Key Role In Obama's Energy Department," The Washington Post, 2/14/12)