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Press Release - Solyndra: President Obama Built That

August 03, 2012

"When President Obama claimed government helped build businesses, he must have been thinking about his failed attempt to prop up Solyndra. But after half a billion in wasted taxpayer dollars and nearly 2,000 unemployed workers, it's clear the only people who lost on President Obama's Solyndra gamble were American taxpayers. Mitt Romney understands hard work and entrepreneurship build businesses, not 'the bank of Washington.'" —Andrea Saul, Romney Campaign Spokesperson

During Consideration Of The Solyndra Loan, The Obama White House Characterized It As An Example Of The Government Bringing "The Private Sector Along":

Obama White House Aide Aditya Kumar, On The Solyndra Loan: "When Government Plays A Part, It Can Bring The Private Sector Along..." KUMAR: "When Government Plays a Part, It can Bring the Private Sector Along: Solyndra has secured over large amounts in private capital which is a story in itself."  (Aditya Kumar, Director Of Special Projects In The Office Of Chief Of Staff Rahm Emanuel, E-mail To Danielle M. Crutchfield, Alyssa M. Mastromonaco, Elizabeth Jarvis-Shean, And Dan Pfeiffer, f. 230, 8/19/09)

"Solyndra's CEO Labeled President Barack Obama's Administration 'The Bank Of Washington.'" "Solyndra's CEO labeled President Barack Obama's administration 'The Bank of Washington.' ... 'The Bank of Washington continues to help us!" he wrote in the October 2009 e-mail, which sketched plans for Solyndra to exploit several additional federal programs and tax-incentives." (Neil Munro, "Obama's 'Bank Of Washington' Applauded By Solyndra CEO In Email," The Daily Caller, 8/2/12)

Who Else In The Obama Administration Helped Prop Up Solyndra? Jacob Lew Who Ignored Warnings And Let The Government Bail Out The Company:

In Early 2011, Senior Obama Administration Officials Ignored Warnings And Allowed The Energy Department To Restructure Solyndra's Federal Loan, Putting "Private Investors Ahead Of Taxpayers For Repayment." "Even so, senior officials in the White House's Office of Management and Budget did not discourage the Energy Department from proceeding with its plan to restructure a federal loan to Solyndra — a move that put private investors ahead of taxpayers for repayment if the company closed, the investigation by Republicans on the House Energy and Commerce Committee found." (Joe Stephens and Carol D. Leonnig, "White House Analyst Warned Saving Solyndra Could Cost More Than Letting It Fail," The Washington Post, 8/1/12)

  • An OMB Budget Analyst Calculated That Restructuring Solyndra's Loans Could Cost Taxpayers Hundreds Of Millions Of Dollars. "As the Obama administration moved last year to bail out Solyndra, the embattled flagship of the president's initiative to promote alternative energy, a White House budget analyst calculated that millions of taxpayer dollars might be saved by cutting the government's losses, shuttering the company immediately and selling its assets, according to a congressional investigation." (Joe Stephens and Carol D. Leonnig, "White House Analyst Warned Saving Solyndra Could Cost More Than Letting It Fail," The Washington Post, 8/1/12)

"White House Chief Of Staff Jack Lew May Have Disregarded Warnings From Lower-Level Budget Employees That The Administration's Efforts To Prop Up Solyndra Were Unwise And Possibly Illegal..." "White House chief of staff Jack Lew may have disregarded warnings from lower-level budget employees that the administration's efforts to prop up Solyndra were unwise and possibly illegal, The Washington Post is reporting based on an upcoming House Energy and Commerce Committee report. The Post's story says the report 'suggests' that Lew — in his previous role as director of the Office of Management and Budget — 'let the refinancing move forward without intervening, even though some OMB analysts thought a refinancing plan that favored private investors might violate the law.'" (Bob King, "Solyndra Report May Implicate Lew, Washington Post Writes," Politico, 8/2/12)

But Lew Wasn't Alone — Many Senior Obama Officials Advocated For Government Involvement In Solyndra:

An E-Mail From An Aide To Then-Chief Of Staff Rahm Emanuel Indicated That President Obama's Involvement In The Solyndra Loan Was "Rahm's Idea." "From the House report on Solyndra, an email from the deputy director of special projects in then-chief of staff Rahm Emanuel's office, indicating he wanted the president involved in the Solyndra project: ... 'Ron wants to have this move through the process and NOT be in a 'holding pattern'. He has talked to Rahm about this, and feels like Rahm wants this too (barring any concerns) -- POTUS involvement was Rahm's idea.'"  (Maggie Haberman, "Solyndra Report Email: 'POTUS Involvement Was Rahm's Idea'," Politico, 8/2/12)

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)

Taxpayers And The Workers Who Lost Their Jobs Are The Ones Who Paid The Price For President Obama's Involvement In Solyndra:

"Last Week, Solyndra's Final Liquidation Plan Estimated That The Government Will Recover Just $24 Million Of The $527 Million That Taxpayers Lent To The Company." "Even so, senior officials in the White House's Office of Management and Budget did not discourage the Energy Department from proceeding with its plan to restructure a federal loan to Solyndra — a move that put private investors ahead of taxpayers for repayment if the company closed, the investigation by Republicans on the House Energy and Commerce Committee found. The restructuring went forward, but within months Solyndra failed anyway, leaving federal taxpayers on the hook for much of the half-billion-dollar federal loan. Now, a year after the company's collapse, debate continues over whether the refinancing plan was legal or a wise investment. Last week, Solyndra's final liquidation plan estimated that the government will recover just $24 million of the $527 million that taxpayers lent to the company." (Joe Stephens and Carol Leonnig, "White House Analyst Warned Saving Solyndra Could Cost More Than Letting It Fail," The Washington Post, 8/1/12)

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)

Mitt Romney, Press Release - Solyndra: President Obama Built That Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/302179

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