Wednesday, September 21, 2011

Another $535 Million Down the Drain-Thank You Pres. Obama

President Obama as part of his green jobs initiative pushed hard for a company that was
already in financial trouble.

His pet project for solar power was the company Solyndra, to provide photovoltaic cells for
solar power systems sold to clients and North American and Europe.

Solyndra was given a 535 million dollar loan from the government, made by the Energy
Department, and authorized by the Treasury Department's Federal Financing Bank. This
loan was made despite warnings that the Solyndra was having solvency problems.

The company has since let go all 1,100 employees, closed the doors and filed for Chapter 11

Congressional leaders have complained that they were misled about Solyndra's precarious
financial position. Republicans in particular have criticized the Obama administration
for loaning taxpayer money to the failed company.

The House Energy and Commerce Committee will hold a hearing on Friday. The company has
hired so very high priced lawyers to assist them. CEO Brian Harrison and CFO
W.G. "Bill" Stover, Jr. have hired their own lawyers who are advising them to plead the
Fifth Amendment and refuse to answer questions.

There should be a full, thorough and complete investigation into this matter, with all findings
being made public. All questions should and must be answered.

And the fact that one of President Obama's biggest contributors is tied to Solyndra should
raise some serious questions.

But, then again it is ONLY 535 million dollars.

Jerald Terwilliger
National Chairman
American Cold War Veterans
"We Remember"

---------------- "And so the greatest of American triumphs... became a peculiarly joyless victory. We had won the Cold War, but there would be no parades." -- Robert M. Gates, 1996