Obama's red Haring "restructured a $535 million loan guarantee to Solyndra

By Christopher Hessman

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 I want you to ask yourself did we the people get any bailouts of our own money from this administration?  Their focus is on the Energy Department’s decision to restructure the loan guarantee in February so that investors who provided additional funding to Solyndra would be repaid before the federal government if the company folded.  At a hearing Friday, Republicans on the investigative subcommittee blasted the Energy Department for “subordinating” the taxpayer interest in the restructuring agreement, arguing the administration was more concerned with protecting Solyndra investors than the taxpayer.


Republicans heard testimony from two Treasury Department officials Friday on the restructuring. One of the witnesses — Gary Burner, the chief financial officer for Treasury’s Federal Financing Bank — raised questions about the Energy Department’s plan to restructure the loan.  Internal emails show that Burner told officials with DOE’s loan programs office in February that they might need approval from the Justice Department before approving the restructuring of the Solyndra loan guarantee.


A separate Treasury official, Assistant Secretary for Financial Markets Mary J. Miller, wrote to a White House Office of Management and Budget official in August of this year stating that Treasury believed the “subordination” of the taxpayer interest in the restructuring agreement was illegal.

Miller — who did not testify at Friday’s hearing — also said in the August email that DOE hadn’t been sharing information with Treasury on Solyndra’s finances and the loan restructuring. Republicans say that is a violation of the 2005 energy law that created the energy loan guarantee program.

At the hearing, the Treasury Department officials declined to speculate as to whether the restructuring was a violation of the law. But Burner did say that he had never seen a loan restructured to subordinate the taxpayer’s interest to that of investors.
Stearne said his constituents are angry about the loan guarantee.
“It’s not just anger, it’s outrage that this sort of stuff would go on, especially in this economy,” he said.


The Republicans should get all Obama cell phone records to show if there has been any illegal activities that have gone on with this company Solyndra deal or any other deals, such as Unions bosses and General Electric.  This President makes  Nixon look like a choir boy.  His hands are all over this and other things they should take him out on a rail for doing this to our country and her citizens who "trusted him" to bring better times to our nation.  What have we heard his whole term its Bushes fault that dog can not hunt any longer it is all about his policies and actions that have hurt this country.

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