“Obama Administration Pressured Solyndra to Delay Layoffs Until After 2010 Election” by A Conservative Teacher

The following article was originally published by A Conservative Teacher on Wednesday, November 16, 2001.

**********

Obama Administration Pressured Solyndra to Delay Layoffs Until After 2010 Election

Solyndra’s chief executive warned the Energy Department on Oct. 25, 2010, that he intended to announce worker layoffs Oct. 28. Solyndra was bleeding cash and quickly going bankrupt, and the only thing that would possibly save the company, bring confidence to investors, and help protect taxpayers heavy investment in the company would be quick action in trimming its workforce and shutting down factories. It was an economic decision that needed to be made.
But Democratic President Barack Obama disregarded all of those things and made a political decision and urged officers of the struggling solar company Solyndra to postpone announcing planned layoffs until after the November 2010 midterm elections. He didn’t want citizens to pick up on the fact that he used his clean energy initiatives to steer valuable taxpayer money to benefit his friends and donors, all under the oversight and supervision and approval of a Democratic Congress that was about to suffer historic losses to to their historic bad governance of the nation’s finances.
President Obama made a political decision to bring pressure to bear on private companies to hide their financial position and continue to go further into debt until there was no hope left but bankruptcy and ruin. In many ways, Solyndra is a metaphor for his plan for America- cover up the true reality of the destruction that his policies are doing to our nation and put off crucial economic decisions in a desperate attempt to hold tight to political power.
From the Washington Post article “Solyndra: Energy Dept. pushed firm to keep layoffs quiet until after midterms“:

The Obama administration urged officers of the struggling solar company Solyndra to postpone announcing planned layoffs until after the November 2010 midterm elections, newly released e-mails show.
Solyndra, the now-shuttered California company, had been a poster child of President Obama’s initiative to invest in clean energies and received the administration’s first energy loan of $535 million. But a year ago, in October 2010, the solar panel manufacturer was quickly running out of money and had warned the Energy Department it would need emergency cash to avoid having to shut down.
The new e-mails about the layoff announcement were released Tuesday morning as part of a House Energy and Commerce committee memo, provided in advance of Energy Secretary Steven Chu’s scheduled testimony before the investigative committee Thursday.
Solyndra’s chief executive warned the Energy Department on Oct. 25, 2010, that he intended to announce worker layoffs Oct. 28. He said he was spurred by numerous calls from reporters and potential investors about rumors the firm was in financial trouble and was planning to lay off workers and close one of its two plants.
But in an Oct. 30, 2010, e-mail, advisers to Solyndra’s primary investor, Argonaut Equity, explain that the Energy Department had strongly urged the company to put off the layoff announcement until Nov. 3. The midterm elections were held Nov. 2, and led to Republicans taking control of the U.S. House of Representatives….

I’ve written about Solyndra or related topics before- check out my posts Data Reveals that SunPower Employees Donated to Democrats, then Got Massive Loans or Executives as Investors-in-Chiefs: A Bad Idea?

9 thoughts on ““Obama Administration Pressured Solyndra to Delay Layoffs Until After 2010 Election” by A Conservative Teacher

  1. Obama has given us no evidence that he wants the economy to improve has he? I wonder why that is? You would think that if he wanted to be re-elected he would do something to make things better, wouldn’t you?

  2. Not only did he urge Solyndra to hold off on announcing the layoffs until afer the election but he also rewrote the loans to protect Democrat donor shareholdres ahead of the taxpayers. He can say that if he had to do it over again he wouldn’t, but he knew all along this was a bad bet, that is why he protected the Democrat donors. This is a disgusting display of crony capitalism and it is even made worse because the taxpayers lost $500 million.

  3. There seems to be a “culture of corruption” that permeates the current administration and everything they do. Their ethics and morals are either non-existant or, at best, situational.

    Their actions are consistantly directed toward “making things better” for their cronies and what they appear to believe are other “elites’.

    There is nothing about our current government that reflects life in America as the Founders intended it to be.

    Quite simply, the Founders intended and believed that the individual should be responsible for himself. In today’s Amerika, the government is responsible for and controls everything. It’s the way they want it.

    Oops! I got off topic! 🙂

    Have a great day, Jim!

  4. I hope we end up with a candidate opposing Barack Obama that can point up the differences between his rhetoric and his actions. He talks about transparency, then closes doors. He talks about jobs, then destroys any job related to energy. He talks about deficits, then creates the largest deficits in history. Everything is political, and when everything is political you can bet that the politically expedient (like having Solyndra delay their announcement) will trump dealing with economic reality every time.

  5. This scandal and all the others (fast and furious, etc) would not be allowed to happen in a Republican administration. There would be screams for impeachment from the Dem-controlled media, et al. But Obama gets a pass on all this crap! No one questions what he’s doing or why.
    This all has to end next November or we are finished!

  6. So let me get this straight, obama decided that instead of laying of a few workers [say 30% of the work force], they should hang tight until it’s too late and have to sack all 100% of the workers. All for his own political gain, a few broken eggs for the glorious omelet anyone.

    Reminds me of how unions in the west behave, zero job is always far, far better than a job paying not a lot of money.

    On a side note, here’s another solyandra from obama –
    http://www.nationalreview.com/articles/283282/obama-s-half-billion-dollar-crony-drug-deal-michelle-malkin

  7. President John F. Kennedy’s nephew, Robert Kennedy, Jr., netted a $1.4 billion bailout for his company, BrightSource, through a loan guarantee issued by a former employee-turned Department of Energy official. The details of how BrightSource managed to land its ten-figure taxpayer bailout have yet to emerge fully. However, one clue might be found in the person of Sanjay Wagle. Wagle was one of the principals in Kennedy’s firm who raised money for Barack Obama’s 2008 presidential campaign. When Obama won the White House, Wagle was installed at the Department of Energy (DOE), advising on energy grants. From an objective vantage point, investing taxpayer monies in BrightSource was a risky proposition at the time. In 2010, BrightSource, whose largest shareholder is Kennedy’s VantagePoint Partners, was up to its eyes in $1.8 billion of debt obligations and had lost $71.6 million on its paltry $13.5 million of revenue.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s