Email ties Solyndra scandal directly to White House

**Posted by Phineas

Obama’s Chief Investment Adviser

If former White House Chief of Staff Bill Daley knew about Solyndra’s financial troubles, and yet the DoE still went ahead with restructuring the loan to illegally subordinate taxpayers in the event of default, what are the odds Barack Obama didn’t know?

Buried in the treasure trove of White House emails related to Solyndra released Thursday by the House Energy and Commerce Committee is one suggesting that concerns about Solyndra’s viability were shared all the way up to then-White House Chief of Staff Bill Daley a full six months before the company went bust.

(…)

As Solyndra began sinking for good last August, [OMB analyst Kelly] Colyar sent an email summarizing the events leading to a near total taxpayers loss of the $535 loan.

“You may recall that DOE announced in March that they had restructured the Solyndra loan,” Colyar writes. “Prior to this restructuring, OMB staff expressed reservations about the prospects of the company and DOE’s proposal.”

And here’s the key line: “The issue was discussed with the NEC and the Chief of Staff.”

In the end, of course, the loan restructuring went through anyway and, Colyar writes, “Unfortunately, the scenario which OMB staff had feared has materialized.”

That “unfortunate situation”, of course, was a bankruptcy that left taxpayers unable to recoup almost all of $535 million loan blown by Solyndra.

Sure, Daley and the National Economic Council signed off on the loan restructuring without consulting their boss. Uh-huh. Would you care to buy this lovely bridge, too?

Ed Morrissey calls it a bombshell:

This, however, is much more serious. This is the first time Obama’s inner circle has been tied to the restructuring and its illegal subordination of those taxpayer loans. If Daley was briefed on the details of that restructuring before it got put in place and it still went forward, one can infer that Daley didn’t raise any objections to it. It’s hard to imagine that Daley would have gone out on that limb without getting approval from the man to whom he directly reported — Barack Obama.

I think it’s time the Energy & Commerce Committee called Mr. Daley in for some testimony under oath, don’t you? Not only should the federal government not have ever been playing the role of venture capitalist, a role it’s lousy at, but its failure to write off Solyndra at an earlier stage, when Colyar first warned about it, cost the taxpayers an additional $394 million. And it broke the law by putting taxpayers behind outside investors —including an Obama bundler— for claims on assets in case of a bankruptcy. Which is just what happened.

Remember what Obama said a few weeks ago? “We tried our plan, and it worked!”

Heckuva job, Barry.

RELATED: Earlier posts on Solyndra.

(Crossposted at Public Secrets)

The Solyndra fiasco summarized

**Posted by Phineas

Obama loan officer at work

The Washington Post has a good summary of the Solyndra loan fiasco. For those not familiar, Solyndra was a “Green energy” company that bet it could make big bucks selling solar panels that were more expensive than those produced in China.

Yeah, I know. Dumb bet.

Anyway, Solyndra applied for a loan from a program for alternative-energy startups that began under George W. Bush. (1) The loan was rush through the approval process by the Obama administration, apparently so Obama and Biden could both use the company for photo ops.

Then everything fell apart.

Solyndra went broke, the more than $500,000,000 in stimulus money (2) vanished down the toilet of dumb ideas, and first crack at any money recovered Solyndra’s corpse goes not to the taxpayers who loaned the money, but to a big-time Obama donor who backed a loan restructuring just before the company went toes-up.

What’s amusing is the Democrats all screaming that this is just election-year politics and that it’s a waste of time investigating this.

Politics? Oh, yeah. Holding the party in power accountable for its decisions is exactly what an opposition party is supposed to do.

But, “waste of time?” On the contrary: this is a drum that should be beaten again and again until election day.

Meanwhile, read the article. If the waste, venality, and (I think) likely corruption doesn’t make you mad, nothing will.

PS: Romney 2012, because adolescents should never be trusted with the national credit card.

RELATED: Earlier posts about Solyndra.

Footnotes:
(1) Note to Mitt Romney: this was a bad idea. Government should not be in the venture-capital business. When you’re in office, kill it.
(2) In other words, Solyndra is part of the over $800 billion dollar Stimulus package that accomplished nothing, except to drive us deeper into debt. So, not only have we lost $500 million on Solyndra, roughly 40% of it has to be paid back to our creditors. But, to hold Obama accountable would just be election year politics. And racist.

(Crossposted at Public Secrets)

Quote of the Day, “Journalists just don’t get it” edition

**Posted by Phineas

Iowahawk on the Solyndra debacle and The Washington Post‘s ideological blinders:

Look, I have nothing against Linda Sterio, any more than I have anything against a waitress unwittingly employed by an Al Capone speakeasy. I wish her well in obtaining employment. But let’s be clear: the scandal is not that she lost her job at Solyndra, it’s that she ever had a job at Solyndra. And that she, and countless others, were deprived jobs at legitimate businesses because government sucked $500 million out capital markets to endorse and underwrite the “clean-energy” hustles of its favorite check-writing eco-crooks.

The price of newsprint being what it is, I suppose it might be too much to ask the WaPo to run photos of the real victims of this scam, the 100 million or so American taxpayers who were left to pick up the tab. Unlike Ms. Sterio we never got a paycheck out of it, only a $5 invoice. But would it kill the Post’s editors to occasionally re-examine its J-school narratives and acknowledge sometimes failure is not the result of Government Not Doing Enough?

And if you haven’t bookmarked Iowahawk, you should. When he’s being serious, he’s good. When he’s being satirical, he’s good and funny.

(Crossposted at Public Secrets)

Solyndra: taxpayer-funded bonuses for the bankrupt — Update: subpoena issued

**Posted by Phineas

Remember when Congress, the MSM, and President Obama were all aghast and outraged at the bonuses paid to AIG execs after the 2008 crash?

So you can be sure they’ll be pounding the podium over bonuses paid to executives of now-bankrupt Solyndra:

Karen Alter, senior vice president of marketing, received two $55,000 bonuses on April 15 and July 8 of this year, on top of her $250,000 annual salary.

Ben Bierman, executive vice president of operations and engineering, received $120,000 in bonuses this year on top of his $276,000 salary.

Paula Camporaso, vice president of information technology — $80,000 in bonuses on top of her $107,000 salary.

Dave Sanat, vice president of supply chain — $80,000 in bonuses on top of his $111,000 salary.

Bill Stover, the company’s CFO who took the fifth before Congress at a September hearing, was awarded at least $120,000 in bonuses on top of his $367,000 salary.

The document also reveals that Chris Gronet, one of Solyndra’s founders, was “transitioned to the role of adviser and consultant” from his position as CEO on July 1, 2011, and negotiated a severance package worth more than $450,000.

I especially like paying a hundred grand in bonuses to a “marketing” exec for a company that couldn’t sell enough product to stay in business. I bet they all had MBAs, too.

Bear in mind that Solyndra was a failing company: it was paying out more than it was taking in. The bonuses were essentially made possible by the loans Solyndra received from the Department of Energy. Even if no loan cash went directly into these bandits’ paychecks, the loans made them possible — money is fungible.

Meanwhile, as Stiles points out in the article, these clowns get to keep their money, but, thanks to the loan “deal” agreed to by the DoE, the taxpayer (that’s you and I) has a lower claim to any money recovered through a sale of Solyndra’s assets than do the private investors.

Obama is so good to his “friends!”

RELATED: Earlier posts on Solyndra.

PS: As a friend pointed out, isn’t it interesting how the various Occupy groups who are so angry at the banks have had nothing to say about the money the Obama Administration has blown on various “Green schemes?” Guess that’s different… somehow.

via Power Line, which also lists the… interesting pattern of political donations made by these executives.

UPDATE: The House Energy and Commerce Investigations subcommittee has lost patience with the White House’s stalling and has issued a subpoena for documents relating to Solyndra.

(Crossposted at Public Secrets)

#Occupy the Department of Energy! Or, loans for Russian billionaires?

**Posted by Phineas

I must’ve missed the memo announcing the rebirth of the Friends of Angelo program under the aegis of the Department of Energy. Under the leadership of Secretary Chu (Like his boss, a Nobel Prize winner. Be impressed.), the DoE has fast-tracked and awarded loans with preferential terms (1) to a failing “Green” energy company, Solyndra; a “Green” car company, Fisker, which plans to make its cars in Finland, when they get around to actually making the cars; and another “Green” automaker, Tesla, which builds Gaea-friendly cars for the elite one-percent. And on which Tesla loses money.

All these loans, totaling about $1.5 billion taxpayer dollars, were doled out to companies with connections to big donors to the Democrats and Obama. (See also.)

But this one has to be the cake-topper — $730 million to a Russian billionaire:

Another controversial U.S. Department of Energy “green” loan is coming under scrutiny.

Last July the Obama administration issued a $730 million low interest “green” loan to Russia’s second largest steel company, whose chief executive is a Russian tycoon personally worth $18 billion and who has close ties to Russia’s Vladimir Putin.

An influential House oversight chairman is now questioning why taxpayer funds from the Department of Energy are being used to assist the highly capitalized foreign-based steel company.

The DOE renewable energy loan was awarded this summer to Severstal North America to produce high strength steel at its Dearborn, Michigan facility. Steel is not in short supply in the United States and current U.S. steel plants are operating under capacity.

The DOE loan is part of a controversial $40 billion renewable energy loan program organized under its Advanced Technology Vehicle Manufacturing Program called ATVM. The program is supposed to help financially starved companies in the green auto manufacturing field by providing taxpayer-supported low interest loans.

As PJM’s Richard Pollock points out, the billionaire, Alexei Mordashov, is the 29th richest man in the world. Mordashov’s company, Severstal, recently made $1.2 billion from the sale of several steel mills in Ohio and other states. He could finance Dearborn plant out of his own pocket and still have enough left over to buy his own miniature giraffe. (2)

And then there’s the question of why Severstal, a fully-capitalized company that’s neither in the auto or “Green industries,” qualifies for loans meant to help “green auto manufacturing.”

Why, if I were a cynic, I might suspect some sort of a payoff here.

Nah. I must just be a RAAAAACIST!! and a hater. Or something.

Footnote:
(1) Read: “They get the gold mine, the taxpayer gets the shaft.”
(2) I love that commercial.

(Crossposted at Public Secrets)

Politico drops a bombshell on #Solyndra scandal thanks to Friday WH docu-drop

One word: Wow:

A prominent 2008 Barack Obama fundraiser who held a key role in the Energy Department played an active part in Solyndra’s $535 million loan guarantee despite conflict of interest concerns over his wife’s work at a law firm that also represented the California solar company, according to internal Obama administration emails released Friday.

Steve Spinner’s involvement in the Solyndra loan had been difficult to determine until the release of hundreds of emails on Friday showing the Silicon Valley energy consultant engaged while at the DOE in a range of high-level roles.

In a series of emails sent on Aug. 28, 2009, Spinner expressed repeated frustrations with the Office of Management and Budget over the holdup on the Solyndra loan.

“Any word from OMB? I have the OVP and WH breathing down my neck on this,” he wrote to DOE career staffer Kelly Colyar. “Just want to make sure we get their questions. They are getting itchy to get involved if needed. I don’t want that.”

“We got their questions last night,” Colyar replied. “We’ve followed up on most, but the ball is still in our court. Bill has sent me some things, but it’s not exactly what i need. i’ve requested more.”

“How — hard is this? What is he waiting for?” Spinner replied. “Will we have it by end of day? If any risk of not, let me know.”

“How do OMB’s questions look? What you were expecting? How long for us to respond? Just so I can be better educated, can you share with me?” Spinner added.

Spinner also was central in trying to line up Obama or Vice President Joe Biden to participate via videoconference in a September 2009 groundbreaking ceremony.

Writing on Aug. 17 to the DOE’s Megan Guy, Spinner explains that the event will need to include “golden shovels, construction workers, bulldozers, ribbon cutting, tour of existing assembly line, customer testimonials.”

Spinner had some role in dealing with details of the Solyndra loan. Guy wrote in an Aug. 20, 2009, email, “Quick question – do you want to put in credit score estimates for Solyndra [redacted] and [redacted], or just use flat 11.85 percent?”

Spinner outlined his concern about the possible conflict of interest in a Sept. 23, 2009, email to DOE ethics official Sue Wadel, explaining the arrangement that his wife Allison Spinner had worked out with her law firm, Wilson Sonsini Goodrich & Rosati.

“WSGR has programmed Allison’s pay structure to take out any profit sharing that any of these companies may generate in fees re: DOE loan applications.”

“I shall update you monthly as the list changes,” Spinner added. “As agreed, I will recuse myself from any active participation in any of these applications (solicitations, due diligence, negotiations). Please let me know if there’s anything else I should be aware of.”

An administration official said Spinner’s work didn’t violate his recusal.

Is there anyone, anyone out there at all left who still believes the BS promises our Liar in Chief made as a candidate about “cleaning up business as usual” in Washington, DC? If so, you are – with no due respect – an idiot.

The Solyndra albatross is just one more example of Obama’s “Chicago Way”

Chicago Tribune columnist and longtime Obama critic John Kass blasted the administration yesterday in a column in which he reminded folks how the growing Solyndra scandal was nothing more than Business As Usual for longtime practitioners of The Chicago Way:

The Solyndra scandal cost at least a half-billion public dollars. It is plaguing President Barack Obama. And it’s being billed as a Washington story.

But back in Obama’s political hometown, those of us familiar with the Chicago Way can see something else in Solyndra — something that the Washington crowd calls “optics.” In fact, it’s not just a Washington saga — it has all the elements of a Chicago City Hall story, except with more zeros.

The FBI is investigating what happened with Solyndra, a solar panel company that got a $535 million government-backed loan with the help of the Obama White House over the objections of federal budget analysts.

Obama and Vice President Joe Biden got a nice photo op. They got to make speeches about being “green.” But then Solyndra went bankrupt. Americans lost jobs. Taxpayers got stuck with the bill. And members of Congress are now in high dudgeon and making speeches.

Federal investigators want to know what role political fundraising played in the guarantee of the questionable loan. Washington bureaucrats warned the deal was lousy. And White House spokesmen flail desperately, like weakened victims in a cheesy vampire movie.

So forget optics. What about smell? It smells bad, and it’s going to smell worse.

Or, did you really believe it when the White House mouthpieces — who are also Chicago City Hall mouthpieces — promised they were bringing a new kind of politics to Washington?

This is not a new kind of politics. It’s the old kind. The Chicago kind.

And now the Tribune Washington Bureau has reported that the U.S. Department of Energy employee who helped monitor the Solyndra loan guarantee was one of Obama’s top fundraisers.

Fundraising? Contracts? Imagine that.

Steve Spinner was the Obama administration official in charge of handing out billions and billions of tax dollars to “green” energy deals. According to the Tribune story, Spinner the other day invited Obama’s national political finance committee to a meeting in Chicago.

The name of the Obama fundraising initiative?

“Technology for Obama.”

The idea of the Obama fundraisers getting together, talking “green,” and perhaps offering taxpayer loan guarantees to insider businesses in the interest of helping the environment — it all seems rather fresh.

Like a mountain meadow.

Until you realize it’s the same old politics, the same kind practiced in Washington and Chicago and anywhere else where appetites are satisfied by politicians. When the government picks winners and losers, who’s the loser? Just look in the mirror, hold that thought, and tell me later.

It’s a “way” the American people were warned about time and time again prior to the 2008 elections – mostly by pundits, commentators, political junkies, and bloggers like myself, because the MSM sure as heck wasn’t going to step up to the bat.  Unfortunately a majority either didn’t listen, didn’t care, didn’t inform themselves, or didn’t want to believe the brutal truth and as a result, our celebrity President was elected.  And the rest, they say, is history.

Interestingly enough, one former key player of Team Obama – Chicago Mayor Rahmbo Emanuel – is using the familiar words of the guilty when talking about Solyndra (audio here): 

Former White House Chief of Staff Rahm Emanuel says that he doesn’t recall the Obama administration’s loan to Solyndra, the bankrupt solar panel manufacturer that received more than $500 million in taxpayer loans and is now under investigation.

Emanuel, the mayor of Chicago, told local radio station WLS that he was not going to talk about the company.

“I don’t actually remember that or know about it. So, what I’m dealing is with what I’m dealing with here today,” Emanuel told a reporter.

Pressed by the reporter on whether he thought there was appropriate due diligence on the loan, Emanuel said, “I’m talking about healthcare today.”

Emanuel was chief of staff at the White House when the loan was being considered.

But he “doesn’t remember that or know about it”?  Right.

House Judiciary Chair Lamar Smith (R-TX) has made a formal request to the DOJ to have an examiner investigate the loan scandal:

House Judiciary Committee Chairman Lamar Smith (R-Texas) called on the Justice Department Monday to investigate a California solar firm that filed for bankruptcy in August after receiving a $535 million loan guarantee from the Obama administration.

Smith, in a letter to Attorney General Eric Holder Monday, requested that the Justice Department appoint an examiner to probe the Solyndra bankruptcy case, citing an investigation by Republicans on the House Energy and Commerce Committee.

The GOP investigation uncovered a series of emails that Republicans say show that the White House rushed a final decision on financing so that Vice President Biden could announce approval of the loan guarantee at the September 2009 groundbreaking for the company’s new factory.

 “An independent examiner is needed to shed light on the circumstances that led to DOE’s decision to extend, and later restructure, the Solyndra loan,” Smith wrote in the letter.

Smith questioned why the Energy Department’s February agreement to restructure the Solyndra loan guarantee allowed some investors to be repaid before the federal government in the event that the company declared bankruptcy.

“An independent examiner will uncover the truth about whether politics played a role in influencing the Obama administration to favor Solyndra over more financially stable loan applicants and thus ensure the integrity of the bankruptcy process for all creditors,” Smith said.

Will this go anywhere under Obama’s corrupt DOJ? Don’t hold your breath – unless you were thinking that by “go anywhere” I meant “be swept under the rug.”  Same same for supposed House Democrat implied ‘eagerness’ to get answers from Solyndra execs in testimony before a Congressional panel:

Two House Democrats said Monday that they want to question investors in controversial solar panel manufacturer Solyndra Inc. about the company’s failure.

Reps. Henry Waxman (D-Beverly Hills) and Diana DeGette (D-Colo.) wrote to the chairman of the House Energy and Commerce investigative subcommittee and asked that executives from two of Solyndra’s largest private investors, Argonaut Private Equity and Madrone Capital Partners, be called to testify at a Friday hearing on the Fremont company or at a future one.

Solyndra Chief Executive Brian Harrison and Chief Financial Officer W.G. Stover Jr. are expected to testify Friday about the failure of the company, which received a $535-million loan guarantee from the Department of Energy in 2009 as part of the Obama administration’s economic stimulus plan.

Solyndra filed for bankruptcy this month, igniting a political controversy because President Obama had touted the company as an example of a successful alternative-energy manufacturer.

Republicans charged at a hearing last week that the Obama administration rushed approval of the loan, putting taxpayer money at risk. They also said that the loan approval might have been influenced by large investments in the company by billionaire George Kaiser.

Kaiser was a major Obama fundraiser in 2008, and Argonaut is an investment fund operated on behalf of the George Kaiser Family Foundation. Kaiser has denied personally investing in Solyndra or talking to White House officials about the loan.

Another Obama fundraiser, Steve Spinner, helped monitor the Energy Department’s loan program for renewable energy projects. But administration officials said Spinner did not have a role in selecting applicants for the program and was recused from the Solyndra decision because his wife’s law firm represented the company.

NRO’s Greg Pollowitz, writing at the National Review “Planet Gore” blog, notes that this loan should have raised red flags long before now amongst members of Congress in both parties:

Finally, here’s a question for our valued members of Congress. We’ve [NRO] been posting on Solyndra since the date of its first loan in 2009. The fact that nobody on any oversight committee, of either party, raised any serious objection until now is a bigger problem than the Solyndra bankruptcy itself.

Dear Congrees: What you’re doing now isn’t oversight, it’s grandstanding. If you can’t find time to notice that a $535 million dollar loan doesn’t make any sense, then maybe the legislative branch of government isn’t for you.

As they say, stay tuned …

Sidenote: And isn’t it just yummy that the outgoing so-called “Dumbya administration” didn’t rubber stamp Solyndra’s pressure for a loan in January 2009, yet the Smartest Administration Evah™ ignored the “optics” and pushed for it anyway? Ed Morrissey has more details here.

Solyndra: next stop for the FBI — the Department of Energy?

**Posted by Phineas

Not only did the DoE work to get the now-bankrupt solar-power manufacturer sweetheart loans (guaranteed with your money), but Energy representatives sat in on the company’s board meetings during the time it’s business was swirling the drain:

When Harrison came to Washington in July, he said, the company was hoping to land more financing to stay afloat. “When we were there, the circumstances of the company, business was good, we had record shipments. We had momentum in the marketplace,” Miller said.

The Energy Department was keeping a close eye on Solyndra during those crucial months – sitting in on board meetings as an observer as part of the loan restructuring, iWatch News and ABC reported Thursday. That raises key questions: Did DOE miss obvious warning signs of the company’s troubles in the final months before its collapse?

So, um… What happened during the board meetings when the bad news was being discussed? Did someone tap the DoE rep on the shoulder and say “Look! It’s Elvis!” ?

Okay, so the needle on the “stink of corruption” dial has gone from “something smells” to “fish rotting in the sun” Either there was gross incompetence here, or backscratching worthy of Tammany Hall (1).

As usual, Allahpundit gets to the heart of the matter:

And yet, and yet, not only did the White House have access to industry reports, they actually had a seat in Solyndra’s board room while the meltdown was in progress. Question one: How is it that, with the buzzards circling, Solyndra was still allowed to refinance its federal loan earlier this year to extend the term of repayment? And question two: If the White House knew firsthand that the company was in trouble, why’d they let the CEO waltz into Congress two months ago and reassure House members that everything was A-OK with the business?

Good questions. It’s time for some answers.

Footnote:
(1) You know it’s bad when even Rep. Henry Waxman (D-CA) smells a rat.

(Crossposted at Public Secrets)

Oh my. FBI raids bankrupt Obama-favorite Solyndra

**Posted by Phineas

That’s the California solar-power manufacturer that somehow managed to secure a $535 million, federally-guaranteed (1) loan through the Department of Energy at a sweetheart interest rate, even though their financial condition and business plan never warranted it. But, and I’m sure it’s a coincidence, the major shareholder is a top Obama donor and donations bundler.

And now they’re bankrupt, the investor gets reimbursed with taxpayer money, and the FBI is kicking-in the door:

Just days after the company filed for bankruptcy protection, federal agents swarmed around the Solyndra facilities in Fremont to execute a search warrant.

FBI agents were joined by officials from the Department of Energy’s Office of the Inspector General in the early morning operation.

Officials would say little about the search, which seemed to center on the Solyndra buildings on Page Avenue off Interstate 880.

“Everything is under seal,” said Julianne Sohn, a spokeswoman for the FBI.

Agents began executing their search about 7:30 a.m., Sohn said. More agents arrived in SUVs at 8:40 a.m.

The action by federal agents comes a week after the solar manufacturer abruptly closed, laying off about 1,000 workers, and two days after the company filed for bankruptcy protection.

Solyndra spokesman Dave Miller said the search came as a surprise, but he emphasized the company is “fully cooperating” with federal officials. He said he did not know the purpose of the search, but he speculated it could have something to do with the $535 million in loan guarantees the Department of Energy awarded to Solyndra.

Gee, ya think??

Read the report from ABC yesterday on the loan guarantees and unusually low interest rates for background, but here’s an excerpt that I’m sure you’ll find entertaining:

Solyndra’s most prolific financial backer is George Kaiser, an Oklahoma oil billionaire who was a bundler of campaign donations for Obama’s 2008 race. 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.

Under terms of the bankruptcy filing, investors including Argonaut — which led a $75 million round of financing for Solyndra earlier this year — will stand in line before the federal government and other creditors.

You know, I do believe I hear the House Energy Committee warming up in the wings.

Kaiser, not surprisingly, was a frequent White House visitor.

Without a doubt, this deal stinks to the heavens. Not only is it a perfect illustration of why “green jobs” –or any uneconomic, government-subsidized industry– is a doomed-from-the-start waste of public money, but it also reeks of political favoritism, backroom deals, and downright corruption.

What was it Sarah Palin said the other day? Oh, yeah

They use [public money] to bail out their friends on Wall Street and their corporate cronies, and to reward campaign contributors, and to buy votes via earmarks. There is so much waste. And there is a name for this: It’s called corporate crony capitalism. This is not the capitalism of free men and free markets, of innovation and hard work and ethics, of sacrifice and of risk. No, this is the capitalism of connections and government bailouts and handouts, of waste and influence peddling and corporate welfare. This is the crony capitalism that destroyed Europe’s economies. It’s the collusion of big government and big business and big finance to the detriment of all the rest – to the little guys. It’s a slap in the face to our small business owners – the true entrepreneurs, the job creators accounting for 70% of the jobs in America, it’s you who own these small businesses, you’re the economic engine, but you don’t grease the wheels of government power.

And I’ll bet you my last dollar that Solyndra is a $535,000,000 example of just what she was denouncing.

Between this and Gunwalker, Obama is going to have an… “interesting” 2012.

via Zombie

RELATED: Also check out Power Line and Hot Air.

UPDATE: At Power Line, historian Steven Hayward raises an interesting possibility — What if the raid is an attempt by Holder to cover-up what happened at Solyndra and block any congressional inquiry by hiding behind the privilege of a claim of an “ongoing investigation?”

Footnote:
(1) As in, guaranteed with our money.

(Crossposted at Public Secrets)